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  • SBI Life Insurance for 1 Crore Policy

    Life Insurance
    • 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

    To protect yourself and your loved ones from unforeseen and unfortunate events, life insurance always helps. In India, we have many companies both public and private that will offer you insurance policies with sum assured to suit your needs. The sum assured can range from something as low as Rs. 50, 000 and even touch Rs. 1 crore and even more if need be. With the increasing costs of day to day expenses and rising healthcare costs and much more, an insurance policy will a sum assured of Rs. 1 crore will help you provide your family with the future you always wanted them to have even in your absence.

    Who is eligible to purchase these policies with a sum assured of Rs. 1 crore?

    Any individual who is within the age group of 30 - 35 years, and has the capability of earning for more years to come, or is the sole breadwinner of the family. These individuals will be the most ideal to purchase a insurance plan with a sum assured of Rs. 1 crore.

    Types of SBI Life Insurance 1 Crore Policy:

    SBI Life Insurance is one of the largest insurance providers in the country. The plans are designed in such a way that they will suit any individual no matter what kind of plans they are looking for. They provide applicant with Term Plans, Protection Plan, Child Plan, Retirement Plans, and Savings Plan. They also offer their applicant many options of life insurance plans that provide them with a coverage of Rs. 1 crore.

    SBI Life Insurance offer a few of their policies which have a sum assured of Rs. 1 crore, they are:

    1. SBI Life - Smart Champ Insurance: This plan is designed to help your child have a brighter future and provide your child the expenses related to your child’s further education. It is non-linked, participating, individual plan.

      The key features of this plan is to provide for:

      • Education Needs - Smart benefits are paid in 4 installments after your child is 18 years of age and till he/she turns 21 years of age.
      • Triple Protection - Protection for your child in case there is any unforeseen events occur during the term of the policy. By providing them with: Immediate Payment, Waiver of any due payments, Smart benefit.
      • Option to make one single payment

        Entry age

        Child’s age: minimum 0 - maximum 13 years

        Life Assured: minimum 21 - maximum 50 years

        Age at maturity

        Child’s age: 21 years

        Life Assured: 70 years

        Basic Sum Assured

        Minimum: Rs. 1,00,000 (× 1,000/-)

        Maximum: Rs. 1 crore

        Premium amount

        Yearly - Rs. 6, 000

        Half yearly - Rs. 3, 000

        Quarterly - Rs. 1, 500

        Monthly - Rs. 500

        Single pay - Rs. 66, 000

        Policy Term

        21 years less the child’s age at entry

        Premium Payment Term for Limited premium payment term Policy

        18 years less the child’s age at entry

        Frequency of premium

        Yearly

        Half yearly

        Quarterly

        Monthly

        Single pay

      With this plan the benefit of the SBI Life - Smart Champ Insurance:

      • Lump sum payment immediately
      • Benefit of survival will be at the end of the policy year when the child completes 18, 19, 20 or 21 years of age
      • Tax Benefit as per the Income Tax Act of 1961 is available under this plan
    2. SBI Life – eShield: This plan is a non-linked, non-participating, individual plan with financial protection for individual who need specific tailored benefits at affordable costs. This plan will have options such as Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover, Increasing Cover with Accidental Death Benefit.

      The key features of this plan will be:

        • At an affordable premium, you can now secure your family
        • Apply online in an easy and seamless process for securing life cover.
        • Earn rewards for maintaining a healthy lifestyle.
        • Choose from a wide variety of plan options, with increasing cover and levels as well
        • Can choose to add an additional benefit of Accidental Death Benefit.
        • Get tax benefits under section 80C and 10(10D) of Income Tax Act, 1961

      Entry age

      Minimum: 18 years

      Maximum:

      65 years for the options Level Cover and Level Cover with Accidental Death Benefit.

      60 years for the options Increasing Cover and Increasing Cover with Accidental Death Benefit

      Age at maturity

      70 years

      Basic Sum Assured

      Minimum: Rs. 20,00,000

      Maximum: Rs. 1 crore

      Premium amount

      Minimum: Rs. 3, 500

      Maximum: No Limit

      Premium payment term

      As long as the policy term to be paid annually

      The benefits of this plan:

      • Death Benefit based on the plan chosen
      • There is no survival benefit at the end of the term
      • Tax Benefit as per the Income Tax Act of 1961 is available under this plan
    3. SBI Life - Smart Power Insurance: This is a non-participating, unit linked insurance plan that gives you protection and also looks at your investment needs as well. Provide you family the financial security as well as make investments in the financial markets

      Entry age

      Minimum: 18 years

      Maximum: 45 years

      Age at maturity

      65 years

      Frequency of premium

      Yearly

      Half yearly

      Quarterly

      Monthly

      Single pay

      Basic Sum Assured

      Minimum: Annual premium x 10 or 0.50 x term of policy x annual premium

      Maximum: Annual premium x 20

      Premium amount

      Yearly - Rs. 15, 000

      Half yearly - Rs. 9, 500

      Quarterly - Rs. 5, 500

      Monthly - Rs. 2000

      Premium payment term

      As long as the policy term which can be 10, 15, 30 years

      The key benefits of this plan are:

      • Maturity Benefit: When the policy completes its term, the Fund Value will be paid.
      • Death Benefit: Sum Assured is payable or a higher of the Fund Value. With a minimum of 105% of the basic premiums in total paid till the time of death.
      • Total and Permanent Disability Benefit: 100% of the Death Benefit will be payable
      • Tax Benefit as per the Income Tax Act of 1961 is available under this plan

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    SBI Life Insurance FAQ’s

    1. Q. Rs.1 Crore Sum Assured: Who is Eligible to this Life Insurance Policy?

      A.If an individual falls within the age group of 30 and 35 years, and yet possesses the capacity to earn for a longer period of time while being the only earner of the family, then he/she will be eligible to a life insurance policy with a sum assured of Rs.1 crore.

    2. Q.Why Choose SBI Life Insurance?

      A.Considered to be one of the established insurance providers in the market today, SBI life insurance offers a wide variety of policies for people to choose from. Examples of SBI life insurance policies with sum assured of Rs.1 crore include SBI-Life Smart Champ Insurance, SBI Life-eshield, SBI-Life Smart Power, and Insurance. To learn more about each of these plans offered by SBI, it is a good idea to read through the benefits offered by each before choosing one.

    3. Q.Is Life Insurance Policy Worth Rs.1 Crore in SBI?

      A.Life insurance policies not only covers an individual for life but also provide a lump sum amount in case the policyholder passes away in an untimely fashion. In today’s date, there are multiple life insurance policies one can choose from. These plans have different features, however, they can be customised as per the requirements of the purchaser.

    4. This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

      This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    Life Insurance Reviews

  • Page 1 of 1
    • SBI Life Life Insurance
      "Term insurance is secure..."
      0.5 5.0/5 "Blown Away!"
      I have opted for term insurance and the name of the plan is e-shield. Premium is very low and coverage is of high ultimately. Just to secure my family, I particularly have chosen this plan. Accidental benefits are good and every years the coverage amount would be increased. Now the coverage is 1 crore but after five years I get 1 crore and 20 thousand. Tenure is for 35 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 01, 2015
    • SBI Life Life Insurance
      "My life protect"
      0.5 4.5/5 "Excellent!"
      I have been holding a life insurance coverage with SBI since Mar'2014 to current. SBI is a well known and a government authorized bank. The policy that I am holding is a life protect for a term of 40 years. I pay a premium of rs9000 per annum and the policy covers upto 1 crore. I feel very convenient managing the policy online through net banking.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 02, 2014
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