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SBI Life Term Insurance
  • Comprehensive Protection
  • 36 Serious Illnesses Cover
  • Inbuilt Terminal Illnesses Benefit
  • Two Rider Option
  • Tax Benefit Under 80C & 10D

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SBI Term Insurance

Choosing the best term insurance for the financial protection of the family is an arduous job. Well, every person has the right to get the best in their life, so that they do not regret their decision afterward. Hence, SBI Life insurance has flooded the insurance market with distinct term plans catering to the protection needs of Indian population.

For whom SBI Life Term plans are just perfect?

  • Person who has the responsibility of children, spouse, and parents.
  • Individuals who want tax exemptions in annual Income Tax payment.
  • Person who is financially insecure about the future of the family.
  • Wants protection from critical diseases such as Heart Attack, Brain Tumor, Cancer, etc.

Advantages of SBI Insurance Plans

  • Fast Claim Settlement Process: Claim settlement ratio of the SBI Life stands at 96.69% which reflects the immediate attention and value given to the customer's grievances and other queries related to the term policy.
  • Excellent Customer Services: SBI Life has equipped a dedicated team of customer service that is present 24 hours to assist the policyholder with their current SBI term plan. The Team will help in claim intimation, claim settlement, knowing the policy details and status of claim etc.
  • Health Rewards: When a person buys SBI term insurance, then he is bound to receive discounted premiums based on their health status if they follow a healthy lifestyle by staying away from consuming tobacco.
  • Discounted Premium Rates For Females: In order to empower the women and boost the purchase of term policies among females, SBI term insurance drafted lower premiums for female policyholders.
  • Higher Sum Assured At Lower Premiums: Buying a term insurance plan with higher sum assured can really help you build a reserve of wealth to meet future emergencies. The policyholder can obtain the coverage at a very cheaper rate of premiums plus premiums are always lower for young age policyholders.
  • Lifelong Coverage: SBI term insurance plans are made for every age group from 18-year old young adult/ child to a 65-year-old retired human. The policyholder can choose the term of protection they require corresponding to their age group.
  • Options Rider For Extra Protection: If the policyholder is not satisfied with the present inbuilt benefits, then SBI term plans give them additional benefits which can be added for extra protection from accidental death, critical illness, terminal illness, permanent disability. The life assured has to pay an additional premium in supplementary to base term policy

SBI Term Insurance Eligibility Criteria

Sbi Life Term Insurance PlansMinimum Age of EntryMaximum Age Of EntryAge of MaturityTerm of the PolicySum AssuredPremium Paying TermPremium Paying Frequency
SBI Life – eShield18 years65 years80 / 75 years5/ 10 years to 80/ 75 years minus Entry AgeRs 35 lakhs to unlimitedSame as the tenure of policyYearly/ Half Yearly/ Monthly
SBI Life – Poorna Suraksha18 years65 years65 years10, 15, 20, 25, 30 YearsRs 20 lakhs to 2.5 croresRegularPayYearly/ Half Yearly/ Monthly
SBI Life – eIncome Shield18 years60 years/ 65 years80 / 75 years5 years/ 10 years/ 80 years minus Entry AgeRs 35 lakhs to unlimitedSame as the tenure of policyYearly/ Half Yearly/ Monthly
SBI Life - Sampoorn Cancer Suraksha18 years55 years10 to 35 years5 years to 30 yearsRs 25 lakhs to unlimitedSame as the tenure of policyYearly/ Half Yearly/ Monthly
SBI Life – Smart Shield18 years55 years75 years5 years to 62 yearsRs 25 lakhs to unlimitedSame as the tenure of policySingle/ Yearly/ Half Yearly/ Monthly
SBI Life – Saral Shield18 years60 years65 years5 years to 30 yearsRs 7.5 lakhs to Rs 24 lakhsRegular Pay/ Single PayYearly/ Half Yearly/ Monthly/ Quarterly
SBI Life - Saral Swadhan+18 years55 years70 years10 years / 15 yearsRs 30,00010 years (for both policy term)Annual
SBI Life – Smart Swadhan Plus,18 years55 years75 years5 years/ 10 years / 15 yearsRs 5 lakhs to 25 croresSingle Pay/ Regular Pay/ Limited PaySingle/ Yearly/ Half Yearly/ Monthly
SBI Life – Grameen Bima18 years50 yearsNill5 yearsRs 10,000 to Rs 50,000SingleSingle

Types Of SBI Life Term Plans

  • SBI Life eShield
  • SBI Life Poorna Suraksha
  • SBI Life Sampoorn Cancer Suraksha
  • SBI Life eIncome Shield
  • SBI Life Smart Shield
  • SBI Life Saral Shield
  • SBI Life Saral Swadhan+
  • SBI Life Smart Swadhan Plus
  • SBI Life Grameen Bima

SBI Life eShield

SBI Life eShield

SBI e Shield term plan is like a savior to the family in the absence of the life assured by securing their financial status through appropriate payment of the sum assured on death.

What Benefits Are Offered?

  • If you are a non-smoker, then you have an edge over other policyholders as you have to submit discounted rate of premiums in comparison to smoker category.
  • Inbuilt protection for terminal illness where you don't have to pay extra premiums to secure the coverage.
  • Facility of Medical Second opinion where the assured has the freedom to take medical opinion for any illness from a medical practitioner registered with the SBI Life under the medical expert panel.
  • Full and final payment of sum assured on the death of the assured
  • Increase your sum assured up to 10% after every five years by opting Increasing Cover Benefit. The term plan must be in force.
  • Extra coverage options to enhance the value of base policy by attaching Accidental Death Benefit Rider and accidental total and permanent disability rider.

SBI Life Poorna Suraksha

SBI Life Poorna Suraksha

A traditional plan that tries to achieve the protection standards of various policyholders by promising protection against critical diseases benefit plus the assurance of death benefit.

What Benefits Are Offered?

  • 100% of sum assured is given to the family of assured if death happens during the tenure of the policy.
  • Partial payment of sum assured on the investigation of any critical illnesses mentioned included by SBI Life.
  • Wider financial security from 36 critical illnesses that can cause a huge hole in your pocket due to hospitalization expenses.
  • Waiver of premium in the future if assured get infected from any listed critical illnesses.
  • Increase in the critical illness cover up to a maximum of 15% during the policy term.
  • No rise in the premium rates throughout the policy period.

SBI Life Sampoorn Cancer Suraksha

SBI Life Sampoorn Cancer Suraksha

The primary motive of SBI Life behind formulating this term plan gives specialized protection from cancer (whether of major or minor stage). This plan is highly flexible, affordable and simple to understand for every policyholder.

What Benefits Are Offered?

  • No sub-limits on the hospitalization expenses incurred for the treatment of cancer. The sum assured will be paid regardless of the medical expenses.
  • No need to qualify or sit for medical examinations to become eligible to purchase this SBI term plan.
  • The plan offers three plan options through which benefits are provided-
    1. Standard plan
    2. Classic plan
    3. Enhanced plan
  • 150% of the sum assured is paid for advanced stage cancer to help the family to sustain financial instabilities. The benefit will be after deduction of major stage cancer claim (if made) plus other claims.
  • The future premiums are lessened or waived off if the assured is detected with any stage of cancer. The premium is waived off as follows-
    1. Minor Stage Cancer: For 5 years after the investigation of disease.
    2. Major Stage Cancer: For remaining policy term after the diagnosis of disease.
  • If the minor stage of Cancer is detected by the medical expert, then 30% of the sum asured will be paid immediately for the treatment of the Carcinoma In Situ (CIS).
  • On diagnosis of early-stage cancer, SBI Life will allow 30% of the sum assured under all the three benefit option.
  • If cancer has reached its major stage, then the policyholder has the option to receive the sum assured either in-
    1. 100% of the sum assured
    2. 60% of the sum assured in lumpsum and the rest amount in monthly income for a continuous period of 3 years.

SBI Life eIncome Shield

SBI Life eIncome Shield

An SBI term plan that performs like an umbrella. Just like an umbrella protects you from harsh weather conditions, eIncome Shield also protects your family from troublesome events that can cause financial damage to the savings of a family.

What Benefits Are Offered?

  • Ensure fixed supply of income to the family even after the death of assured for a maximum of five years to continue living in the same way as earlier.
  • Option to take the sum assured on lumpsum basis to meet urgent liabilities that may upsurge after the death.
  • Death benefit is paid into monthly Income where beneficiaries of the assured will get regular monthly income installment of sum assured for not more than 48 months. The benefit is paid according to the benefit option chosen-
    1. Benefit Option A: The income given will be leveled and fixed which will not change through the benefit payout period.
    2. Benefit Option B: Income will keep on rising at the rate of 3% every year for 48 months or less.
    3. Benefit Option C: The rate of increase in the amount of income paid after death would be 5% of the sum assured and will be supplied for maximum term of 4 years.
    4. Benefit Option D: Under this income payout option, the nominees will receive regular income increasing at the rate of 10% every year for a limited time period.
  • Discount on premiums of up to 20% for choosing higher value of sum assured of more than Rs 1 crore.
  • Special discounted prices of premium for female policyholders and the person who do not consume tobacco in any form and do not have smoking habits.

SBI Life Smart Shield

SBI Life Smart Shield

A protection plan that covers the security of loved ones and financial protection from accidental death, permanent disability, and critical illnesses. Let’s count on the number of benefits it offers.

What Benefits Are Offered?

  • On an unfortunate death of the assured, the nominees are guaranteed with 100% payment of sum assured.
  • Flexible plan options according to which death benefit is paid-
    1. Level Term Assurance: Effective Sum Assured as on the date of death will be level Sum Assured opted.
    2. Increasing Term Assurance: The sum assured applicable as on the date of death will be more than starting amount of sum assured. The assured will get yearly increase of 5% effective from the inception period of the policy.
  • Covers 13 critical illnesses where the assured will get an additional sum assured apart from basic sum assured on the diagnosis of any listed illness.
  • Get full coverage in the event of accidental death by purchasing accidental death benefit rider with the base policy.
  • Waives off future premium during permanent total disability when you become incapable of engaging into an income generating activity. The benefit can be availed through SBI Life Accidental Total and Permanent Disability Benefit Rider.
  • Purchasing a larger sum assured can attract cheaper rates of premium.

SBI Life Saral Shield

SBI Life Saral Shield

A term plan that concentrates on providing erratic protection coverage to the family after the demise of assured either due to illness or accident.

What Benefits Are Offered?

  • Ensures financial security to the family through the payment of guaranteed sum assured to carry on living with comfort.
  • Special discounted premium rates for female purchasers of term plan.
  • Premium cost for higher sum assured will get some percentage of discounts.
  • Flexibility to choose the plan option available to get death benefit. There are three plan options namely-
    1. Level Term Insurance: The sum assured remains fixed throughout the term of the policy
    2. Decreasing Term Insurance (loan protection): The sum assured taken at the inception can be used to pay the outstanding loan liability taken in the past to eliminate the financial liability from shoulder of loved ones.
    3. For example, if you have taken a home loan or mortgage loan or any other loan, then this option can be chosen.
    4. Decreasing Term Insurance (Family Income Protection): This option will arrange monthly income for the well being of the family of the deceased assured.
  • Prepare yourself from getting smacked by uninvited accidents by enhancing the basic coverage through purchase of optional riders like-
    1. Accidental Death Benefit Rider: The whole sum assured as taken will be paid on happening of death purely due to an accident.
    2. Accidental Total and Permanent Disability Benefit Rider: Through this rider, you can get extra financial support when you become permanently paralyzed or disabled and barely have any capacity to continue working.

SBI Life Saral Swadhan+

SBI Life Saral Swadhan+

A term plan that offers multiple benefits like family protection from future eventualities, maturity benefit on the survival of assured till the end of policy tenure etc which makes it different from all other term plans.

What Benefits Are Offered?

  • Return of premium on the survival of assured till the policy term chosen.
  • 100% of premiums are returned back to the assured if 10 years of policy term is chosen.
  • 115% of total premiums are paid back if the premiums are paid regularly for a policy term of 15 years.
  • SBI Life guarantees the payment of 100% of the sum assured on the happening of death.
  • Simple process of enrollment based on filling up a proposal form.
  • Lowest premium rates starting from Rs 1,500 annually for minimum sum assured.

SBI Life Smart Swadhan Plus

SBI Life Smart Swadhan Plus

This plan removes all your insecurities regarding future contingencies and makes you well prepared to combat all financial fluctuations.

What Benefits Are Offered?

  • 100% of premiums are paid if assured endures till the termination of the term plan.
  • Flexible premium paying option where policyholder holds complete freedom submit premium according to their financial capacity. There is no fixed payment of premium as imposed by SBI Life term insurance on the assured and thus gives complete freedom to choose.
  • Affordable premiums starting from Rs 2,300 onwards for the lowest coverage amount.
  • Easy and smooth application procedure which consume lesser time.
  • Tax rebates in the annual income tax paid by the policyholder. To enjoy the benefits the policyholder must submit regular premiums.

SBI Life Grameen Bima

SBI Life Grameen Bima

Are you searching for a term plan that offers higher coverage at lower premiums and simply suits budget? Then, Grameen Bima term plan is a perfect solution for you as it offers comprehensive coverage at a reasonable cost of premium.

What Benefits Are Offered?

  • Decide your premium (in multiples of 100) according to the annual income and age.
  • No need of appearing for medical tests before purchasing this SBI term plan. Only true health declaration in the proposal form is sufficient.
  • The minimum premium amount starts from Rs 300 and the maximum premium is determined at Rs 2,000.
  • Single pay of premium to reduce the tension of regular payment of premium.
  • Tax exemption up to 1.5 lakhs under section 80C and 10(10D) of IncomeTac Act.

Riders Benefits to Enhance Your SBI Term Insurance

1. Accidental Death Benefit Rider

By attaching Accidental Death rider to your term insurance plan, your family can claim avail extra sum assured plus the basic sum assured as chosen on the event policy purchase.

Eligibility:

  • Entry age should be between 18 years to 65 years of age
  • Sum assured can be between Rs 25,000 to Rs 50,00,000.
  • Premium paying term is same as the policy tenure.
  • Premiums paid for this rider must be
  • 8.9% of annual premiums if paid monthly
  • 26.5% of annual premiums if paid quarterly
  • 52% of annual premiums if paid half-yearly
  • The sum assured will be paid in lumpsum on death.

2. Accidental Total & Permanent Disability Benefit Rider

Accidental permanent disability refers to any loss occurred to both arms or both legs or eyes due to an accident which is seen as irrecoverable and is diagnosed by the treating medical expert.

Eligibility:

  • Entry age should be between 18 years to 65 years of age
  • The maturity age of the rider is 70 years.
  • Sum assured can be between Rs 25,000 to Rs 50,00,000.
  • Policy term must be under 5 years to 30 years.
  • Premiums paid for this rider must be
  • 8.9% of annual premiums if paid monthly
  • 26.5% of annual premiums if paid quarterly
  • 52% of annual premiums if paid half-yearly

FAQs

The nominee or the beneficiaries can inform the insurance company through writing about the cause of death along with the declaration of policy number and date of death. Claims can be submitted through various channels-

  • Online Filing
  • At any SBI Life Branch by submitting the claim form.
  • Writing an Email to the SBI Life customer service email ID i.e. claims@sbilife.co.in
  • Policy Document provided at the time of purchase
  • Death Certificate of the life assured issued by the local body of Municipal Corporation.
  • Claim Forms duly filled by the claimant in a given format.
  • Evidence of death such as hospital records, medical reports, discharge summary, post mortem report.
  • Additional documents as per the request made by SBI Life for further verification.

The claim must get registered within 90 days time period after the death has happened with SBI Life insurance company.

The terminal Illness death benefit will only be accepted and verified by SBI Life if the death will arrive within 180 days after the examination of terminal illness.

Also, the policy should remain active during the submission of claim information. Additionally, documentary proofs like medical reports should be laid down for smooth claim settlement.

  • The first step is to report SBI Life about the occurrence of the claim by filing a claim online and giving all the necessary details about the claim.
  • Submit all the required documents as per the type of claim. The company will check the authenticity of the claim and if the given information is sufficient, then approval of claim is acknowledged to the claimant.
  • The decision will be conveyed and the claim payment is settled within a given frame of time.

The claimant/ nominee can call on the SBI Life customer care number to inquire about the claim process and other aspects related to the term insurance.

  • 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.

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Last updated on 13-11-2019