SBI Life Term Insurance
SBI Life Term Insurance
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SBI Term Insurance

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Cardif. It is one of the leading life insurance companies in India. It offers a variety of life insurance products with great features and benefits. The company makes sure to come out with affordable products that are in reach of a common man. 

The company offers a wide range of term insurance plans to cater to the different needs of customers. These protection plans are designed to offer financial relief and security to a policyholder's family in the unfortunate event of his/her demise. 

Types of SBI Term Insurance Plans

1. SBI Life e-shield

SBI Life e-shield is an individual, non-linked and non-participating life insurance pure risk premium product. The plan provides the required financial security through the appropriate payment of the sum assured and makes sure that your family is protected even after your demise. 

Key Features

Benefit Structure: The plan comes out with two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Under both options, the policyholder will receive accelerated Terminal Illness benefit as an inbuilt benefit.

Level Cover Benefit: Under this structure benefit, the sum assured will remain the same throughout the policy tenure. In the case of terminal illness, this term insurance plan will provide the required financial assistance.

Discounts: The plan offers discounts on premiums to non-smokers.

Second Medical Opinion: In case the policyholder wants to go for a second medical opinion, the plan will bear associated expenses as well.

Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

80 years- Level cover benefit

75 Years Increasing cover benefit

Minimum sum assured

Rs. 35,00,000

Premium payment mode

Yearly, half-yearly, quarterly and monthly

Policy term

5 years to 80 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

2. SBI Life- Poorna Suraksha

SBI Life- Poorna Suraksha is an individual, non-linked and non- participating life insurance pure risk premium product with inbuilt critical illness cover. The plan provides comprehensive protection to the insured's family in case of his/her death or critical illness. With the inbuilt critical illness cover, the plan will pay a lump sum payout in the diagnosis of any of the listed 36 critical illnesses. 

Key Features

Life Stage Rebalancing: This feature rebalances the cover between Life Cover and Critical Illness (CI) cover.

Tax Benefits: The plan will provide tax benefits as per the prevailing tax laws.

Premium Waiver: The plan will waive all future premiums in case of critical illness.

Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

28 years to 75 years

Minimum sum assured

Rs. 20 lakhs to 2.5 crore

Premium payment mode

Yearly, half-yearly, and monthly

Policy term

10, 15, 20, 25, 30 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

3. SBI Life- Sampoorna Cancer Suraksha

SBI Life- Sampoorna Cancer Suraksha is an individual, non-participating and non-linked insurance pure risk premium product. It is a comprehensive plan that assists you in beating cancer financially. It provides the flexibility to avail 1.20% of sum assured as monthly payout for 3 years in lieu of 40% of sum assured payable (on the diagnosis of major stage of cancer).

Key Features

Choice of Three Benefit Structure: The plan offers three benefit structures called Standard, Classic, and Enhanced.

Cover Loss of Income: The plan compensates for the loss of income with monthly income benefits.

Financial Security: It ensures financial security with a stage-wise lump sum payout.

Medical Second Opinion: The plan allows you to avail medical second opinion from the medical panel of experts.

Tax Benefits: Tax benefits as per the prevailing norms under Section 80D of the Income Tax Act, 1961 for premiums paid. 

Eligibility Criteria

Entry age

6 years to 65 years

Maturity age

75 years

Minimum sum assured

Rs. 10 lakhs to 50 lakhs

Premium payment mode

Quarterly, yearly, half-yearly, and monthly

Policy term

5 years to 30 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

4. SBI Life- Smart Shield

SBI Life- Smart Shield is an individual, non-linked and non-participating life insurance pure risk premium product. It is a pure term insurance plan that provides helpful financial assistance to your family in case of your unfortunate demise.

Key Features

Lifetime Security: The plan offers lifetime financial security to your family at affordable prices.

Rewards: The plan offers rewards to the insured for maintaining a healthy lifestyle.

Two Plan Options: It offers two plan options called Level Term Insurance and Increasing Term Assurance @ 5% Simple p.a.

Death Benefit: In the case of the insured's death, the plan will pay the sum assured to the nominee in the form of the death benefit.

Discounts: The plan offers huge discounts on opting for a high sum assured.

Eligibility Criteria

Entry age

18 years to 80 years

Maturity age

80 years

Minimum sum assured

Rs. 25,00,000

Premium payment mode

Quarterly, yearly, half-yearly, and monthly

Policy term

5 years to 80 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

5. SBI Life Saral Shield

SBI Life Saral Shield is an individual, non-linked and non-participating life insurance pure risk premium product. It is a traditional term insurance plan that financially protects your family's future. 

Key Features

Option: The plan offers the option to select the premium payment term and frequency as per your comfort.

Three Benefits Structure: The plan offers three benefits structures called Level Term Assurance, Decreasing Term Assurance (Loan Protection), and Decreasing Term Assurance (Family Income Protection).

Premium Discounts: The plan offers premium discounts on opting for a larger sum assured. It also provides special discounts to women in the case of Level Term Assurance Benefit structure only.

Eligibility Criteria

Entry age

18 years to 60 years

Maturity age

65 years

Minimum sum assured

Rs. 7,50,000

Premium payment mode

Quarterly, yearly, half-yearly, and monthly

Policy term

5 years to 30 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

6. SBI Life Smart Swadhan Plus

SBI Life Smart Swadhan Plus is an individual, non-linked and non-participating life insurance savings plan with a return of premium. 

Key Features

Return of Premium: Under this plan, you will receive 100% of the paid premium at the time of maturity.

Life Cover: The plan offers life insurance cover to the family in case of an eventuality (like the death of the policyholder). 

Option To Pay Premiums: The plan offers the option to pay premiums through a single payment, for a limited period (5,10,15 years) and throughout the policy tenure.

High Sum Assured Rebates: The plan offers a discount on premium rates to customers who opt for a higher level of protection.

Eligibility Criteria

Entry age

18 years to 65 years

Maturity age

75 years

Minimum sum assured

Rs. 5,00,000

Premium payment mode

Quarterly, yearly, half-yearly, and monthly

Policy term

10 years to 30 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

7. SBI Life - Saral Swadhan+

SBI Life - Saral Swadhan+ is an individual, non-linked and non-participating life insurance savings product with the return of premium. It offers a fixed life cover throughout the policy tenure along with a guaranteed maturity benefit.

Key Features

Protection at an Affordable Cost: The plan provides the required protection at an affordable premium. 

Flexibility: It allows you to choose the cover and premium as per your needs.

Value For Money: At the time of maturity, you will receive a guaranteed benefit of 100% or 115% of the total paid premium.

Death Benefit: In the event of the death of the insured during the policy tenure, the plan will pay the sum assured to the nominee/beneficiary.

Surrender: You can surrender the policy for an amount (Surrender Value) after two consecutive years of the plan.

Eligibility Criteria

Entry age

18 years to 55 years

Maturity age

70 years

Sum assured

Rs.30,000-4,75,000

Premium payment mode

Quarterly, yearly, half-yearly, and monthly

Policy term

10 years to 15 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

8. SBI Life - Grameen Bima

SBI Life - Grameen Bima is an individual, non-linked and non-participating microinsurance life insurance pure risk premium plan which provides financial security to your family at reasonable costs.

Key Features

Protection at Affordable Rates: The plan offers comprehensive protection at affordable prices.

Instant Processing: There is no medical examination. The company will accept the application on the basis of health declarations stated in the proposal form.

Death Benefit: In case of the death of the life assured during the policy tenure, the plan will pay the sum assured to the nominee/beneficiary.

Tax Benefits: The plan will provide tax benefits/exemptions as per the prevailing tax laws.

Eligibility Criteria

Entry age

18 years to 50 years

Premium Frequency

Single-Premium: One Time payment at the time of inception

Policy term

5 years

**Last Updated on 16-09-2020

(Note- The values may differ for different plan options)

SBI Term Insurance Riders

SBI Life Insurance Company offers a wide range of effective term insurance riders that will enhance the basic cover at nominal prices.

SBI Life- Accidental Death Benefit Rider

SBI Life- Accidental death benefit rider is an individual non-participating rider. This rider offers additional benefit equal to the rider sum assured if the death of the policyholder occurs because of an accident.

SBI Life – Accidental Death Benefit Linked Rider

Under this rider, the nominee will receive an additional amount that would be equal to the rider sum assured in case of a demise of the insured due to an accident.

SBI Life- Accidental Total & Permanent Disability Benefit Rider

SBI Life- Accidental Total & Permanent Disability Benefit Rider makes sure to assist the insured with an amount equal to rider sum assured in case of total and permanent disability because of an accident.

SBI Life – Criti Care 13 Non-Linked Rider

With this rider, the insured will receive an amount to cover the expenses of any of the 13 listed critical illnesses. The maximum sum assured that you can opt under this rider is Rs.20,00,000.

SBI Life- Preferred Term Rider

SBI Life- Preferred Term Rider covers the death of the life insured. It is an additional cover over the base plan. Apart from the base cover, it provides additional financial assistance to your family.

How To Buy SBI Term Insurance Plans?

There are two ways to invest in the SBI Term insurance plan -through the official website of the company or through PolicyX.com. Let's discuss both in detail.

Buy via SBI Life Insurance Company

  • Visit the official website of the SBI Life Insurance Company.
  • Click on the tab 'Online Plans'.
  • Scroll down and click on the tab 'Buy Now' under SBI Life e-shield.
  • Choose the required sum assured and fill the required details.
  • Confirm the details and click on the tab 'Calculate Premium'.
  • Select the desired plan option.
  • Click on the tab 'Enhance Your Plan'
  • If you wish to add a rider, choose the desired one.
  • Tap on the tab 'Get Quote'
  • Check the premium and click on the tab 'Proceed'.
  • Please tick on the suitable option if you have or haven't purchased any policy before through the official website of Life Insurance.
  • Click on the tab 'Submit'.
  • Tap on the tab 'Proceed'.
  • Fill the details.
  • Click on the tab 'Proceed'.
  • Check the premium amount & make the payment using available payment options.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy on your address.

Rest of the SBI term insurance plans are not available online. You have to visit the nearest SBIl Life Insurance branch to invest in the same.

Buy Via PolicyX.com

  • Scroll up to the 'Get SBI Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Fill the required details like phone number, name, and D.O.B. Click on the tab on 'Continue'.
  • Enter your Income, City and then click on 'Proceed'.
  • Please submit your education details and occupation type.
  • Analyze quotes and choose the SBI term insurance plan.
  • Click on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Your proposal is ready now. Click on the tab 'Pay Now'. It will redirect you to SBI Life's website.
  • Fill the details and make the payment using available payment options.
  • The company will share the policy documents on the registered email ID.

What Is The Claim Process of SBI Term Insurance?

  • Visit the official website of the SBI Life Insurance Company.
  • Take your cursor to the tab 'Services'.
  • Click on the tab 'Claims & Maturity'.
  • To intimate a claim, you have to provide policy number, DOB, claim type and captcha code.
  • Click on the tab 'Submit'.
  • Now you have to submit the required documents through e-mail or by visiting the nearest branch.
  • The company will analyse all the claim documents that you/nominee will submit.
  • Once the claim is approved, the amount will be released as per the terms and conditions of the policy.
  • The payment will be made to the registered bank account number.

Note- Customers can also intimate the claim through the post, email or by visiting the nearest branch of the company.

Documents Required To Register The SBI Term Insurance Claim

  • Claimant Statement/Claim intimation form duly filled and attested by the claimant.
  • Death certificate original as well as photocopies issued by Local Municipal bodies located in your area.
  • Identity proof and address proof of the nominee/claimant.
  • Cancelled cheque or the photocopy of passbook (of the nominee).

FAQs

1. What is the time limit to inform about the claim?

TThe claim must be registered within 90 days of the incident (death of the policyholder).

2. How much time is taken by SBI Life to settle a claim?

  • For the claims where no investigation is required: 30 days after all the related documents are deposited.
  • For the claims where further investigation is compulsory: 90 days starting from the date of claim intimation and 30 days for the claim settlement following the receipt of all necessary documents.

3. Are NRIs eligible for purchasing term insurance in India?

Yes. NRI's who hold dual citizenship and qualify as citizens of India are eligible for purchasing term insurance in India.

4. Are deaths under "Act of God" covered by the term insurance plans?

No. Any casualties that occur due to natural calamities or disasters are not covered under the term insurance plans.

5. Can the premiums change after a period of time?

This depends on several factors like the addition of riders or declaration of habits like smoking/drinking or the declaration pertaining to hazardous nature of employment etc.

6. How do personal habits like smoking matter while choosing a term insurance plan?

A smoker (as she/he comes in a high-risk category) has to pay a higher premium as compared to a non-smoker.

7. Is the death of the insured person considered if she/he dies outside Indian Territory?

Yes, an active term insurance policy would be liable to offer the required financial assistance to the family of the insured if he/she dies outside Indian Territory.

Last updated on 16-09-2020