SBI Life Insurance Company offers a variety of comprehensive term insurance plan to meet the requirements of the insurance buyers. The term insurance protection plans offered by SBI Life Insurance are customized to provide financial protection and security to the insured’s family in case of an eventuality. SBI Term Life Insurance Policy Review.
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 not only offer death benefits but also provide riders that offer an additional cover such as accidental death benefits.
Types of SBI Term Life Insurance Plans :
- SBI Life Saral Shield
- SBI Life Grameen Bima
- SBI Life Saral Swadhan+
- SBI Life Smart Swadhan+
- SBI Life Smart Shield
- SBI Life eShield Next
SBI Life Saral Shield
| Feature | Desciption |
|---|---|
| Age of Entry | Minimum age is 18 Yrs as at last birthday Maximum age is 60 Yrs as at last birthday |
| Age at Maturity | 65 Years |
| Policy Term | Minimum Term 5 Years Maximum term 30 Years for level term and family income protection For Loan Protection, maximum term equal to outstanding loan term capped to 30 Years |
| Sum Assured | Minimum sum assured is Rs 7,50,000 Maximum Sum Assured is Rs 24 Lacs |
| Premium Payment Terms | Equal to policy term |
| Premium Payment Mode | Yearly, Half-yearly, quarterly and monthly for level term assurance Single premium for decreasing term assurance |
| Premium Amount | Single Premium Minimum Rs 10000/- Yearly Rs 2000/- Quarterly Rs 600 Half Yearly Rs 1100/- Monthly Rs 250/- |
| Plan Options | Level term assurance Decreasing Term assurance for loan protection Decreasing Term assurance for family income protection |
| Riders | Accidental Death Benefit Accidental total and Permanent Disability Accelerated critical Illness cover |
| Benefits | The Policy offers Death Benefits |
SBI Life Grameen Bima
| Feature | Desciption |
|---|---|
| Age of Entry | Minimum age is 18 Yrs as at last birthday Maximum age is 60 Yrs as at last birthday |
| Policy Term | Policy Term is 5 Years |
| Sum Assured | Minimum sum assured is Rs 10,000/- Maximum Sum Assured is Rs 50,000/- |
| Premium Payment Mode | Single |
| Premium Amount | Minimum amount is Rs 300 Maximum Amount is Rs 2000 Premiums to be paid in multiple of Rs 100 |
| 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 | Desciption |
|---|---|
| Age of Entry | Minimum age is 18 Yrs as at last birthday Maximum age is 60 Yrs as at last birthday |
| Age at Maturity | POS AND CSC Channel : 65 Yers Other Channels : 70 Yrs |
| Policy Term | Minimum Term 10 Years Maximum term 15 Years |
| Sum Assured | Minimum sum assured is Rs 30,000/- Maximum Sum Assured is Rs 4,75,000/- |
| Premium Payment Terms | 10 Years |
| Premium Payment Mode | Yearly |
| Premium Amount | Minimum amount is Rs 1,500/- Maximum Amount is Rs 5,000/- |
| Benefits | The Policy offers Death benefits The policy offers maturity benefit The policy offers paid up value |
SBI Life Smart Swadhan+
| Feature | Desciption |
|---|---|
| Age of Entry | Minimum age is 18 Yrs as at last birthday Maximum age is 65 Yrs as at last birthday |
| Age at Maturity | Maximum age at maturity is 65 Years |
| Policy Term | Minimum Term 10 Years Maximum term 30 Years |
| Sum Assured | Minimum sum assured is Rs 5 Lacs Maximum Sum Assured has no limit |
| Premium Payment Terms | Single Payment, 5 year terms, 10 year terms, 15 year terms and terms equal to term of the policy |
| Premium Payment Mode | Single, yearly, half-yearly, quarterly and monthly |
| Premium Amount | Minimum premium amount is Rs 21,000 for single premium Rs 2,300 for yearly premium Rs 1,200 for half-yearly Rs 650 for quarterly and Rs 250 for monthly |
| Benefits | The Policy offers Death benefits The policy offers surrender and paid up benefits |
SBI Life Smart Shield
| Feature | Desciption |
|---|---|
| Age of Entry | Minimum age is 18 Yrs as at last birthday Maximum age is 65 Yrs as at last birthday |
| Age at Maturity | 80 Years |
| Policy Term | Minimum Term 5 Years Maximum term 30 |
| Sum Assured | Minimum sum assured is Rs 25,00,000 No maximum sum assured limit |
| Premium Payment Terms | Equal to policy term |
| Premium Payment Mode | Yearly, Half-yearly, quarterly and monthly |
| Premium Amount | Single premium minimum Rs 11000 yearly Rs 3000 Quarterly Rs 750 Half-yearly Rs 1500 Monthly Rs 300 No maximum limit |
| Plan Options | Decreasing Term assurance for loan protection Decreasing term assurance for family income protection Increasing term assurance level term assurance |
| Riders | Accidental Death Benefit Accidental total and Permanent Disability Accelerated critical Illness Cover |
| Benefits | The Policy offers Death benefits The policy offers Surrender benefits for single premium policies There is no survival benefit or paid up value |
SBI Life eShield Next
| Feature | Desciption |
|---|---|
| Age of Entry | Minimum age is 18 years as at last birthday maximum age is 65 years for level cover with or without rider maximum age is 60 years for increasing cover with or without rider |
| Age at Maturity | 100 years for whole life 85 years for other than whole life |
| Policy Term | Minimum Term for level cover with or without rider is 5 years Minimum Term for increasing cover with or without rider is 10 years Maximum Term for Single and Regular Premium is 85 years minus entry age |
| Sum Assured | Minimum sum assured for online and web aggregator channel: Rs.50,00,000 Minimum sum assured for other distribution channel: Rs.75,00,000 Maximum sum assured for non-smokers has no limit Maximum sum assured for smokers is Rs.99,00,000 |
| Premium Payment Terms | Equal to policy term |
| Premium Payment Mode | Annual |
| Premium Amount | Minimum premium amount Single: Rs.19,000 Yearly: Rs.3,600 Half-yearly: Rs.1,836 Monthly: Rs.306 No maximum limit on premium amount |
| Plan Options | Level cover Level cover with accidental death benefit Increasing Cover Increasing cover with accidental death benefit |
| Riders | Accidental Death Benefit |
| Benefits | The Policy offers Death benefits The policy offers no surrender or maturity benefits |
Benefits and Features of SBI Term Insurance Policies :
- 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 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
- 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
