- Claim up to Rs. 1,50,000 deduction under section 80C*
- Insurers provide online renewal of policy
- Choose between annual and monthly premium payment options
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
SBI Life - Smart Shield
|
Feature |
Description |
|
Age of Entry |
Minimum age is 18 years as at last birthday |
|
Age at Maturity |
70 years |
|
Policy Term |
Minimum Term 5 years |
|
Sum Assured |
Minimum sum assured is Rs 25,00,000 |
|
Premium Payment Terms |
Equal to policy term |
|
Premium Payment Modes |
Yearly, Half-yearly, quarterly and monthly |
|
Premium Amount |
Single premium minimum Rs 15000 |
|
Plan Options |
Decreasing Term assurance for loan protection |
|
Riders |
Accidental Death Benefit |
|
Benefits |
The Policy offers Death benefits |
SBI Life - Saral Shield
|
Feature |
Description |
|
Age of Entry |
Minimum age is 18 years as at last birthday |
|
Age at Maturity |
65 years |
|
Policy Term |
Minimum Term 5 years |
|
Sum Assured |
Minimum sum assured is Rs 7,50,000 |
|
Premium Payment Terms |
Equal to policy term |
|
Premium Payment Modes |
Yearly, Half-yearly, quarterly and monthly for level term assurance |
|
Premium Amount |
Single premium minimum Rs 10000 |
|
Plan Options |
Level term assurance |
|
Riders |
Accidental Death Benefit |
|
Benefits |
The Policy offers Death benefits |
SBI Life - Grameen Bima
|
Feature |
Description |
|
Age of Entry |
Minimum age is 18 years as at last birthday |
|
Policy Term |
The policy term is 5 years |
|
Sum Assured |
Minimum sum assured is Rs 10,000 |
|
Premium Payment Modes |
Single |
|
Premium Amount |
Minimum amount is Rs 300 |
|
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 |
|
Age at Maturity |
Minimum age of maturity is 28 years |
|
Policy Term |
Minimum Term 10 years |
|
Sum Assured |
Minimum sum assured is Rs 30,000 |
|
Premium Payment Terms |
10 years |
|
Premium Payment Modes |
Yearly |
|
Premium Amount |
Minimum Premium Amount is Rs 1500 |
|
Benefits |
The Policy offers Death benefits |
SBI Life – eShield
|
Feature |
Description |
|
Age of Entry |
Minimum age is 18 years as at last birthday |
|
Age at Maturity |
70 years |
|
Policy Term |
Minimum Term for level cover with or without rider is 5 years Maximum term for all options is 30 years |
|
Sum Assured |
Minimum sum assured is Rs 20 lacs |
|
Premium Payment Terms |
Equal to policy term |
|
Premium Payment Modes |
Annual |
|
Premium Amount |
Minimum premium amount is Rs 3500 |
|
Plan Options |
Level cover |
|
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 |
|
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 |
|
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 |
|
Benefits |
The Policy offers Death benefits The policy offers surrender and paid up benefits |
Features and Benefits of SBI term Insurance Plans:
-
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
-
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
-
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
-
The term insurance plan offer riders that can be purchased for additional coverage such as accidental death benefits
-
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.
ARTICLES RELATED ABOUT SBI TERM INSURANCE :
Term Insurance Without Medical Check-up In India
Anyone who has ever taken an insurance policy would know that the insurer sometimes asks you to submit a medical report as proof of good health and insurability. This is done by the insurer to ensure that the applicant is not suffering from any serious or critical illness which may be life threatening, which in turn drives up the risk factor greatly. However, not every insurer offering a term plans would require you to submit a medical report for the purpose of applying and purchasing an insurance policy.
If you are looking to purchase a term insurance plan but do not want to undergo a medical check-up for the same, you will have to get in touch with an insurer who doesn’t have this requirement. To make your task easier, we have curated a list and details about some such insurers which do not ask you to submit a medical report to purchase a term insurance policy. Read on to find out who these insurers are, which term policies they offer and how you can apply for these policies.
Term Insurance With Riders In India
In India, term insurance is easily one of the most popular type of insurance which is preferred by hundreds of people. The essence of term insurance is to provide risk protection in the case of death wherein a death benefit is paid to the nominee of the policyholder.
However, in a time when competition is high, more and more insurers are launching term plans which come with a range of add-on riders that can be attached to the base plan to enhance it’s coverage. So, if you are looking to get a term plan with additional coverage, term plans with riders are your go-to solution. Here, we talk about some of the top term plans which include riders, the types of riders that you can opt for, and benefits provided under these riders.
Maturity Benefits For Different Term Insurance Plans
When one talks of term insurance plans, maturity benefits are typically not a benefit which forms a part of such plans. Term insurance plans usually only offer a death benefit which is provided when the insured policyholder passes away before the expiry of the policy term. However, more and more people who wish to take insurance are now looking for plans which don’t just offer a death benefit but also offer returns once the plan matures or if they survive the plan.
For this reason, insurers are now offering term plans which also include the maturity benefit component wherein, once the plan matures, there is a maturity benefit which is paid out. Given that not many people would be aware about such plans and what they entail, here we bring you some nuggets of information about term plans which offer maturity benefits, the key features of such plans, the benefits they offer, and the top maturity benefit term plans currently available in India.
Survival Benefits For Different Term Life Insurance Plans
Survival benefit is a term which is not usually associated with a term insurance plan. However, there is a sizeable chunk of people who prefer taking a term plan but do not wish to lose their money in case no death claim arises. For this reason, many insurers are now introducing term plans which also offer a survival benefit in addition to a death benefit.
Survival benefit, as the name suggests, is the benefit which is paid under a policy when the life assured survives the policy term. In this article, we talk about the features of term plans offering survival benefits, the benefits offered by such plans, and how to choose the right term plan which offers survival benefits. Also included is a list of some of the top term plans offering survival benefits in India.
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
- Term Insurance Policy for 5 Year
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- Term Insurance Maturity Benefits
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
