SBI Life Insurance for Senior Citizens

Reasons for Senior Citizens to go for Life Insurance from SBI Life:

Senior citizens in India are individuals who have crossed the age of 60 years. Most senior citizens have adult children who are independent and rarely require the support of their parents, financially at least. That nearly negates the need for initiating a new life insurance plan in order to leave behind a corpus for their offspring.

But, in hindsight, senior citizens might require an active life insurance at any given point of time. Life expectancy in India averages around 60-65 years, with people and/or spouses surviving till 100. A support plan for the future, if not already present, is a great idea to help your better half in case of any unforeseen contingency. In addition to that, some life insurance plans from SBI Life also offer a return of investment in terms of monthly income or lump sum amounts.

Senior Citizen Life Insurance Plans from SBI Life:

Plans from SBI Life Insurance aimed at senior citizens offer the flexibility of choosing the tenure and the cover amount and can be easily availed online or offline.

  1. Term Plans:

    Term plans from SBI Life Insurance are the easiest to apply for and can come with options that allow the return of the premium. Term plans are specifically aimed towards creating a corpus for the nominee, in case of the unfortunate demise of the insured

    • SBI Life e-Shield: A pure term insurance plan with low premium amounts and offering an option for senior citizens to avail life insurance and accidental death benefit for the nominee. Additional tax benefits might be applicable.
    • SBI Life Smart Swadhan Plus: A term insurance plan that offers variable payment options and returns the total of the basic premiums as a maturity benefit. Additional tax benefits might be applicable.
  2. Endowment Plans:

    Endowment plans from SBI Life are the next cadre of insurance products from the life insurer. These plans don’t offer the higher amounts of life cover that one receives as per term plans, but there is an added benefit of flexibility in terms of investment that can be done through the options provided. Endowment plans can also add to the initial investment and serve as a wealth multiplier.

    • SBI Life Smart Wealth Assure : A plan that comes with a single premium payment option and invests the premium to provide market linked returns upon maturity or death of insured. The returns could be as high as three times the single premium amount.
    • SBI Life Smart Wealth Builder: An insurance plan that has a single premium payment and offers as high as 1.25 times the premium amount as sum assured. Market-linked returns allow for high growth options for the maturity amount.
    • SBI Life Saral Pension: A life insurance plan that is particularly effective for senior citizens by allowing guaranteed additions throughout the policy term and offers the option to purchase an annuity plan from the maturity proceeds.
    • SBI Life Retire Smart: A life insurance cum pension policy that features many additions to boost the final fund value and offers the maturity benefit or death benefit through a purchase of an annuity plan.
    • SBI Life Annuity Plus: An insurance plan with immediate annuity that can offer 50% or 100% income with Capital Refund to the last survivor after the life cover is terminated.

How to purchase SBI Life Insurance policies for Senior Citizens :

The entire range of insurance plans from SBI Life can be reviewed and compared online at BankBazaar. The comparison will include key details like the premium amount to be paid, the sum assured, the maturity benefits, optional riders and details about the funds that premiums might be invested in. All the information will be presented in a concise, tabular format with pictorial references when and where needed.

Upon deciding on a particular plan, one can fill in details pertaining to the life cover that is desired or the premium amount that one can pay and BankBazaar’s nifty online program will do the rest of the calculation and guide you further to the insurer, aiding you through every step of the process, till you get a policy in your name.

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

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