SBI Term Life Insurance

SBI Term Life Insurance

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SBI Life Term Plans In India

SBI Life is one of the leading Life Insurance companies in India. It is a joint venture between India’s largest bank State Bank of India and the leading global insurance company BNP Paribas Cardif. This joint mission has excelled in presenting insurance and investment solutions all across the country and offers more than one product in the classes inclusive of life insurance, pension, child plans, investments and financial savings. The sheer variety of disposal blended with the great reach of SBI makes the corporation a formidable force in the insurance industry.

Importance Of SBI Life Plans

Financial Protection - Your short and long-term goals such as child's marriage, education, etc can be fulfilled in a planned manner

Good Returns- Returns on investment plans are usually better if you consider post-tax yields compared to other investment options (especially in Unit-Linked Insurance Plans).

Tax Benefits- You get a tax deduction for the premium you pay under Section 80C and the money you realize on maturity is tax-free under Section 10 (10) D of the Income Tax Act.

Riders Benefits- You can add riders like critical illness, accidental death, waiver of premium, etc.

Loan- You can also avail a loan on the investments in case you need money at a later stage. The rate of interest differs from company to company.

Dual Benefits - You get the benefit of saving your money for future needs as well as increasing your wealth by investing in the stock market.

SBI Life Term Insurance Plans

SBI LIFE - SMART SHIELD

A traditional non-participating pure term life insurance plan. It will protect your family's financial future against an eventuality. It is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance. Offer comprehensive coverage at an affordable cost with three rider options.

SBI LIFE - SARAL SHIELD

It can create a safety cover to safeguard your family's dream and future. This pure term plan offers you affordability and simplicity in your bid to provide financial protection to your family.

SBI LIFE – SARAL SWADHAN+

This plan offers fixed life cover throughout the term along with maturity benefits.Maturity benefits of 100% or 115% of the premium paid, based on the policy term.

SBI LIFE – SMART SWADHAN PLUS

It offers guaranteed return of premiums and assurance of protecting your family in case of in-force policies. The option of regular, limited or single premiums and to choose policy term.

SBI LIFE - GRAMEEN BIMA

SBI Life – Grameen Bima is a pure term, a micro-insurance plan that helps you provide financial security for your family at reasonable costs. It offers Life cover with one-time premium payment.

SBI Life – eShield

SBI Life - eShield offers a plethora of benefits at an affordable premium. Four plan options, namely Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover and Increasing Cover with Accidental Death Benefit.

SBI Life - eIncome Shield

SBI Life – eIncome Shield, is a pure term, income protection plan that provides the security of regular monthly income for your dependents. The plan also factors in the need for an increase in income benefit as living expenses rise.

Eligibility Criterion Of The Term Insurance

1. Minimum and maximum age of the policyholder need to be 18 years and 75 years respectively. It can differ as per the policy terms and conditions.

2. The sum that is assured under the Term insurance policy is also calculated in the eligibility because now a day some policy companies have a fixed sum assured as minimum amount as the insured person should be capable of paying the policy premium.

3. Policyholder should be a citizen of India

Tips To Buy Cheapest Term Plan

While comparing online term plans, you need to keep in mind certain important factors. Some of the key input variables are the term or tenure of the coverage, sum assured, etc. The thumb rule is to go for the tenure of your expected retirement age minus your current age. For example: if you are 25 years old and planning to retire at the age of 60, then ideally you should cover your family for a period of 60-35 = 25 years. The amount of coverage usually depends on your income. Most people advise going for 10-20 times of your current annual income. Other tips that can help you save money while choosing a term plan are:

Comparison

When you compare Term Plans, look at the product features & Flexibility apart from its price.

Enter Early

The earlier you buy the plan, the cheaper are the rates of premium. The number of years of the age greatly influences the premium amount.

Buy Online

Online term plans are usually cheaper than similar products in the offline category as it cuts out on intermediary commissions.

Quit Smoking

If you quit smoking, you can buy the policy at the lesser rate and lower premium.

Contact Address

SBI Life Insurance
Natraj, M.V.Road & Western Express Highway Junction, Andheri (East), Mumbai-400069
Tel : 022-61910011 Fax: 022-56621471

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*Information provided on this webpage/website is only for the purpose of general information & understanding of the topic. PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision.