SBI Term Insurance Plan Details
Various types of term insurance plans are provided by SBI Life Insurance Company. The different types of term plans differ both in terms of features and availability. You can buy some SBI Term Insurance Plan online at low premium while some SBI Term Insurance Plan is available offline which you can buy easily through marketing channels like agent, broker, bank etc. Today we will discuss about different types of SBI Term Insurance Plan. Will discuss in detail about the features, benefits and qualifications required for the insurance plan.
SBI Life Insurance Company offers a variety of SBI Term Insurance Plans to meet the diverse needs of the customers. With the help of these SBI Term Insurance Plans, one can choose them as per their requirement to provide financial security to the family.
Along with death coverage, the SBI Term Insurance Plan provided by SBI Life Insurance also provides riders benefits to increase the coverage. SBI Term Insurance Plans are available with affordable premium rates which are easily accessible to the common man.
Features And Benefits Of SBI Term Insurance Plan
The features and benefits of SBI Term Insurance Plan are as follows-
- SBI Term Insurance Plans provide financial security to the family of the insured after the death of the insured. Through this, the family of the insured can easily meet their financial needs like housing loan, education loan with this sum assured.
- Taking SBI term insurance plans is quite easy and simple and can be bought through both online and offline means. Your term insurance plan starts immediately as soon as you pay the first premium.
- The premium amount to be paid for SBI Term Insurance Plans is very less. Along with this it is also cheap. Due to this, people with low income can also take advantage of this scheme. The plan also gives you the option of paying single or regular premiums.
- SBI Term Insurance Plans also offer riders that you can buy for additional coverage.
- The premium paid for SBI term insurance plan is also provided with tax benefits under section 80C of the Income Tax Act 1961.
Types Of SBI Term Insurance Plans
The following SBI term insurance plans are provided by SBI, which are mentioned below-
- SBI Life eShield
- SBI Life Smart Shield
- SBI Life Saral Shield
- SBI Life Grameen Bima
- SBI Life Saral Swadhan+
- SBI Life Smart Swadhan Plus
SBI Life eShield
Entry Age: The minimum age for SBI Life eShield should be 18 years.
Age at Maturity: The age at maturity for SBI Life eShield should be 70 years.
Policy Term: The maximum policy term is 30 years.
Sum Assured: The minimum sum assured is Rs 20 lakh and there is no limit on the maximum sum assured.
Premium Payment: Premium payment is equal to the policy term.
Premium Payment Mode: Annual
Riders: Accidental death benefit cover can be availed.
Benefits: The policy provides death benefit but the policy does not provide any surrender or maturity benefit.
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SBI Life Smart Shield
Entry Age: Minimum age is 18 years and maximum age is 65 years.
Age at maturity: 70 years
Policy Term: Minimum term is 5 years and maximum term is 30 years.
Sum Assured: Minimum Sum Assured is Rs.25,00,000 and there is no limit on the maximum Sum Assured.
Premium Payment: Equal to the policy term.
Premium Payment Mode: Yearly, Half Yearly, Quarterly and Monthly.
Riders: There is a choice of Accidental Death Benefit, Accidental Total and Permanent Disability and Quick Critical Illness cover.
Benefits: The policy provides death benefit. Also offers surrender benefit for single premium policies. But survival does not give profit.
SBI Life Saral Shield
Entry Age:
Minimum age 18 years
Maximum age 60 years
Age at Maturity:
65 years
Policy Term:
Minimum tenure 5 years
sum assured:
The minimum sum assured is Rs 7,50,000 .
The maximum sum insured is Rs 24 lakh .
Premium Payment Mode:
- annual,
- half yearly,
- quarterly and
- monthly
Riders:
- Accidental Death Benefit
- disability cover
- critical illness cover
Benefit:
- The policy provides death benefit.
SBI Life Grameen Bima
age of entry
Minimum age is 18 years.
Maximum age is 50 years.
policy term
The term of the policy is 5 years.
sum assured
The minimum sum assured is Rs 10,000.
The maximum sum insured is Rs 50,000.
Premium Payment Mode
Solo
premium amount
The minimum amount is Rs.300.
The maximum amount is Rs 2000.
SBI Life Saral Swadhan
age of entry
Minimum age is 18 years.
Maximum age is 55 years.
maturity age
The minimum age is 28 years.
Maximum age is 70 years.
policy term
The minimum period of the policy term is 10 years.
The maximum period of the policy term is 15 years.
sum assured
Minimum Sum Assured – Rs 30,000
Maximum Sum Assured – Rs 4,75,000
Benefit
death benefit
maturity benefit
SBI Life Smart Swadhan Plus
age of entry
Minimum Age – 18 Years
Maximum Age – 65 Years
maturity age
Maximum Age- 75 Years
policy term
Minimum tenure – 10 years
Maximum tenure- 30 years
sum assured
Minimum Sum Assured – Rs 5 lakh
There is no limit on the maximum sum insured.
premium payment
- single payment,
- 5 years ,
- 10 years
- 15 years
- equal to the term of the policy
Premium Payment Mode
- Solo,
- annual,
- half yearly,
- quarterly and
- monthly,
Benefit
death benefit,
dedication benefit,
SBI Term Insurance Plan Exclusions
SBI Term Insurance Plan Exclusions include the following things which will not be covered by the SBI term insurance plan-
- Suicide:
If the SBI Term Insurance policyholder has committed suicide within the first 1 year from the date of the policy, then in that case no death benefit of any kind will be provided to the nominee by the policyholder. If the insured commits suicide within 1 year of taking the SBI term insurance policy then the beneficiary will be entitled to receive only 80% of the premiums paid only if the policyholder pays the premiums regularly.
- Accidental Death Benefit:
Other events under the SBI Term Insurance policy, on occurrence of which SBI term insurance benefits will not be provided-
- criminal act,
- self injury,
- war,
- civil commotion,
- drug abuse,
- Infection,
- aviation,
- extreme sports,
Documents Required For SBI Term Insurance Plan
The following important documents are required while buying SBI Term Insurance Plan-
- Identity proof-
Aadhar card,
PAN card,
Passport,
driving license. - Age proof-
Birth certificate,
Aadhar card,
Matriculation Certificate. - Income proof-
income tax return,
Salary slip.