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SBI Term Insurance
  • Rewards for healthy lifestyle
  • Life cover up to 100 years
  • Variety of term plans available
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SBI Term Insurance Plans June, 2023

SBI Life Insurance Term plans are very reliable and sought after choice for most consumers. These term insurance plans are designed in a way that provides financial security to a policyholder's family in the face of the unfortunate event of their demise. The term plans from SBI Life offer additional riders that offer extra coverage in case of accidental death benefits.

SBI Life Company is a joint venture between the State Bank of India (SBI) and a French multinational bank plus financial services company i.e. BNP Paribas. SBI Life Insurance Company commenced its operations in the year 2001.

SBI Life Insurance offers a comprehensive range of life insurance plans at nominal cost and ensures customer satisfaction. SBI Life Term Plans offer more than just pure protection to your loved ones. SBI Life offers the ease of customizing your term plans and affordable premiums.

Key Features of SBI Term Insurance Company

SBI Term Insurance offers an economical way of securing your family after you. Lets have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.

  • Annual Premium: As per the IRDAI report 2021-22, SBI Life Insurance Company recorded an annual premium of Rs. 58,759.64 Crores.
  • Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations.
    The Solvency Ratio of SBI Life Insurance Company for 2021-22 is 2.1 (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
  • Claim Settlement Ratio: The company holds a good and reliable claim settling process with a CSR of 97.05%. (CSR as per IRDAI report of the year 2021-22). The SBI Life Insurance claim settlement ratio showcases the amount of trust the consumers have in the insurance company.
  • Operating Network: SBI Life Insurance Company has 952 offices. Apart from its PAN India presence, SBI Life has 18,515 employees, a large and productive individual agent network of about 146,057 agents, 50 corporate agents, a widespread bancassurance network of 14 partners, more than 29,000 partner branches, 114 brokers, and other insurance marketing firms.
sbi Term Insurance Key Features

All You Need To Know About SBI Term Insurance? Find complete details in one go!

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Benefits of SBI Term Insurance

  • Affordable Premiums: SBI Term Insurance Plans offer affordable premiums that are based on the age, health, and coverage amount of the policyholder. This means that you can get the coverage you need without breaking the bank.
  • High Sum Assured: SBI Term Insurance Plans offer a high sum assured that can range from Rs. 25 lakhs to Rs. 1 crore or more. This means that your family will receive a substantial payout in case of your untimely demise.
  • Riders: SBI Term Insurance Plans offer riders that can enhance the scope of your insurance coverage. Some of the popular riders offered by SBI include an accidental death benefit, critical illness rider, and waiver of premium rider.
  • Hassle-free Claims: SBI Term Insurance Plans offer hassle-free claims that can be filed online or through the nearest SBI Life Insurance branch. The claims process is transparent, quick, and efficient, ensuring that your family receives the payout without any delays.
  • Return of premium: Some SBI term plans include a return of premium benefit, under which all plan premiums paid would be refunded to the policyholder if the life guaranteed survives till the end of the plan's lifetime.
  • Easily Understandable: The fact that term plans are the most fundamental type of life insurance policies and are very simple to understand is another important aspect of them.
  • Financial Protection: SBI Life Term Plans provide financial protection to your family in any unforeseen circumstances resulting in your sudden demise.
  • SBI Life Term Plan variety: SBI Life offers 5+ term plans to choose from, find a best term plan that suits your requirements and needs.
  • SBI Life Rewards a Healthy Lifestyle: SBI Life offers discounts on the premium amount to those who lead a healthy lifestyle and are non-smokers, it also provides special premium discounts to women.
  • Premium Payment Flexibility: SBI Life has flexible options for premium payments
  • Tax Benefits: Tax Benefits can be availed for premium payments of SBI Life Term Plans under sections 80C and 10 (10D) of the income tax act 1961.

What is covered in the SBI Term Insurance Plan?

SBI Term Insurance Plans offer comprehensive coverage, the plan ensures that your family is taken care of financially in case of an unfortunate event. Here are some of the benefits covered:

  • Death Benefit: SBI Term Insurance Plans offer a death benefit that is paid to the nominee in case of the policyholder's death during the policy term. The death benefit is the sum assured chosen at the time of policy purchase.
  • Terminal Illness: SBI Term Insurance Plans offer a terminal illness benefit, which is paid to the policyholder if he/she is diagnosed with a terminal illness. This amount is paid out in a lump sum and can be used to cover medical expenses or other financial obligations.
  • Accidental Death: SBI Term Insurance Plans offer an accidental death rider that provides an additional payout to the nominee in case of the policyholder's death due to an accident. This benefit is paid out along with the death benefit.
  • Critical Illness: SBI Term Insurance Plans offer a critical illness rider that provides a lump sum payout to the policyholder in case of diagnosis of a critical illness, such as cancer, heart attack, or stroke. This benefit can be used to cover medical expenses or other financial obligations.
  • Waiver of Premium: SBI Term Insurance Plans offer a waiver of premium rider that waives off the premium payments in case of the policyholder's disability or critical illness. This ensures that the policy remains active, and the nominee receives the death benefit in case of the policyholder's death.
  • Policyholder's Liability: SBI's term plan covers your debts and obligations. Term plans make sure that your family is not burdened by your liabilities while you are away. Your family can pay off all of your debts and obligations with all or a portion of the compensation you get under the plan.
  • It is essential to understand the policy terms and conditions before purchasing the plan to make an informed decision.

SBI Life Best Term Insurance Plans

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 Smart Shield
  • SBI Life Grameen Bima

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

  • Dual Benefit under a single plan.
  • Cashless cover for health claims.
  • Death benefit under life cover.

SBI Life e-Shield Next

A protection plan offering 3 plan options to choose from along with a Terminal Illness Benefit that allows you to enhance your protection with Riders.

Unique Features

  • Terminal illness benefits.
  • Choice of 3 plan options.
  • Life cover up to 100 years.

SBI Life Saral Jeevan Bima

An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.

Unique Features

  • Affordable premiums.
  • Flexibility in Prewmium Paying Terms.
  • Avail tax benefits.

SBI Life Smart Shield

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 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 Term Plan Riders

  • SBI Life - Accidental Death Benefit Rider

    Accidental death benefit rider provides you with enhanced protection in case of accidental death. The rider sum assured is payable in case the life assured dies within 120 days of the accident as a result of an accident during the rider term, provided the rider policy is in force. This rider is available for all plan options.

  • SBI Life- Accidental Total and Permanent Disability Benefit Rider

    As the name suggests this additional rider offers you financial protection in an unfortunate event of accidental total or permanent disability. The rider sum assured is payable on the occurrence of accidental total and permanent disability of the life assured during the rider term provided the rider policy is in force.

Exclusions of SBI Term Insurance Plans

There are some general exclusions against which the above-mentioned term insurance plans by the SBI Life Insurance company would not provide coverage. Let's have a look at them:

  • Death due to self-inflicted injuries.
  • Death due to any pre-existing or critical disease against which coverage is not provided in the policy document.
  • Death due to intoxication (alcohol or drug overdose).
  • Death by suicide (during the initial 12 months from issuance of the policy).
  • Death resulting due to an act of criminal nature.
  • Death due to natural calamity.

How To Buy SBI Term Insurance Plans

To buy any other insurance plan that is not available online, you will have to visit the nearest SBI Life Insurance branch to invest in the same.

Steps to buy from SBI Life Insurance company

Follow the below steps to buy SBI Life Term Insurance from the company's official website.

  • SBI's life official website & click on the products section from the top menu.
  • Select your preferred plan & click on the tab 'Buy now option.
  • Fill in the required details & click on the tab 'Calculate Premium'.
  • Select the desired plan option and add on riders if available in your plan.
  • Tap on the tab "Get Quote" & check the final premium amount for your plan.
  • Tick on the suitable opinions if you have or have not purchased any policy before.
  • Click on the option 'Buy Now' & pay the final premium amount online. Once done, your SBI Term Insurance policy details will be sent to you at your registered email address.

Steps to buy from PolicyX.com

Steps to Buy SBI Term Plans from PolicyX.com

  • Fill out the form given at the top of this page with the necessary 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 policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

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How to File SBI Life Term Insurance Claims

Filing a claim for SBI Life Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for SBI Life Term Plan, you need to follow the below-mentioned steps.

1. Claim Intimation

  • The very first thing to do while filling a claim is to intimate the company immediately by filling out an online claim form. To do this, you should visit the claims and maturity section on the company's website.
  • Secondly, send the duly filled claim form along with the supporting documents either by post or by visiting the nearest branch of the company.
  • You can also mail the documents to claims claims@sbilife.co.in.

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2. Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

You will be required to submit a few necessary documents while filing for a claim. Here is a list of some of these documents:

  • Claimant Statement/Claim intimation form duly filled and attested by the claimant.
  • Policy document.
  • Death certificate original as well as photocopies issued by local municipal bodies located in your area.
  • Identity proof and address proof of the nominee/claimant.
  • Bank passbook canceled cheque or bank statement of the claimant.
  • Hospital records.
  • Post-mortem and chemical viscera of the dead insured, if performed.
  • FIR

Note: Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for that.

3. Claim Settlement

  • After receiving the claim application, the company will assess it based on the claim documents submitted and the information provided by the life Assured in their proposal form.
  • If the application gets approved by the company, the claim amount will be provided to the nominee as per the terms and conditions of the policy.

How to Contact SBI Life Insurance Company?

SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2,
Sector 40, plot No.R-1, Seawoods, Nerul,
Navi Mumbai- 400706.

info@sbilife.co.in

1800 267 9090
(Available from 9:00 am to 9:00 pm IST)

SBI Term Insurance: FAQs

1. Which is the best term insurance plan offered by SBI Life?

SBI Life Term plans offer various benefits to its customers. There are multiple term insurance plans that are suitable for every individual according to their need.

  • SBI Life Arogya Shield
  • SBI Life e-shield Next
  • SBI Life Saral Jeevan Bima
  • SBI Life-Smart Shield
  • SBI Life- Grameen Bima

2. Are SBI Life Insurance Term Plans worth investing in?

SBI Life is an Indian life insurance company that was started as a joint venture between the State Bank of India (SBI) and the French financial institution BNP Paribas Cardif. It commenced its operations in 2001 and has since then gained the trust of millions of people across the nation. With over 900+ branches and a claim settlement ratio of 97.05% in the year (2021-22).

3. Are SBI Life Insurance term plans tax-free?

Yes, life insurance policies have tax benefits. In SBI Life Insurance policies, here are the tax benefits that you get. -- Tax benefit on premium paid: Income tax benefit/deduction on premium paid is available under section 80C of the Income Tax Act, 1961.

4. Can I cancel or surrender my SBI Life Term Plans?

As per the Insurance Regulatory and Development Authority, you can cancel an insurance plan taken within 15 days. Given the same, you can cancel your SBI Life Insurance policy as well by filling in the FLC request letter form.

5. Will I get a return on premiums in SBI Term plans?

There are various plans available, wherein SBI Life offers a return of premium and assures a return of 100% of the total premium paid at maturity.

6. Are SBI Term Plans safe?

SBI Life is one of the most trusted insurance providers in the industry and has a high claim settlement ratio which showcases its commitment to providing its customers with the best. Policy coverage and claims are good with affordable premiums.

7. Why should I buy SBI Term Insurance?

SBI Term insurance plans are pure protection plans available for the financial security of your family. The plans are designed keeping in mind the ease of understanding and are hassle-free when it comes to purchasing. SBI Life has a wide network of branches across India and can assist you from any corner of the country making it efficient. The insurer has a healthy claim settlement ratio and an easy claim settlement process making it the perfect choice.

8. Do any SBI Life Term policies provide maturity benefits?

Yes, the SBI Life Saral Sawdhan + term insurance policy provides the customer maturity benefits in the form of the return of premiums along with providing a fixed life cover.

9. Can I change my nominee in the SBI Term insurance policy?

SBI life provides you the facility to change the nomination in any of the term plans you purchase. All you have to do is submit the 'Change in Nomination Form' to the nearest SBI life insurance branch.

10. Which is the best risk cover plan offered by SBI Term insurance?

SBI Life-eShield pure term insurance plan offers the best risk cover with huge coverage and long-term at a nominal cost.

11. What is the claim settlement ratio of SBI Life?

As per the IRDAI report, the CSR of SBI Life for the year 2021-22 is 97.05%.

12. How much time is taken by SBI Life to settle a claim?

SBI Life settles claims within 30 days for cases where no investigation is required and for cases where further investigation is involved it takes 90 days from the date of claim intimation and 30 days for the claim settlement following the receipt of all necessary documents.

13. What is the Free Look Period in SBI Life?

15 days is the Free Look Period for all the SBI Life Term Insurance Plans.

14. What is the renewal process for SBI Life policies?

It is very easy when it comes to renewing your policy, simply visit the official website sbilife.co.in and log in to your account, click on "Renew Policy" and make the required payment via the payment method chosen by you.

You can also renew your policy by visiting the nearest branch or via SMS.

15. How can I check the status of my SBI Life term insurance policy?

You can check your policy status online. Log into your "My policy" account through customer self-service and click on the "Tracking your proposal" tab. Enter the required details and your application status will be displayed.

16. What are the riders provided by SBI life?

SBI Life offers riders that will enhance your cover.

  • SBI Life Accidental Death Benefit Rider
  • SBI Life Accidental Total and Permanent Disability Benefit Rider.

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SBI Term Insurance Reviews

Read what our customers have to say about SBI term insurance company

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Munmum Pathak

Pune

October 4, 2021

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

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Rahul Kakoti

Allahabad

September 30, 2021

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

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Guni Das

Chandigarh

September 28, 2021

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

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Himanta Biswa

Mysore

September 28, 2021

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

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Salman A

Bengaluru

September 27, 2021

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

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Jayesh

Gurgaon

September 22, 2021

the reputation of the company got me to approach SBI ...I bought a life plan and added riders etc ...so pretty sure its good enough coverage

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Krutika Kalra

Jaipur

September 21, 2021

buyed my 1st plan from sbi ...took help from policyx who guide me to this ! so so pleased !very happy

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Girish Saikia

Mumbai

September 20, 2021

very healthy discussion I did with policyx.com...i only wanted to buy SBI life plan so when I told them they helped me customize a good policy that I hope will be helpful

View All Sbi Term Insurance Reviews

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