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:
- SBI Life eShield
- SBI Life eShield
- SBI Life Saral Shield
- SBI Life Grameen Bima
- SBI Life Saral Swadhan+
- SBI Life Smart Swadhan Plus
Features and Benefits of SBI term Insurance Plans:
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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
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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
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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
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The term insurance plans offer riders that can be purchased for additional coverage such as accidental death benefits
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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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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
