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SBI Term Insurance: Overview
SBI Life is one of India's leading life insurers, offering various term insurance plans designed to meet different family needs and budgets. These plans provide a lump sum payout to your family in case of your unfortunate demise during the policy tenure, helping them stay financially secure when they need it most.
SBI term plans come with useful flexibility: you can choose your policy tenure, premium payment mode, and even cover your spouse under the same plan. Some plans also offer whole life coverage up to 100 years of age. With a claim settlement ratio of 98.56% and a solvency ratio of 1.96x (above IRDAI's required 1.5x), SBI is a financially reliable choice for long-term protection.
You can compare and buy any SBI term plan entirely online, choosing your sum assured based on your family's needs, with discounts available on higher cover amounts.
Key Features of SBI Term Plans
- Affordable premiums
- A wide range of plans to choose from
- Financial protection for your loved ones
- Choice of sum assured
- Choice of payment frequency
- Tax benefits as per applicable laws
- Varied plan options
- Choice of policy tenure and premium tenure
Benefits of SBI Term Plans
Death Benefits
SBI term insurance plans offer death benefits to the nominee in case of the policyholder's demise during the policy term. The death benefit offered by SBI term insurance plans can be used by the nominee for various purposes, such as paying for liabilities, child education, and marriage.
Flexible Life Cover
SBI term insurance plans provide multiple options for customers to choose coverage as per their requirements. Various coverage options are available, including ₹25 lakhs, ₹50 lakhs, ₹1 crore, and even more.
Accessible Premiums
SBI term insurance plans offer large coverage at affordable premiums so that every individual can secure their family financially in tough times. The premiums for a ₹1 crore SBI term policy start at just ₹752 per month.
Availability of Riders
Riders enhance the coverage of term insurance plans. SBI term insurance offers a range of rider benefits for policyholders to choose from, including an accidental death benefit rider and a total and permanent disability rider.
Branch Offices
SBI Life Insurance has one of the largest branch networks of 1086 branches across India. Customers can avail support by visiting any of their branch offices.
Claim Settlement Ratio
The Claim Settlement Ratio is a metric that helps measure the number of claims settled in one financial year. SBI Life Insurance has one of the highest claim settlement ratios of 99.56%.
Who Should Buy SBI Term Insurance Plans?
SBI term insurance plans are best suited for:
- Working Professionals
- Parents
- Homeowners with Loans
- High-Earning Individuals
- Budget-Conscious Buyers
- Those Seeking Tax Benefits
- Anyone Wanting Flexibility
Eligibility Criteria for SBI Term Insurance Plans
To purchase an SBI term insurance plan, certain eligibility criteria must be met. Let's understand the eligibility criteria in detail.
Age
A person between the ages of 18 and 65 is eligible to apply for a term life insurance plan. The policyholder's age is a key factor in the term insurance plan's premium.
Health Condition
Since an SBI term insurance plan insures the policyholder's life, most insurance providers require a policyholder to undergo a health examination to determine their current health condition and the inherent risks for the insurer. Be completely honest about your health condition and medical history to avoid issues during claim settlement.
Income
An SBI term insurance plan has no specified minimum income requirement. However, they might ask you for your bank statement copies and salary slips to determine the coverage on your term plan.
Smoking Habits
If you smoke or have been a smoker in the past, you must disclose this information to the insurer. This is because smokers are exposed to severe health hazards like lung cancer.
Citizenship
Indian citizens can buy an SBI term insurance plan in India in their name. However, NRIs or PIOs can also leverage the benefits of a term insurance plan in India.
Additional Benefits Offered by SBI Life Term Plans
SBI Life term insurance plans offer various additional benefits to policyholders.
Choice of Policy Tenure
Policyholders have the flexibility to choose a policy tenure with SBI term plans that best aligns with their individual needs.
High Sum Assured Rebates
SBI term insurance policies offer discounts when choosing a high sum assured. You can choose a sum assured that best aligns with your needs.
Choice of Premium Payment Option
You have the flexibility to choose a premium payment option of your choice with SBI term plans. Various premium options are available, including single premium, monthly, quarterly, or yearly installments.
Spouse Coverage
Some SBI term plans allow you to cover your spouse under the same plan and save on the premium amount.
Premium Break Option
SBI term plans offer two premium break options to policyholders that allow them to skip their premium in case of tough times like job change or hospitalization, without negotiating with the insurer. The coverage remains active during this tenure.
Types of SBI Life Term Plans
There are various SBI Life term plans based on their features, policy tenure, and benefits. You can choose the one that best suits your requirements.
Basic Term Plan
Plan Name: SBI Life e-Shield Insta
These plans only provide a sum assured to the nominee in case of the death of the policyholder. No survival benefits are included.
Term Plan with Return of Premium
Plan Name: SBI Life - Smart Swadhan Supreme
These plans give the premium amount back to the policyholders only if they survive the policy term.
Term Insurance with Monthly Income
Plan Name: SBI Life e-Shield Insta
These plans offer monthly income to the policyholder's dependents in case of the policyholder's demise.
Term Insurance with Critical Illness
Plan Name: SBI Life Sampoorn Cancer Suraksha
These plans offer inbuilt coverage against critical illnesses.
Term Insurance with Accidental Disability & Death Cover
Plan Name: SBI Life Grameen Bima
These plans offer inbuilt coverage against accidental disability and death cover.
Riders You Can Avail With SBI Life Term Insurance Plans
| Name of the Rider | Benefits |
|---|---|
| SBI Life Accidental Death Benefit Rider | An accidental death benefit rider provides an additional sum assured if the policyholder dies within 120 days due to an accident. |
| SBI Life Accidental Total and Permanent Disability Rider | The accidental total and permanent disability rider offers the rider sum assured if the policyholder suffers from total and permanent disability due to an accident. |
Documents Required to Buy SBI Life Term Insurance Policy
Here are the documents required to buy an SBI Life Term Insurance Plan:
- Photo ID Proof
- Age Proof
- Address Proof
- Medical Records
- Income Proof
Photo ID Proof
Photo ID Proof (Any one): Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (Any one): Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (Any one): Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder, if requested.
Income Proof
Income Proof (Any one): Bank statement, last three months' salary slips (if you are salaried).
How to Calculate Premiums
- Visit the official website of SBI Life Insurance.
- Navigate to the 'Protection Plans' section and choose the plan you want to buy.
- Click on the 'Buy Now' option and enter the required details.
- Choose your policy tenure, premium payment tenure, and sum assured.
- Pay the premiums displayed on the payment screen.
How to File SBI Life Insurance Claims?
To raise an SBI term insurance claim, one has to follow three simple steps, as discussed below:
Online Process
1. Claim Intimation
First of all, you have to inform SBI Life about your term insurance claim. You can inform them by sending an email at [email protected], by visiting their branch office, or by sending documents to their head office.
2. Claim Review
SBI staff will review your claim and ask for additional documents or details if required. They will assist you at every stage of claim processing.
3. Claim Settlement
After reviewing the claim, the company will settle the claim and transfer the sum assured to the nominee's bank account.
Offline Process
The SBI Life term plan claim settlement procedure can be initiated by visiting the nearest branch office. For the details of SBI Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit all the essential documents at the branch so that your claim can be processed.
How to Port Your Policy
- Visit the official website of PolicyX.com.
- Fill out the form at the top of the page with the required details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium term, investment amount, and riders (if required) and then proceed for payment.
