Five year term life insurance plans, just like other life insurance plans of varying terms, provide the nominee with proceeds in the event the policyholder passes away, as long as the policyholder has been keeping up with premiums and passes away during the 5-year duration that the plan covers.
People opt for 5 year life insurance plans for a variety of reasons. These reasons could range from budgetary constraints, easy-to-understand terms, and possibility of conversion to a longer plan at a later time or if your coverage needs do not exceed a 5-year period of coverage. Opportunity of availing market linked returns while providing life insurance protection. Depending on your risk appetite, you have the option of choosing from a host of funds, which have a varied degree of risk exposure. Flexibility and transparency are some of the other attractive features that make ULIPs an attractive long term investment option.
SBI Life Insurance offers the following 5 year ULIP Plans:
The type of policy you choose inevitably depends on many factors like your income, number of dependant family members, family expenses, assets, liabilities and much more.
SBI offers the following individual 5 year life plans:
SBI Life 5 Years Unit Linked Insurance Plans (ULIP):
Unit Linked Insurance Plans are long term investment cum protection plans that offer you an
- SBI Life - Smart Wealth Builder: This plan allows you meet your financial and insurance needs through a single product, and lets you choose your required life insurance cover subject to a minimum and maximum level
- SBI Life - Smart Elite: This plan gives you the flexibility to pay premium for limited term or single premium and offers options best suited to your needs at extremely competitive rates.
SBI Life 5 Years Retirement Plans:
Retirement plans are necessary to secure your future once you decide to stop working. Depending on your lifestyle or how you want to lead out the rest of your retired years, you can choose plans that work for you accordingly. These plans are best suited for senior citizens who aim at a stable and secure financial future.
SBI Life Insurance offers the following 5 year plan for your post retirement needs.
- SBI Life - Saral Pension: SBI Life - Saral Pension is a plan designed to offer you total safety from market fluctuations and volatility by securing your future after retirement. 5 year insurance policies are available under single premium policy terms as part of this plan.
SBI Life 5 Years Protection Plans:
Protection Plans provide full financial protection and stability for your family in case of unforeseen events taking place. These plans are low cost insurance plans and are suitable for those who are looking for the best benefits at an affordable price.
SBI Life offers the following 5 year protection plans:
- SBI Life - Smart Shield: SBI Life - Smart Shield is made for those who want the best financial protection at an affordable cost and comes with a wide variety of plan options.
- SBI Life - Saral Shield: SBI Life - Saral Shield is a plan that provides cover for your family and ensures that a proper safety net is created at reasonable rates. It also offers special discounts for women.
- SBI Life - Grameen Bima: SBI Life - Grameen Bima is a plan designed for the socially deprived and economically vulnerable segments of the population. The objective of this product is to provide life cover to the deprived sections of the society at affordable costs.
SBI Life 5 Years Savings Plans:
SBI Life Savings plans are specially designed plans that return the premium amount you initially invested as well as providing assurance when it comes to protecting your family in the event of any unfortunate incidents.
SBI Life Insurance offers the following 5 year savings plans:
- SBI Life - Shubh Nivesh:This provides savings, income and insurance cover to you and your family and allows for the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon the policyholder’s needs.
- SBI Life - Flexi Smart Plus: This is an individual, participating, variable insurance product that gives customers the flexibility to adapt to their needs while assuring them guaranteed benefits in order to care of their savings.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017