Benefits of SBI Life Term Insurance Plans

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 the policyholder dies during the policy term. The policyholder's family can use this amount to address their financial struggles in the absence of the main income earner.

• Maturity Benefits: Some SBI life term insurance plans provide the policyholder with a 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 SBI 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 lives (until they are 99 or 100 years old). 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 at nominal premium rates in your base term plan. 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.

Features of SBI Life Term Insurance Plans

• Affordable Premiums: Term insurance plans are the most affordable 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: 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.  

Who Should Buy SBI Term Insurance Plans

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

How To Buy SBI Life Term Insurance Plans Online

Here is how you can buy term plan online 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 SBI term insurance plans and proceed to pay

Documents Required for Buying SBI Term Insurance Plan 

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.

• Age proof- Birth certificate, Aadhaar card, Matriculation certificate

• Latest medical report.

• Income proof- Income Tax Return, salary slip.

Factors to Keep in Mind Before Buying SBI Term Insurance Plans

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: A company's solvency ratio gives us an insight into its capability of settling all active cases. As per the IRDAI mandate, a company should always maintain a solvency ratio of 1.5 or 150%.

• Customer Reviews: Always read the company's reviews to see the SBI term insurance customer care experience. You should always buy a term plan from a company with good and positive customer reviews.

• Policy T&Cs: Before buying an SBI term insurance plan, you should review the policy documents to better understand the T&Cs. See what is covered and not covered under the SBI term insurance plans to avoid 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.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

How to Pay SBI Term Insurance Policy Premiums Online

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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

Manage SBI Term Insurance Plan Premiums on the SBI YONO App

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 Term Insurance Plans - FAQs