SBI Term Life Insurance Policy Review
SBI Term Life Insurance Policy Review

SBI Term Life Insurance Policy Review

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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 :

  1. SBI Life Saral Shield
  2. SBI Life Grameen Bima
  3. SBI Life Saral Swadhan+
  4. SBI Life Smart Swadhan+
  5. SBI Life Smart Shield
  6. SBI Life eShield Next

SBI Life Saral Shield

FeatureDesciption
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 ModeYearly, Half-yearly, quarterly and monthly for level term assurance Single premium for decreasing term assurance
Premium AmountSingle Premium Minimum Rs 10000/-
Yearly Rs 2000/-
Quarterly Rs 600
Half Yearly Rs 1100/-
Monthly Rs 250/-
Plan OptionsLevel term assurance
Decreasing Term assurance for loan protection
Decreasing Term assurance for family income protection
RidersAccidental Death Benefit
Accidental total and Permanent Disability
Accelerated critical Illness cover
BenefitsThe Policy offers Death Benefits
SBI Life Saral Shield

SBI Life Grameen Bima

FeatureDesciption
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 ModeSingle
Premium AmountMinimum amount is Rs 300
Maximum Amount is Rs 2000
Premiums to be paid in multiple of Rs 100
BenefitsThe Policy offers Death benefits equal to the sum assured
The policy offers surrender benefit from the second year onwards
SBI Life Grameen Bima

SBI Life Saral Swadhan+

FeatureDesciption
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 Terms10 Years
Premium Payment ModeYearly
Premium AmountMinimum amount is Rs 1,500/-
Maximum Amount is Rs 5,000/-
BenefitsThe Policy offers Death benefits
The policy offers maturity benefit
The policy offers paid up value
SBI Life Saral Swadhan+

SBI Life Smart Swadhan+

FeatureDesciption
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 TermsSingle Payment, 5 year terms, 10 year terms, 15 year terms and terms equal to term of the policy
Premium Payment ModeSingle, yearly, half-yearly, quarterly and monthly
Premium AmountMinimum 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
BenefitsThe Policy offers Death benefits
The policy offers surrender and paid up benefits
SBI Life Smart Swadhan+

SBI Life Smart Shield

FeatureDesciption
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 ModeYearly, Half-yearly, quarterly and monthly
Premium AmountSingle premium minimum Rs 11000
yearly Rs 3000
Quarterly Rs 750
Half-yearly Rs 1500
Monthly Rs 300
No maximum limit
Plan OptionsDecreasing Term assurance for loan protection
Decreasing term assurance for family income protection
Increasing term assurance
level term assurance
RidersAccidental Death Benefit
Accidental total and Permanent Disability
Accelerated critical Illness Cover
BenefitsThe Policy offers Death benefits
The policy offers Surrender benefits for single premium policies
There is no survival benefit or paid up value
SBI Life Smart Shield

SBI Life eShield Next

FeatureDesciption
Age of EntryMinimum 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 Maturity100 years for whole life
85 years for other than whole life
Policy TermMinimum 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 AssuredMinimum 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 ModeAnnual
Premium AmountMinimum 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 OptionsLevel cover
Level cover with accidental death benefit
Increasing Cover
Increasing cover with accidental death benefit
RidersAccidental Death Benefit
BenefitsThe Policy offers Death benefits
The policy offers no surrender or maturity benefits
SBI Life eShield Next

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

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