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SBI Term Insurance plans are designed to offer financial protection to your family in the event of your untimely demise. The payout from an SBI term plan can help your loved ones clear outstanding loans, meet daily expenses, and fulfil other financial commitments without stress. In addition to the death benefit, these term insurance plans provide optional rider benefits to enhance coverage, such as critical illness, accidental death, or disability riders. With affordable premium rates and flexible options, SBI term insurance is ideal for anyone looking to build a strong financial safety net for their family's future security. Here is a list of reasons why buying SBI term plans is important:
Here is the list of all the term insurance plans offered by SBI Life Insurance that fits your financial requirements:
SBI life term insurance plans provide the option of including the critical illness rider in their base term plan. This rider protects the policyholder against life-threatening ailments during the policy term and provides a financial benefit in case the policyholder is diagnosed with any of the following critical illnesses listed under the plan.
There are several important term insurance riders available within SBI term insurance plans. These riders can be added at nominal premiums to increase the base plan’s coverage and provide additional benefits on top of the base term plan. Here are all the term insurance riders offered under SBI term plans:
| Early payout on Terminal illness | Extra Payout on Accidental Death |
| Extra Payout on Accidental Disability | Cover for spouse |
The amount of term insurance you require should be enough to replace your income, pay off liabilities, and secure your family’s future goals in your absence. An easy way to calculate this is by using the Human Life Value (HLV) calculator, which evaluates your age, annual income, and existing life cover to estimate the ideal sum assured. Your age helps determine the number of earning years left, your income reflects the financial support your family depends on, and your existing cover is adjusted to avoid duplication.
Calculating the right cover for yourself is important because it ensures you neither remain underinsured nor overpay for unnecessary coverage. By accurately assessing these factors, the HLV calculator helps you arrive at a cover amount that provides your loved ones with the right level of financial protection, allowing them to maintain their lifestyle, pay off debts, and meet long-term commitments such as education or retirement needs.
It is important to select the most suitable sum assured option while choosing the SBI life term insurance plan, as this is the amount that will be paid to your family in case of your untimely death. Here is a list of all the life cover options that might be enough to cover your family’s financial needs in your absence:
Our term life insurance calculator in india can help you calculate the following:
Here is a list of all the benefits that you can avail of with an SBI term insurance plan:
Death Benefits: SBI term insurance plans provide the nominee with a death benefit in case of the policyholder’s death during the policy term. The family of the policyholder can use this amount to take care of their financial struggles in the absence of the main income earner.
Maturity Benefits: Some SBI life term insurance plans provide the policyholder with a term plan with return of all the premiums paid throughout the policy tenure on survival of the policy. The policyholder can use this amount to secure his/her retirement, fulfil any financial goals, or leave a financial legacy for their kids.
Whole Life Cover: Various term insurance plans are available in the whole life cover option, through which the policyholder can secure the future of their loved ones for their whole life (till 99 or 100 years of age). The premiums for the whole life cover option can be paid within the limited premium payment term.
Rider Benefits: Some important term insurance riders are offered with SBI term insurance plans that you can include in your base term plan at nominal premium rates. The most commonly available riders are terminal illness riders, critical illness riders, accidental death riders, and accidental total and permanent disability riders.
Tax Benefits: The term insurance tax benefits under sections 80C and 10(10D) can be claimed as per the prevailing tax laws under SBI life term insurance plans.
Affordable Premiums: Term insurance plans are the most affordable type of life insurance, offering large life cover. With SBI term insurance plans, you can secure your family for a long tenure at really low premiums.
Plan Options: SBI life term insurance plans offer several life cover options, such as level and increasing coverage, so the customer can choose a plan type that fits their needs.
Flexible Premium Payment Options: The policyholders can pay the premiums for their SBI term insurance plans online or offline based on their preference for the whole policy term, limited premium payment term, or pay in a single lump sum.
Better Half Benefit: With this benefit option, you can ensure the financial stability of your spouse in your absence, as the responsibility of the family may fall on their shoulders.
Flexible Premium Payment Options: Policyholders can pay the premiums for their SBI term insurance plans online or offline based on their preference for the whole policy term, a limited premium payment term, or a single lump sum.
Liability Protection: The policyholder's family can use the death benefit payout to pay off any remaining loans and debts in the policyholder's absence.
Here is the list of all the term insurance plans offered by SBI Life Insurance that fits your financial requirements:
SBI Life Smart Shield Premier:
It is an Individual, Non-Linked, Non-Participating, Life Insurance Pure Risk Product that offers high cover at low premiums with flexible premium payment options.
Financial Protection for Family
Choice of 2 benefit options
Enhance cover with Accidental Benefit Riders
Entry Age: 18 years
Maturity Age: 85 years
SBI Life Smart Shield Plus:
This Individual, Non-Linked, Non-Participating, Life Insurance Pure Risk Product offers 3 plan options as per your needs.
Whole Life Coverage
Enhance protection with Accident Benefits Riders
Better Half Benefit to cover spouse
Entry Age: 18 years
Maturity Age: 100 years
SBI Life Saral Jeevan Bima
SBI Life Saral Jeevan Bima is a pure term plan that pays the sum assured to your family in case of your unfortunate demise during the policy term.
Financial Security for Family
Easy to Understand
Multiple Premium Pay Options
Entry Age: 18 years
Maturity Age: 70 years
SBI Life Smart Swadhan Supreme:
With this SBI online term policy, you get financial cover for family as well as a refund of premium benefit in case of surviving the policy term.
Financial cover at Low Premiums
Get refund of Premiums on Survival
Claim applicable Tax Benefits
Entry Age: 18 years
Maturity Age: 75 years
SBI Life eShield Insta:
SBI Life eShield Insta is a digital term life insurance plan that is easy and hassle-free to purchase and ensures financial protection for your loved ones.
Financial Protection for Family
Choose from 2 plan options
Enrol easily and get swift policy processing
Entry Age: 18 years
Maturity Age: 60 years
SBI Life Smart Swadhan Neo:
The SBI Life Smart Swadhan Neo provides protection for your loved ones at affordable premiums with the additional benefit of returning your premiums on survival.
Financial Security for Family
Refund of Premium on Survival
Tax Benefits per prevailing laws
Entry Age: 18 years
Maturity Age: 75 years
SBI Life Saral Swadhan Supreme:
With the SBI Life Saral Swadhan Supreme, you can ensure the financial protection of your loved ones and receive a return of all the premiums paid at the end of the policy tenure.
Financial Protection for your Family
Return of Premiums on Survival
Tax Benefits as per the prevailing laws
Entry Age: 18 years
Maturity Age: 65 years
Let us take a look at who should buy the SBI life term insurance plans:
Married individuals
Single People
Taxpayers
Retirees
Working women
People with kids
People who have loans and debts
Here is how you can buy SBI online term policy from the comfort of your home in just a few clicks:
Step 1: Go to the term insurance page
Step 2: Write in your name, date of birth, gender, and mobile number in the form
Step 3: Fill in the smoking habits, educational qualifications, occupation types, and annual income
Step 4: Select the most suitable plan and proceed to pay
The important documents that should be kept handy while purchasing SBI term plans are:
Age proof - Aadhaar card, passport, rental agreement, etc.
Identity proof - Aadhaar card, PAN card, passport, license.
Address proof - Aadhaar card, passport, rental agreement, etc.
Latest medical report.
Income proof - Income Tax Return, salary slip.
Let us take a look at all the factors you should keep in mind while buying SBI life term insurance plans:
Claim Settlement Ratio: The term insurance claim settlement ratio is the number of claims settled by the company in a year to the number of total claims received. You should always buy term plan from a company with a consistent CSR of more than 95%, as it increases the chances of your family’s claim settlement in your absence.
Solvency Ratio: The solvency ratio of a company gives us an insight into the company’s capability of settling all the active cases. As per the IRDAI mandate, a company should maintain a solvency ratio of 1.5 or 150% at all times.
Customer Reviews: Always make sure to go through the company’s reviews to see the SBI term insurance customer care experience with the company. You should always buy term plan from a company with good and positive customer reviews.
Policy T&Cs: Before buying an SBI life term insurance, you should go through the policy documents to get a better understanding of the policy’s T&Cs. See what is covered and not covered under the plan to avoid any future confusion during the claim process.
Payout Options: Several SBI term insurance plans provide the option of choosing the suitable payout option for the death benefit payout with a lump sum, monthly instalments, and a combination of both.
SBI Life makes it easy to pay your SBI Term Insurance Plan premiums online without visiting a branch. You can choose from multiple digital payment options:
Through the SBI Life Official Website
Visit the official SBI Life Insurance website.
Click Pay Premium under Quick Links or Services.
Enter your policy number and date of birth, then click Submit.
Check your policy details, select a payment method (net banking, UPI, debit/credit card).
Complete the transaction and download your payment receipt.
Using SBI YONO App
Open the YONO App and log in using your MPIN or biometric ID.
Tap Insurance → SBI Life → Pay Premium.
Enter your term insurance policy details, verify the amount due, and make the payment.
Receive instant confirmation and a digital receipt.
Via Policybazaar Portal
Log in to your Policybazaar account.
Go to My Policies → SBI Term Insurance Policy → Pay Premium.
Select your preferred payment method and complete the transaction.
Through SBI Net Banking
Log in to your SBI Net Banking account.
Go to Bill Payments → Manage Biller → Register SBI Life Insurance.
Add your term insurance policy as a biller using the policy number.
Pay directly from your account each due date.
Using BHIM UPI or Payment Wallets
Open apps like PhonePe, Paytm, or Google Pay.
Choose Insurance → SBI Life Insurance.
Enter your term insurance policy number, verify details, and pay the premium.
The SBI YONO App allows you to manage and pay your SBI term insurance plan premiums from your phone. Once your policy is linked, you can:
Check premium due dates.
Pay premiums instantly.
Download payment receipts anytime.
You can manage everything about your SBI Term Insurance Plans by logging in, going to Insurance, linking your SBI Term Insurance policy using your policy number and date of birth, and managing everything on the go.
SBI Life has a customer-friendly and transparent claim settlement process to ensure that your loved ones receive the benefits without hassle. The process involves a few simple steps:
Step 1: Intimation of Claim
The nominee or claimant must inform SBI Life about the policyholder’s demise by filling out the claim intimation form. This can be done online, at the nearest branch, or by calling customer care.
Step 2: Submission of Documents
The claimant needs to submit the required documents, such as the death certificate, policy documents, identity proof, and bank details, for claim verification.
Step 3: Claim Assessment
Once the documents are received, SBI Life reviews and assesses the claim based on policy terms and conditions. If necessary, additional documents may be requested.
Step 4: Claim Settlement
After successful verification, SBI Life processes the claim and releases the payout to the nominee’s bank account within the stipulated time frame, ensuring financial support for the family.
Note: SBI Life maintains a high claim settlement ratio, reflecting its reliability and commitment to supporting families during difficult times.
˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.
+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
Women
+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.
1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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