SBI Life Term Insurance 1 Crore

In the plan of SBI Life Term Insurance 1 Crore , term insurance coverage of one crore rupees is provided to the insured. If there is an accidental death of the insured during the policy term, then an amount of Rs 1 crore is provided as death benefit by the insurance company to the person nominated by the insured. We know this by the name of SBI Life Term Insurance 1 Crore plan.

Various types of term insurance plans have been introduced by SBI through which you can get term insurance coverage up to Rs.1 crore. Through this, you can secure the financial needs of your family members for the future. In case you die during the policy term, all the financial liabilities of your family can be met through this sum assured.

Features Of SBI Life Term Insurance 1 Crore

Features of SBI Life Term Insurance 1 Crore are as follows-

1. The 1 crore term insurance plan offered by SBI offers you the maximum term insurance coverage at the lowest premium.
2. You get the option of adding riders as per your requirement to your term insurance. Through this, you can increase your term insurance coverage as per your need.
3. SBI Life Term Insurance 1 Crore plan is available to you for whole life ie till the age of 100 years.
4. In SBI Life Term Insurance 1 Crore, you are provided with the benefit of terminal illness benefit.
5. In this, you can get term insurance plan coverage for a minimum period of 5 years to a maximum of 30 years at the lowest premium.
6. SBI Life Term Insurance 1 Crore gives you multiple options to pay the premium. You can choose to make your premium payment monthly, quarterly, half-yearly, annually or as a single premium payment.
7. In SBI Life Term Insurance 1 Crore plan, you are also provided with the option of free-look period and grace period.

Benefits Of SBI Life Term Insurance 1 Crore

Following are the benefits of SBI Life Term Insurance 1 Crore:

1. Death Benefits:

In SBI Life Term Insurance 1 Crore Plan, if the insured person dies, then the benefit of sum assured up to Rs. 1 crore is provided to the nominee as death benefit. Through this death benefit, the family members of the insured can easily meet all their financial liabilities without any hindrance.

It is worth noting that you can get insurance benefits of more than one crore through SBI Life term insurance plan. This is determined by the insurance company.

2. Maturity Benefit:

SBI Life Term Insurance 1 Crore Plan is purely term insurance plan. Therefore, you are not provided any kind of maturity benefit in this. If the life assured survives till the end of the policy term then he does not get any benefit.

3. Rider Option:

You also get the option of adding riders to the SBI Life Term Insurance 1 Crore plan. Through this, if you want to increase your term insurance coverage further, then you can increase it by adding riders.

You have to pay an additional premium to add a rider. In this, you get the option of adding riders like Accidental Benefit Rider, Waiver of Premium Rider, Critical Illness Rider etc.

4. Tax Benefits:

In SBI Life Term Insurance 1 Crore Plan. you can also get tax benefits as per the Indian Income Tax Act. You can avail tax benefits under section 80C of the Income Tax Act, 1961 on the premiums paid for SBI Life Term Insurance 1 Crore plan. Also, you get tax exemption on the death benefit received under Section 10 (10D) of the Income Tax Act, 1961.

SBI Life Term Insurance 1 Crore Plan

Now we will discuss about the term insurance plan offered by SBI Life through which you can get term coverage up to Rs.1 Crore .

Below we have given you a detailed list of term insurance plans offered by SBI Life that offer you term coverage of up to Rs.1 crore or more.

1. SBI Life Poorna Suraksha Plan

(i) In case of death of the life assured during the policy term in SBI Life Complete Protection plan, the minimum sum assured is ₹ 20 lakhs. The maximum sum insured has been fixed at Rs 2.5 crore.

(ii) You get this policy for a period of 10, 15, 20, 25, 30 years. You can choose any of these policy terms as per your requirement.

(iii) In this term insurance plan, the benefit of critical illness benefit is provided to the insured. It is worth noting that you are paid only once under the critical illness benefit. After that this benefit ends.

(iv) You also get the benefit of premium payment waiver in this plan. If you claim for insurance under critical illness, your future premium payments are waived off.

(v) No maturity benefit is provided to you in this term insurance plan.

(vi) In this you are eligible for benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

(vii) It also gives you multiple options for premium payment. You can choose to pay your premium monthly, half-yearly or annually.

(viii) The minimum age for availing SBI Life Complete Protection Plan has been fixed at 18 years and maximum age at 65 years.

2. SBI Life e-Shield Term Plan

(i) In SBI Life e-Shield Term Plan, the minimum sum assured of ₹20 lakh is provided in case of death of the policyholder during the policy term. There is no limit on the maximum sum insured. You can get the sum insured up to Rs.1 crore from you. 

(ii) The policy term of this term insurance plan ranges from a minimum of 5 years to a maximum of 30 years. 

(iii) You get this term insurance plan for the whole life ie till the age of 100 years. 

(iv) In this you are also provided with the benefit of terminal illness benefit. 

(v) For premium payment, you get the option of monthly, half-yearly, yearly and single premium payment in this term plan. 

(vi) In this you are provided with the option of adding two riders. By adding these riders, you can enhance your term coverage as per your requirement. In this you can add the following two riders-

• Accidental Death Benefit Rider 
• Accidental Total and Permanent Disability Benefit Rider 

(vii) In this plan you are given a free-look period of 15 days. If you do not like the policy, you can exit the policy within 15 days. 

(viii) SBI Life e-Shield Term Plan also provides you tax benefits under Indian Income Tax Laws. In this, you can get tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961. 

(ix) The minimum age to buy this term insurance plan should be 18 years and the maximum age should be 70 years. 

3.  SBI Smart Shield plan

(i) In the SBI Smart Shield plan, in case of death of the life assured, a minimum sum assured of ₹ 25 lakh is provided to the nominee by the life assured. There is no limit on the maximum sum insured. In this plan, you can get the sum assured up to Rs. 

(ii) This plan is available to you as a policy term for a minimum period of 5 years to a maximum of 30 years. You can choose any policy term as per your requirement. 

(iii) You get two options in this term insurance plan – level term insurance and increasing term insurance. 

(iv) You have the option of paying the premium yearly, half-yearly, quarterly, monthly. 

(v) You also get the option of adding riders to enhance your coverage in this term insurance plan. You can add the following 2 riders to it-

• Accidental Death Benefit Rider
• Accidental Total and Permanent Disability Benefit Rider 

(vi) Discount in premium is offered for opting for higher sum assured. 

(vii) In SBI Smart Shield plan you also get tax benefits under Indian Income Tax laws. 

(viii) You are provided with a free-look period of 15 days in the SBI Smart Shield plan. 

(ix) Being a term insurance plan, you are not provided with any kind of maturity benefit. 

(x) The minimum age to avail the SBI Smart Shield plan should be 18 years and the maximum age should be 60 years. 

SBI Life Term Insurance 1 Crore Premium

The premium charged for SBI Life Term Insurance 1 Crore plan may vary from one policy to another term policy. 

The more term insurance coverage you opt for, the higher the premium you have to pay. You can use the SBI term insurance plan calculator to find out the premium to be charged. Through this, you can get an accurate estimate of the premium to be charged for SBI Life Term Insurance 1 Crore plan.