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  • SBI Term Insurance

    SBI Term Insurance

    Term plans from SBI are a very sought after and popular choice. These protection plans are tailored to provide financial relief and security to a policyholder’s family in the unfortunate event of their demise. The term plans from SBI offer only death benefits but also provide riders that offer additional cover such as accidental death benefits.

    Types of SBI Term Insurance Plans:

    1. SBI Life eShield
    2. SBI Life eShield
    3. SBI Life Saral Shield
    4. SBI Life Grameen Bima
    5. SBI Life Saral Swadhan+
    6. SBI Life Smart Swadhan Plus
    SBI Life - Smart Shield

    Feature

    Description

    Age of Entry

    Minimum age is 18 years as at last birthday
    maximum age is 65 years as at last birthday

    Age at Maturity

    70 years

    Policy Term

    Minimum Term 5 years
    Maximum term 30 years

    Sum Assured

    Minimum sum assured is Rs 25,00,000
    No maximum sum assured limit

    Premium Payment Terms

    Equal to policy term

    Premium Payment Modes

    Yearly, Half-yearly, quarterly and monthly

    Premium Amount

    Single premium minimum Rs 15000
    yearly Rs 5000
    Quarterly Rs 1,250
    Half-yearly Rs 2500
    Monthly Rs 450
    No maximum limit

    Plan Options

    Decreasing Term assurance for loan protection
    Decreasing term assurance for family income protection
    Increasing term assurance
    level term assurance

    Riders

    Accidental Death Benefit
    Accidental total and Permanent Disability
    Accelerated critical Illness Cover

    Benefits

    The Policy offers Death benefits
    The policy offers Surrender benefits for single premium policies
    There is no survival benefit or paid up value

    SBI Life - Saral Shield

    Feature

    Description

    Age of Entry

    Minimum age is 18 years as at last birthday
    maximum age is 60 years as at last birthday

    Age at Maturity

    65 years

    Policy Term

    Minimum Term 5 years
    Maximum term 30 years for level term and family income protection
    For loan protection, maximum term equal to outstanding loan term capped to 30 years

    Sum Assured

    Minimum sum assured is Rs 7,50,000
    Maximum Sum assured is Rs 24 lacs

    Premium Payment Terms

    Equal to policy term

    Premium Payment Modes

    Yearly, Half-yearly, quarterly and monthly for level term assurance
    Single premium for decreasing term assurance

    Premium Amount

    Single premium minimum Rs 10000
    yearly Rs 2000
    Quarterly Rs 600
    Half-yearly Rs 1100
    Monthly Rs 250

    Plan Options

    Level term assurance
    Decreasing Term assurance for loan protection
    Decreasing term assurance for family income protection

    Riders

    Accidental Death Benefit
    Accidental total and Permanent Disability
    Accelerated critical Illness Cover

    Benefits

    The Policy offers Death benefits

    SBI Life - Grameen Bima

    Feature

    Description

    Age of Entry

    Minimum age is 18 years as at last birthday
    maximum age is 50 years as at last birthday

    Policy Term

    The policy term is 5 years

    Sum Assured

    Minimum sum assured is Rs 10,000
    Maximum Sum assured is Rs 50,000

    Premium Payment Modes

    Single

    Premium Amount

    Minimum amount is Rs 300
    Maximum Amount is Rs 2000
    Premiums to be paid in multiples of Rs 100

    Benefits

    The Policy offers Death benefits equal to the sum assured

    The policy offers surrender benefit from the second year onwards

    SBI Life - Saral Swadhan+

    Feature

    Description

    Age of Entry

    Minimum age is 18 years as at last birthday
    maximum age is 55 years as at last birthday

    Age at Maturity

    Minimum age of maturity is 28 years
    Maximum age of maturity is 70 years

    Policy Term

    Minimum Term 10 years
    Maximum term 15 years

    Sum Assured

    Minimum sum assured is Rs 30,000
    Maximum Sum assured is Rs 4,75,000

    Premium Payment Terms

    10 years

    Premium Payment Modes

    Yearly

    Premium Amount

    Minimum Premium Amount is Rs 1500
    Maximum Premium Amount is Rs 5000

    Benefits

    The Policy offers Death benefits
    The policy offers maturity benefit
    The policy offers paid up value

    SBI Life – eShield

    Feature

    Description

    Age of Entry

    Minimum age is 18 years as at last birthday
    maximum age is 65 years for level cover with or without rider
    maximum age is 60 years for increasing cover with or without rider

    Age at Maturity

    70 years

    Policy Term

    Minimum Term for level cover with or without rider is 5 years
    Minimum Term for increasing cover with or without rider is 10 years

    Maximum term for all options is 30 years

    Sum Assured

    Minimum sum assured is Rs 20 lacs
    Maximum Sum assured has no limit
    Sum assured will be in multiples of Rs 1 lac

    Premium Payment Terms

    Equal to policy term

    Premium Payment Modes

    Annual

    Premium Amount

    Minimum premium amount is Rs 3500
    No maximum limit on premium amount

    Plan Options

    Level cover
    Level cover with accidental death benefit
    Increasing Cover
    Increasing cover with accidental death benefit

    Riders

    Accidental Death Benefit

    Benefits

    The Policy offers Death benefits

    The policy offers no surrender or maturity benefits

    SBI Life - Smart Swadhan Plus

    Feature

    Description

    Age of Entry

    Minimum age is 18 years as at last birthday
    maximum age is 65 years as at last birthday

    Age at Maturity

    Maximum age at maturity is 75 years

    Policy Term

    Minimum Term is 10 years

    Maximum term is 30 years

    Sum Assured

    Minimum sum assured is Rs 5 lacs
    Maximum Sum assured has no limit

    Premium Payment Terms

    Single Payment, 5 year terms, 10 year terms, 15 year terms and terms equal to term of the policy

    Premium Payment Modes

    Single, yearly, half-yearly, quarterly and monthly

    Premium Amount

    Minimum premium amount is Rs 21,000 for single premium
    Rs 2300 for yearly premium
    Rs 1200 for half-yearly
    Rs 650 for quarterly and
    Rs 250 for monthly

    Benefits

    The Policy offers Death benefits

    The policy offers surrender and paid up benefits

    Features and Benefits of SBI term Insurance Plans:

    1. These plans provide financial security to the family of the deceased policyholder thereby preventing any burden of financial commitments such as housing loans or education loans from being passed on

    2. Availing the term insurance plans from SBI are easy and simple and come in both online and offline modes. The term insurance plans kick in the instant the first premium has been paid

    3. The premium amounts to be paid for these term insurance plans are low and affordable allowing people from all walks of life to enjoy the benefits of the plan. The plans also offer options of premium payment terms in either single or regular pay

    4. The term insurance plans offer riders that can be purchased for additional coverage such as accidental death benefits

    5. The premiums paid towards these term insurance plans are eligible to enjoy tax benefits under sections 80C of the income tax act, 1961

    Example of how these plans work:

    If a person aged 40 years purchases a term life insurance plan with an assured sum of Rs 20,00,000 then upon his unfortunate demise, the nominee assigned by the policyholder will receive the death benefit of Rs 20,00,000. The death benefit will be paid out if the policyholder dies during the period of insurance cover.

    SBI Term Plan FAQs:

    1. Q) What is the grace period of the policy?
    A)
    Grace period for SBI term insurance plans are 30 days for half yearly, yearly and quarterly premium payment terms and 15 days for monthly premium payment terms. Payments missed after grace period will lead to the policy being lapsed. Lapsed policies can be revived provided the application for revival is within 3 years from the date of last missed premium and all arrears are paid.

    2. Q) What is the free look period of the policy?
    A)
    The free look period is 15 days for all policies that have been purchased through any other delivery channel apart from distance marketing and 30 days for those policies purchased through distance marketing

    3. Q) Are the term insurance policies eligible for tax benefits?
    A)
    Yes. The premiums paid towards these policies are eligible for tax deductions under sections 80C, 80D and 10(10D) of the income tax act of 1961

    4. Q) What are the exclusions for coverage of riders?
    A)
    The riders will not cover any eventualities caused due to high risk sports and other high risk activities, Disasters such as nuclear contamination, criminal activities, drug abuse and self-inflicted injuries

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