Since you decided to purchase a term insurance Plan to secure your family financially in your absence, You will see many Term insurance plans in the market. But what if there are Term insurance Plans that have the market's best features? SBI Term Plans are designed to fulfill customers with various needs and demands. SBI Term plans offer features like whole life cover till 100 years, better half protection, cancer protection and maturity benefits all are included in the same plans.
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SBI Term Insurance
SBI Term Insurance | Best Life Insurance Policy In India
All You Need To Know About SBI Term Insurance? Find complete details in one go!
SBI Life Insurance (SBI) offers multiple variants of Term insurance plans to provide financial protection against life's uncertainties.
SBI Life Arogya Shield
SBI Life e-Shield Next
SBI Life Saral Jeevan Bima
SBI Life Sampoorn Cancer Suraksha
SBI Life Smart Shield
SBI Life Grameen Bima
Standard Plan
SBI Life Arogya Shield
SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.
Unique Features
5% Discount on Premiums
OPD Coverage
Maternity Cover
SBI Life Arogya Shield (Pros)
Mental Illness Cover
Pre & Post Hospitalization
HIV/AIDS Cover
SBI Life Arogya Shield (Cons)
No Loans Allowed
No cover for suicide
No rider Benefits
SBI Life Arogya Shield (Other Benefits)
141 Day Care Procedures
Tax Saving on 80D and 80C (Health & Life Premiums)
An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.
Unique Features
Life Cover with Future Proofing Benefit
100 % Death Benefit
Max Sum Assured 25 Lakh
Saral Jeevan Bima (Pros)
Available For Online Buying
Spouse Cover
Max Sum Assured 25 Lakh
Saral Jeevan Bima (Cons)
No Survival Benefit
No Maturity Benefit
No Surrender Benefit
Saral Jeevan Bima (Other Benefits)
Easy Claim Settlement Process
Avail Tax Benefits
Flexible-Premium Payment term
Saral Jeevan Bima (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 65 years
Minimum Sum Assured-5 L
Maximum Maturity Age- NA
Premium Payment Term-RP/SP/LP(5&10 Years)
Cancer Plan
SBI Life Sampoorn Cancer Suraksha
This plan provides extensive coverage from Minor Stage Cancer to Advanced Stage Cancer, offering up to 150% of the Sum Assured, while maintaining fixed premiums for 5 policy years.
SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.
Unique Features
Coverage at an affordable cost.
Lower premiums for non-smokers.
Discount on larger sum assured.
SBI Life Smart Shield (Pros)
Two Plan Options
Accidental Total and Permanent Disability Benefit Rider
Accidental Death Benefit Rider
SBI Life Smart Shield (Cons)
Premium Loading
No Loan Benefit
No Survival Benefit
SBI Life Smart Shield (Other Benefits)
Covers Suicide
Death Benefit
Accelerated Critical Illness Benefit
SBI Life Smart Shield (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 60 years
Minimum Sum Assured - 25 L
Maximum Maturity Age - 80 Years
Premium Payment Term - 5 Yeras SP/RP
Rural Plan
SBI Life Grameen Bima
A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.
Unique Features
Death benefit available.
Surrender allowed after 1st year.
No medical examination required.
SBI Life Grameen Bima (Pros)
Easy Enrolment
Suicide Cover
Fast Processing
SBI Life Grameen Bima (Cons)
No Loans Allowed
No Maturity Benefit
No Rider Benefits
SBI Life Grameen Bima (Other Benefits)
Min Single Premium Amount Rs 300
Max Sum Assured 50K
Tax Benefits
SBI Life Grameen Bima (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 50 years
Minimum Sum Assured - 10 K
Maximum Maturity Age - NA
Premium Payment Term - One-Time Payment at Inception
Why to Consider SBI Term Insurance Plans?
SBI Term Insurance offers comprehensive Coverage, and it ensures that your family is taken care of Financially in the event of your absence or unfortunate circumstances. Given below are the Following factors that help you to understand about SBI Term Insurance plans.
Death benefits
SBI Term Insurance plans offer the highest death benefits to the nominee of the policyholder in case of demise during the policy term, which helps the family by Accessing financial freedom during the rest of their life.
Terminal Illness
SBI Term Plans Offers Terminal illness benefits to the Policyholder in case any terminal illness comes out in diagnosis or policyholder is at the last stage of disease. Benefit refers to a lump sum amount, which can be used for treatment and other expenses.
Accidental death
In SBI Term Plans, additional death benefits are paid to the nominee in case of the accidental death of the policyholder. To opt for these benefits Customer has to buy an Accidental Death rider, Which results in an additional death amount with the lumpsum amount paid.
Critical Illness
In SBI Term Plans, the Policyholder will get a critical illness rider which helps them to get a lump sum payout in case any critical disease is diagnosed, like Cancer, HIV etc. For availing this rider Policyholder has to purchase a critical illness rider during the time of policy purchase.
Waiver of Premium
SBI term life Plans offers a waiver of premiums benefits to its customers, which helps to waive policy premium, in case of any accident or critical illness while the policy will remain active up to the policy term. So, in case of the demise of the policyholder, the nominee will receive a Death benefit as well.
Premium Break Available
SBI Term Life Plans offer two premium breaks or skips during the whole policy term, which helps the customers in tough times like job change, Hospitalization etc without negotiating with insurance. If Policy holder skips the Premium the policy term will remain the same or stay covered.
Types of Insurance plans offered by SBI term insurance
SBI Term Plan offered Multiple Insurance Plans , while seeing the needs and requirements of the customers. Some of the best Term plans are described below.
SBI Life arogya Shield
SBI life arogya Shield is Pure Term plan In which the policy holder will get dual benefits. This Plan provides health benefits as well as life protection in the same premiums amount.
Eligibility criteria
Terms
Limits
Age Limit
91 days to 65 years.
Policy Term(Health)
1/2/3 years.
Premium Paying Modes(Health)
1/2/3 years.
Premium Paying Modes(Life)
Single or Regular both
Sum assured limit (Health)
1-3 Lakh
Sum assured limit (Life)
5-25 Lakh
SBI Life eShield next
SBI life e shield is an online term insurance plan offered by SBi Term Plans, in which three plans are available to enhance your protection.
SBI Life sampoorn cancer suraksha, is a pure term plan that offered coverage from early to the last stage of cancer, The policyholder will opt up to 150% of sum assured from this plan.
SBI Life Grammen bima is a pure term insurance plan, which offers term insurance benefits at lower premiums and very few documents are required to purchase this plan.
Eligibility criteria
Terms
Limits
Age Limit
18-65 years
Policy Term
5 years
Premium Paying Modes
Single Pay
Sum assured limit
10-50 thousand
Types of rider available in SBI Term insurance Plans
SBI Term insurance Plans Provides different types of riders, according to needs and requirement of the customers:
SBI Life Accidental death benefits Rider
Accidental Death benefits riders provide the policy holder, in case of accidental death. With this rider sum assured will be paid if the policyholder dies within 120 days from the accident. SBI Life accidental death benefit rider is available in all SBI Term plans.
SBI Life- Accidental total and permanent disability Rider
Accidental total and permanent disability riders cover the policyholder if any accident occurs and that leads to the permanent disability of the policyholder. With the help of this rider a monthly payment can be paid to the policyholder until a policy term.
Features of SBI Term Insurance Plans
Accessible Premiums
Term insurance plans are popular for providing large coverage at accessible premiums rates. So that every family in India can opt for term insurance and secure their family in tough times. SBI Term Insurance gives people access to secure their family with Accessible premiums.
Flexible Life cover
Sbi Term Insurance Plans provide Multiple options to customers to choose coverage as per your Requirement. E.g- Mr. Akash(34) is employed in the private Sector, He has taken a House loan for 25 years, which he planned will be repaid before their retirement(60). So,He decides to take a SBI Term Insurance plan for 25 years, which helps to support their family in tough times and also helps to repay the home loan in their absence.
Flexible Premium paying facilities
As Term insurance plans have multiple benefits, one of the most important benefits is Flexible premium Paying options. Customers can choose any option from given below:
Whole policy term
Limited Paying term
One Time pay
Branch Offices
SBI Term insurance Provides one of the largest branch offices network all over india. Thousands of employees work 24/7 to support their customers in the best possible way.And helps policy holders' families in hard times.
Claim Settlement Ratio
Claim Settlement Ratio is the metrics which helps measures no. of claims settled in one financial year. SBI Term Insurance Plans have one of the highest claim settlement ratios 93.09 which is almost best in the market.
Availability of Riders
Riders play a very important factor while purchasing any term insurance plans. If it comes to increased sum assured, or accidental disability benefits etc. SBI Term Insurance provides each facilities.
How to Buy SBI Term Insurance 1 crore?
To Buy Any SBI Term Insurance which is not available online, you have to visit the nearby store.
Steps to buy from SBI Life Insurance company
Follow the below steps to buy SBI Life Term Insurance from the company's official website.
Visit the official website of SBI Term Plan.
Fill out the necessary details, and choose the Plan.
Click on proceed and Pay the Mentioned amount.
Once Payment Successfully Done, a confirmation receipt will be sended over your phone or text.
Steps to buy from PolicyX.com
Steps to Buy SBI Term Plans from PolicyX.com
Fill out the Details at the top of the page with all necessary details.
Fill your income and city, and click proceed.
Fill your education and Occupation details.
Select SBI Term Plan, according to your needs.
Select policy term, premium period and riders.
Click Proceed and Pay the mentioned amount.
Once Payment Successfully Done, a confirmation receipt will be sended over your mail and text.
What Documents are required to raise claims in SBI Term Plans?
Here is the list of documents that are required to raise a claim in SBI term insurance plans.
Claim Form
Policy documents
Id proof of the nominee
Address Proof of the Nominee
Reason for the death certificate
Passbook or cancel cheque copy
Copy of FIR filled. (In case of accidental death)
How to Raise a Claim in SBI Term Insurance Plans?
To raise a Claim in SBI term insurance Plans, one has to follow three simple steps, as discussed in below:
1. Claim Intimation
The First step is to inform SBI term insurance as soon as possible, through any of the following methods
Through Online
By Mailing them
Through Post
Visiting nearby SBI Nearest branch.
2. Document Submission
The second step is to Submit all the necessary documents, as mentioned to SBI Term Insurance like Reason of death, Id proof etc.
You will be required to submit a few necessary documents while filing for a claim. Here is a list of some of these documents:
3. Claim Settlement
This is the final stage of the Claim settlement process, after reviewing all the necessary documents and Details, within 30 days SBI Term Insurance will settle the claim, and transfer the lump sum payout to the nominee accounts.
Contact Details for SBI Term Insurance Plans
Contacting SBI Term Insurance can be done in multiple ways, Given below are Processes through which any customer can contact for SBI Term Plans.
1800 267 9090 (Available from 9:00 am to 9:00 pm IST)
SBI Term Insurance: FAQs
1. Which are the best term insurance plans offered by SBI Term Insurance?
SBI Term Insurance offers multiple term insurance plans,every plan has their benefits,Customers can opt for any term insurance plan after knowing their needs and requirements. Here is a list of SBI Term insurance plans offered by SBI.
SBI Life Arogya Shield
SBI Life e-shield Next
SBI Life Saral Jeevan Bima
SBI Life-Smart Shield
SBI Life- Grameen Bima
2. What is the entry age of SBI Term life Insurance?
The Entry age of SBI Term insurance Plans is 18 years.
3. What are documents to purchase SBI Term insurance Plans?
To Purchase LIC Term insurance plan, you would be required the following things:
Age Proof : Aadhar card, Pan card etc.
Address Proof : Aadhar card , Pan card etc.
Income Proof : Bank Statement, Salary slips etc.
4. What is the free look of SBI Term insurance Plans?
Sbi Term insurance offers 15 days of free look period for offline and 30 days for online to the Policyholders.
5. What is the Claim Settlement Ratio of SBI Term Insurance?
Claim settlement ratio of SBI Term Insurance is 97.05%, According to the IRDAI 2021- 2022 Report.
6. Did SBI Term insurance Provide Grace Period?
Yes, SBI Term Insurance Provides Grace Period as well, they have 30 days of grace period for Quarterly, Half yearly and Yearly Premiums paying terms and 15 days for Monthly premiums paying terms.
7. Can I change my nominee in SBI Term Insurance?
Yes, you can Change the nominee name in any of the term plans you purchase from SBI Term Insurance. You just have to fill out a Change in nomination form from the nearest Sbi branch.
8. Does SBI Term Insurance Provide Tax benefits?
Yes, SBI Term Insurance Provides under Section 80c, though which taxpayer can rebate upto 1.5 lakhs.
Read what our customers have to say about SBI term insurance company
Vidyut Sharma
Ahmedabad
October 4, 2023
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Guwahati
October 4, 2023
PolicyX.com s comparison tool is a game-changer. I was able to assess multiple SBI Term Insurance plans and pick the one that suits my budget and requirements. The process was efficient, and I ...
Veer Singh
Delhi
October 4, 2023
I appreciate the transparency and honesty of PolicyX.com. They provided all the necessary information about SBI Term Insurance, including premiums and benefits. It helped me make an informed ch...
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Gandhinagar
October 4, 2023
PolicyX.com simplified the process of getting SBI Term Insurance. Their website is user-friendly, and the policy details were explained clearly. I now have peace of mind knowing my family s fut...
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Kolkata
October 4, 2023
I trust PolicyX.com for my insurance decisions. They helped me find an SBI Term Insurance plan that aligns perfectly with my financial goals. Their expertise in the field is unmatched.
Vaishali Sahu
Guwahati
October 4, 2023
I needed a term insurance plan for my retirement years, and PolicyX.com recommended SBI Term Insurance with excellent coverage options. Their professionalism and prompt service were impressive....
Urmila Reddy
Gandhinagar
October 4, 2023
PolicyX.com is my go-to platform for insurance needs. Their extensive information about SBI Term Insurance plans and the ability to compare them side by side saved me a lot of time. It s a one-...
Tarun Mehra
Guwahati
October 4, 2023
I was looking for affordable term insurance, and PolicyX.com helped me find the perfect SBI Term Insurance plan at a competitive price. The online application was quick, and I got my policy wit...
Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
