Similar to resident Indians, NRIs (Non-Resident Indians) can also invest in Indian mutual funds, fixed deposits and insurance plans. SBI Life Insurance, a joint venture of State Bank of India and BNP Paribas Assurance, provides comprehensive life insurance cover at a competitive price to help every Indian whether living in the country or abroad. SBI life insurance for NRIs is designed to suit the inevitable needs of NRIs in different stages of their lives, such as children’s higher education, security of the family, and retirement goals.
Also Read: NRI Life Insurance Policy: Which one to opt?
Types of SBI Life Insurance for NRIs
A host of plans are offered for NRIs under the SBI Life Insurance umbrella. These plans are categorised into subcategories as under:
1. Savings Plans: SBI Life Insurance Savings plans help you save your hard-earned money and provide you with life cover. You can use your savings for a variety of purposes in the future, such as a dream vacation, buying a dream home and a child’s higher education. The plans are available in the following categories:
| Plan | Basic sum assured | Policy term |
|---|---|---|
| SBI Life Smart Swadhan Plus | Rs. 5 lakh | 1.10 years to 30 years |
| SBI Life Smart Humsafar | Rs. 1 lakh | 10 years to 30 years |
| SBI Life Smart Money Planner | Rs. 10 lakh | 15 years to 25 years |
| SBI Life CSC Saral Sanchay | 10 x annualised premium for applicants aged below 45 years; 7 x annualised premium for individual aged 45 years or above; 125% of top-up premium for applicants aged below 45 years, and 110% of top-up premium for individuals who are 45 or above in case of top-up premium policies | 10 years to 15 years |
| SBI Life Smart Income protect | Rs. 1 lakh | 7 years/ 12 years/ 15 years |
| SBI Life Smart Guaranteed Savings Plan | Depends on the premium selected by the customer | 15 years |
| SBI Life Smart Money Back Gold | Rs. 2 lakh | 15 years to 25 years |
| SBI Life Shubh Nivesh | Rs. 75,000 | Min 10 years for Regular Premium plans and 5 years for Single Premium policies and max 30 years for both |
| SBI Life Saral Swadhan+ | Rs. 30,000 | 10 years/ 15 years |
| SBI Life Flexi Smart Plus | Higher of 10 x annualised premium or 7 times annualised premium for ages below 45 years and above 45 years respectively, or 0.5 x years and Policy Term for individuals aged below 45 years and 0.25 x Policy Term for individuals aged above 45 years | 5 years to 30 years |
Protection Plans: SBI Life Insurance protection plans provide your family with financial stability and protection in case of unfortunate events. SBI Protection policies are very attractive and low cost insurance protection plans for NRIs. Here are some of the best insurance plans for NRIs under the SBI Life Insurance protection plan.
| Plan | Basic sum assured | Policy term |
|---|---|---|
| SBI Life Smart Shield | Rs. 25 lakh | 5 years to 30 years |
| SBI Life e-Shield | Rs. 35 lakh | 5 years to 10 years |
| SBI Life – Saral Shield | Rs. 7.5 lakh to Rs. 24 lakh | 5 years to 30 years |
| SBI Life Grameen Bima | Rs. 10,000 | 5 years |
Investment Plans: Investments made in Unit Linked Plans (ULIP) are a smart way to ensure a long-term investment and come with an insurance protection plan as well. SBI Life Insurance for NRIs allows you to invest your money in a variety of fund options, depending on your risk appetite. Unit linked plans are known for transparency and flexibility with great features for long time investments. Some of the best SBI investment plans for NRIs from SBI Life Insurance are as under:
| Plan | Basic sum assured | Policy term |
|---|---|---|
| SBI Life eWealth Insurance | 10 x Annualised Premium | 10 to 30 years |
| SBI Life Smart Wealth Builder | Higher of 10 times annualised premium or (0.50 x policy term x annualised premium) for regular and limited premium plans; 1.25 x single premium for single premium plans in case the applicant is aged below 45 years; higher of (7x annualised premium) or (0.25 x policy term x annualised premium) for regular and limited premium plans, and 1.1 x single premium for single premium plans if the applicant is aged 45 years or above | 12 years and 15 to 30 years in case of regular and limited premium plans, and 5 to 30 years for single premium plans |
| SBI Life Smart Wealth Assure | 1.25 x single premium for applicants aged below 45 years, and 1.10 x single premium for individuals whose age is 45 years or above | 10 to 30 years |
| SBI Life Saral Maha Anand | 10 x annualised premium for applicants aged below 45 years, and 7 x annualised premium for individuals aged 45 years or above | 10 years, 15 years and 20 years |
| SBI Life Smart Scholar | 1.25 x single premium for single premium plans, and higher of (10 x annualised premium) or (0.50 x policy term x annualised premium) for other premium payment terms | 8 years to 25 years less child’s age at entry (Age of the child must be between 18 and 25 years on maturity) |
| SBI Life Smart Power Insurance | Higher of 10x annualised premium or 0.50 x policy term x annualised premium | 10 years, 15 years to 30 years |
| SBI Life Smart Elite | 10 x annualised premium for individuals aged below 45 years, 7 x annualised premium for individuals who are 45 years or above for limited premium plans, and 1.25x single premium for applicants aged 45 years, and 1.10 x single premium for applicants aged 45 years or above in case of single premium policies | 5 to 30 years |
Also Read: Term Insurance for NRIs in India
Child Plans: All parents want best for their children. Early planning of finances is important to give the best to your family. With SBI Life Insurance, you can find a plan to suit your child’s needs. Here are some of the best insurance plans for your child’s future.
| Plan | Basic sum assured | Policy term |
|---|---|---|
| SBI Life Smart Champ Insurance | Minimum Rs. 1 lakh | 21 years minus child’s entry ageMin: 8 yearsMax: 21 years |
| SBI Life Smart Scholar | 1.25 x single premium for single premium policy, and higher of (10 x annualised premium) or (0.50 x policy term x annualised premium) for applicants aged below 45 years and 7x annualised premium for applicants aged 45 years or above | Min: 8 yearsMax: 25 years (The child must be between 18 and 25 years on maturity) |
Retirement plans: Rising healthcare costs, no social security system in India, etc. make it important to start investing in life to have a retired life free of complications. Make your retired life easy and happy with Retirement Plans from SBI Life Insurance. You can select an SBI pension plan for NRI from the following:
| Plan | Basic sum assured | Policy term |
|---|---|---|
| SBI Life Retire Smart | N/A | 10 years, 15 years to 35 years |
| SBI Life Saral Pension | Rs. 1 lakh | 5 years for the single premium plans and 10 years for regular premium policies and max up to 40 years |
At SBNRI, we understand that there are many obstructions faced by NRIs while trying to buy life insurance in India. You can download SBNRI App to connect with our experts and get end-to-end assistance related to insurance policies for NRIs.
You can also click on the button below to ask any questions. Visit our blog and YouTube Channel for more details.
FAQs
The best insurance plan depends on your goal and affordability. Here are the five SBI life insurance plans you can choose from:
– SBI Life – eShield
– SBI Life – Smart Money Planner
– SBI Life – Smart Humsafar
– SBI Life – Smart Power
– SBI Life – Saral Pension
SBI Life Insurance Company Limited (SBI Life) is a joint venture of State Bank of India and BNP Paribas Cardif S.A. It is one of the leading life insurance companies in India.
NRIs will get the following benefits when they make an investment in life insurance plans:
– Protection to your family from uncertainties in life
– Investment in insurance products also provides tax benefits
– If the premium is paid through SBI remittance product or from NRE account, the claim amount can be repatriated in proportion to the premium received
It varies from company to company. In general, 65 years is the maximum age till which most insurance companies offer life cover under a term plan.
