SBI 1 Crore Term Plan
- 1 Crore term plans
- Who should buy it?
- How to buy it?
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 protect your loved ones financially in exchange for certain premiums paid by you during the tenure. SBI offers three different term plans with 1 crore coverage- SBI Life eShield, SBI Life Smart Power Insurance, and SBI Life Smart Champ Insurance. This article provides a complete overview of these plans and helps you decide the one that is right for you.
SBI Life Insurance offers three plans that provide you with a 1 crore coverage amount to your family in case of your unfortunate demise.
SBI Life e-Shield is a pure-term plan that provides your loved ones with financial protection on your demise. This plan offers three plan options. You can choose the plan 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 Insurance is a TROP (Term Return of Premium) plan that offers you dual benefits- life protection and return of premiums paid. In case of the policyholder's death, 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 is a TROP plan that provides a sum assured or death benefit to your family in case of your death and 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 |
| 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 |
You can buy a 1 Crore term plan at affordable premiums at a young age as the premiums are affordable. You should purchase SBI 1 crore term insurance:
You should buy a 1 crore term plan if someone is dependent on you like your parents, children, etc. To protect your dependents financially it is necessary to have a 1 crore term plan.
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 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 someone who has just started earning you should invest in a term plan to secure the future of your family members.
After marriage new responsibilities come up. You should buy a term plan so that your partner can live a quality life even in your absence.
Before buying an SBI 1 crore term plan you should consider certain factors such as:
Before buying a 1 crore term plan you should check your annual income. The premiums should not create an additional financial burden on you.
Everyone lives a different quality of life and their lifestyle cost also varies. Before choosing the term plan cover you should consider the cost of your lifestyle.
You must consider your financial responsibilities before choosing a term plan cover. Financial responsibilities may include higher education of your children, medical needs, etc. The term plan cover should fulfill those responsibilities.
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 face any doubts you can contact your insurance partner and clear the same.
Before choosing a 1 crore term plan you should compare various plans offered by different insurers. You should compare premiums, benefits offered, claim settlement ratio of companies, etc.
You can buy an SBI 1 crore term plan through the following ways:
You can purchase an SBI 1 crore term plan by visiting the nearest branch of SBI Life.
You can buy an SBI 1 crore term plan from insurance agents or brokers.
A 1 crore term insurance provides your loved ones with a sum insured of 1 crore in the event of your demise. You have already 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 then you can contact PolicyX. It is an online insurance comparison portal that helps you choose the right term plan.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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