SBI ₹1 Crore Term Plan
An SBI ₹1 crore term insurance plan provides your loved ones with an assured sum of ₹1 crore in the event of your demise. This amount is provided as a death benefit to financially protect your loved ones in exchange for premiums paid by you during the policy tenure. SBI offers three different term plans with ₹1 crore coverage: SBI Life eShield, SBI Life Smart Swadhan Plus, and SBI Life Smart Swadhan Supreme. This article provides a complete overview of these plans and helps you decide which one is right for you.
Types of SBI ₹1 Crore Term Plans
SBI Life Insurance offers three plans that provide your family with a ₹1 crore coverage amount in case of your unfortunate demise.
SBI Life e-Shield
SBI Life e-Shield is a pure-term plan that provides your loved ones with financial protection upon your demise. This plan offers three plan options, allowing you to choose the one that suits your financial needs.
Features of SBI e-Shield
| Parameters | Limits |
|---|---|
| Plan options | Level Cover Option Increasing Cover Option Level Cover with Future Proofing Benefit Option |
| Entry age | Minimum - 18 Maximum - 65 |
| Maturity age | 100 years |
| Policy tenure | Minimum - 5 Maximum - 100 |
| Premium payment term | Limited Pay: 5, 7, 10, 15, 20, 25 |
| Sum assured | Minimum - 50 lakhs Maximum - No limit |
| Premium payment frequency | Single, Monthly, Half-yearly, and Yearly |
| Rider Options | SBI Life Accidental Death Benefit Rider SBI Life Accidental Total and Permanent Disability |
SBI Life Smart Swadhan Plus
SBI Life Smart Swadhan Plus Insurance is a TROP (Term Return of Premium) plan that offers dual benefits: life protection and return of premiums paid. In case of the policyholder's death, the sum assured is provided to loved ones, and if the policyholder outlives the policy, then premiums are returned.
Features of SBI Life Smart Swadhan Plus
| Parameters | Limits |
|---|---|
| Entry age | Minimum - 18 Maximum - 65 |
| Maturity age | 75 years |
| Policy tenure | Minimum - 10 Maximum - 30 |
| Premium payment term | Single payment, 5, 10, and 15 Pay |
| Sum assured | Minimum - 5 lakhs Maximum - No upper limit |
| Premium payment frequency | Single, Monthly, Quarterly, Half-yearly, and Yearly |
SBI Life Smart Swadhan Supreme
SBI Life Smart Swadhan Supreme is a TROP plan that provides a sum assured or death benefit to your family in case of your death. If you outlive the policy tenure, 100% of premiums paid are returned.
Features of SBI Life Smart Swadhan Supreme
| Parameters | Limits |
|---|---|
| Entry age | Minimum - 18 Maximum - 60 |
| Maturity age | 75 years |
| Policy tenure | Minimum - 10 Maximum - 30 |
| Premium payment term | Limited Pay: 7, 10, and 15 |
| Sum assured | Minimum - Rs 25,00,000 Maximum - No limit |
| Premium payment frequency | Monthly, Half-yearly, and Yearly |
Quick Comparison Of SBI ₹1 Crore Term Plans
| Name of the Plan | Death benefits | Spouse benefits | Return of premiums | Paid up benefits | Surrender benefits | Rider benefits |
|---|---|---|---|---|---|---|
| SBI e-Shield | ||||||
| SBI Life Smart Swadhan Plus | ||||||
| SBI Life Smart Swadhan Supreme |
Who Should Buy an SBI ₹1 Crore Term Plan?
You can buy a ₹1 crore term plan at an affordable premium if you are young. You should purchase SBI ₹1 crore term insurance:
- If you have dependents: You should buy a ₹1 crore term plan if someone is dependent on you, such as your parents or children. To financially protect your dependents, it is necessary to have a ₹1 crore term plan.
- If you have an ongoing loan or a liability: In case you have an ongoing loan or a liability, it is necessary to have a ₹1 crore term plan so that your family doesn’t face the burden of repaying the loan.
- If you are the only earning member in your family: If you are the only earning member or breadwinner in your family, then you must have a term plan that can protect your family financially even in your absence.
- If you are young and just started earning: If you have just started earning, you should invest in a term plan to secure your family members' future.
- If you are newly married: After marriage, new responsibilities arise. You should buy a term plan so that your partner can live a quality life even in your absence.
Factors to Consider When Buying an SBI ₹1 Crore Term Plan
Before buying an SBI ₹1 crore term plan, you should consider certain factors:
- Your annual income: Before buying a ₹1 crore term plan, you should check your annual income. Premiums should not create an additional financial burden.
- Quality of lifestyle: Everyone has a different quality of life, and their lifestyle costs vary. Before choosing the term plan cover, consider your lifestyle costs.
- Financial responsibilities: You must consider your financial responsibilities before choosing a term plan cover. Financial responsibilities may include your children's higher education, medical needs, etc. The term plan cover should fulfill these responsibilities.
- Terms and conditions: When buying a term plan, you should read and understand all the terms and conditions mentioned in the policy document to avoid any confusion. If you have any doubts, contact your insurance partner for clarification.
- Compare different term plans: Before choosing a ₹1 crore term plan, you should compare various plans offered by different insurers. Compare premiums, benefits offered, and the claim settlement ratio of companies.
How to Buy an SBI ₹1 Crore Term Plan?
You can buy an SBI ₹1 crore term plan through the following ways:
-
Official Website of SBI Life
- Visit the official website of SBI Life.
- Click on 'Online Plans' at the top of the page.
- A list of term plans will appear on your screen.
- Choose the desired term plan and click on 'Buy Now'.
- Provide details such as name, age, gender, smoking habits, state, etc.
- Complete the payment, and you will shortly receive the confirmation receipt and policy documents.
-
By Visiting an SBI Life Branch
You can purchase an SBI ₹1 crore term plan by visiting the nearest branch of SBI Life.
-
Through PolicyX
- Visit the official website of PolicyX.
- Hover over 'Term Insurance' and click on 'Term Insurance Calculator'.
- Enter details including age, city, annual income, education, smoking habits, etc.
- Based on the entered details, it will show various plans that fit your financial needs.
- Choose the right plan and complete the payment.
- You will shortly receive the confirmation receipt and policy documents.
-
From Insurance Agents/Brokers
You can buy an SBI ₹1 crore term plan from insurance agents or brokers.
Conclusion
A ₹1 crore term insurance plan provides your loved ones with a sum insured of ₹1 crore in the event of your demise. You have now understood various SBI ₹1 crore term insurance plans. You can choose the plan that fits your financial needs and requirements. If you still face any issues buying a ₹1 crore term plan, you can contact PolicyX. PolicyX is an online insurance comparison portal that helps you choose the right term plan.
Video reviews
Walkthroughs from the PolicyX team — pros, cons, and who should buy.
SBI Term Insurance
This video talks about SBI Term Insurance in detail. There is a brief mention about Key Features like Claim Settlement, Solvency Ratio, Market Share etc. It mentions various plans offered by the company.
Book a free call with a PolicyX expert
5-min consultation · No spam · No pushy sales
- Step 1 of 3
- Step 2 of 3
- Step 3 of 3
Compare Term Insurance Companies
Pick any two insurers to see a detailed side-by-side comparison.
Other Term Insurance Companies
Explore other top term insurers in India.