SBI Term Insurance Plan

SBI Life Insurance Company offers various Term Plans to individuals. Each plan differs in terms of both features and availability. While some SBI term insurance plans can be bought online at a lower premium, other SBI term insurance plans are available offline. They can be easily availed from other marketing channels like agents, brokers, bancassurance channels, etc. Let us look at the different SBI life term insurance plans and the features of each SBI term insurance plan.

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What is SBI Term Insurance?

SBI Life Insurance Company offers a variety of comprehensive term insurance plan to meet the requirements of the insurance buyers. The term insurance protection plans offered by SBI Life Insurance are customized to provide financial protection and security to the insured's family in case of an eventuality. 

Along with the benefit of death coverage, the term plans offered by SBI Life Insurance also offer riders benefit to enhance the policy's coverage. With an affordable premium rate, SBI term plans are meant for individuals who want to create a financial cushion for their families and loved ones.

Plans

Entry Age

Maturity Age

Policy Term

Sum Assured

SBI Life eShield

Minimum- 18 years Maximum-65 years

70 years

Minimum- 5 years Maximum-30 years

Minimum-Rs.20,00,000 Maximum- no upper limit

SBI Life Smart Shield

Minimum- 18 years Maximum- 60 years

65 years

Minimum- 5 years Maximum-30 years

Minimum-Rs.25,00,000 Maximum- No limit

SBI Life Saral Shield

Minimum- 18 years Maximum-60 years

65 years

Minimum- 5 years Maximum-30 years

Minimum-Rs.7,00,000 Maximum- Rs.24,00,000

SBi Life Grameen Bima

Minimum- 18 years Maximum-50 years

---

5 years

Minimum-Rs. 10,000 Maximum- Rs.50,000

Disclaimer: "Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

SBI Life eShield Plan

An online term plan, SBI Life eShield provides four coverage options to choose from. The features of the online SBI eShield plan are as follows:

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

  1. Plan Options of SBI eShield:

    This plan comes with two plan options -

    • Level Cover Benefit &
    • Increasing Cover Benefit

    Both of the plan options offer an in-built accelerated terminal illness benefit with them. 

  2. Benefits of SBI eShield Plan:

    This plan comes with two plan options -

    1. Second Medical Opinion

      Second medical opinion enables the policyholders to receive a second opinion on another medical practitioner's medical diagnosis and treatment plans. If the policy is in an active state, this benefit is available under both plan options, i.e., Level Cover Benefit & Increasing Cover Benefit.

    2. Maturity Benefit

      SBI shield doesn't offer any maturity benefit.

  3. Rider Benefit

    1. SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02)

      The sum assured for this rider is paid in case the policyholder's death occurs within 120 days of an accident during the tenure of the rider term. Here, it's important to understand that the reason behind the death of the policyholder should be injuries due to the accident, and her/his policy should be in an active state. 

    2. SBI Life - Accidental Total & Permanent Disability Benefit Rider (UIN: 111B016V02)

      The sum assured for this rider is paid if the policyholder suffers from accidental total and permanent disability during the tenure of the rider term. Here, it's important to understand that the reason behind the death or the permanent disability of the policyholder should be injuries due to the accident, and her/his policy should be in an active state.

  4. SBI Life Term Insurance eShield Eligibility Details

     

    Minimum

    Maximum

    Entry Age

    18 years

    65 years

    Maturity Age

    -

    70 years

    Policy Term

    5 years

    30 years

    Sum Assured

    Rs.20 lakhs

    No limit

    Premium Amount

    Rs.3,500

    Based on the coverage

    Premium Payment Term

    Equal to the policy term

    Premium Payment Frequency

    Yearly

  5. Sample Rates SBI Term Insurance of Premium

    The following table illustrates the different premium rates under online SBI eShield at different ages, payable by male and female lives. There is also a differentiation between smokers and non-smokers under online SBI eShield.

    Age

    Male Lives

    Female Lives

    Smokers

    Non-smokers

    Smokers

    Non-smokers

    30

    7770

    4660

    6275

    3920

    40

    17145

    9495

    12260

    6955

    50

    41615

    22305

    29020

    15680

SBI Life Smart Shield Plan

A unique SBI term insurance plan, it has four coverage options to choose from. The features of the plan are as follows:

  • Level Term Assurance – the chosen Sum Assured remains the same throughout the tenure of the SBI term insurance plan and on the death of the life insured during the term, the Sum Assured is paid to the nominee.
    • Increasing Term Assurance – an option under which the Sum Assured chosen at the time of inception of the SBI term insurance policy increases every year @5% and on the death of the insured during the SBI term insurance plan tenure, the Sum Assured as on the date of death is paid to the nominee.
    • Decreasing Term Assurance (Loan Protection) – an option under which the Sum Assured decreases every year and on the death of the insured during the SBI term insurance plan tenure, the applicable Sum Assured as on the date of death is paid to the nominee.
    • Decreasing Term Assurance (Family Income Protection) – an option under which the Sum Assured decreases every year and on the death of the insured during the SBI term insurance plan tenure, the applicable Sum Assured as on the date of death is paid to the nominee
  • Rebates on SBI life term insurance premiums are allowed for choosing large Sum Assured levels and for people who are healthy
  • Premiums can be paid either in one lump sum under the Single Pay option and for the entire term under the Regular Pay option
  • Tax benefit subject to this SBI life term plan is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received is exempt under Section 10(10D) of the Income Tax Act.
  1. SBI Life Term Insurance Smart Shield  Eligibility Details

     

    Minimum

    Maximum

    Entry Age

    18 years

    60 years

    Maturity Age

    -

    65 years

    Policy Term

    5 years

    30 years

    Sum Assured

    Rs.25 lakhs

    No limit

    Premium Amount

    Regular Pay – Rs.5,000 Single Pay – Rs.15,000

    Based on the coverage

    Premium Payment Term

    Equal to the policy term or Single Pay

    Premium Payment Frequency

    Yearly, Half-Yearly, Quarterly or Monthly or in Single Pay

  2. Sample rates of SBI Life term Insurance Premium

    The following table illustrates sample rates of premium payable by an individual at different ages assuming the Sum Assured to be Rs.50 lakhs and the policy tenure to be 25 years.

    Age

    30

    35

    40

    Premium

    9161

    12675

    18408

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SBI Life Saral Shield Plan

This SBI term insurance plan offers three death benefit options to choose from. The features of the SBI term insurance plan are as follows:

  • Three-term plan options are available. These are:
    • Level Term Assurance – the chosen Sum Assured remains the same throughout the tenure of the SBI term insurance plan and on the death of the life insured during the term, the Sum Assured is paid to the nominee
    • Decreasing Term Assurance (Loan Protection) – an option under which the Sum Assured decreases every year and on the death of the insured during the SBI term insurance plan tenure, the applicable Sum Assured as on the date of death is paid to the nominee
    • Decreasing Term Assurance (Family Income Protection) – an option under which the Sum Assured decreases every year and on the death of the insured during the SBI term insurance plan tenure, the applicable Sum Assured as on the date of death is paid to the nominee
  • There is an option of availing riders under the SBI term insurance plan to make the coverage more comprehensive. SBI Life Accidental Death Benefit Rider pays an additional amount in case of Accidental Death, SBI Life Accidental Total & Permanent Disability Benefit Rider, which is useful in case of suffering a disability that is total and permanent due to an accident are the riders available under the SBI term insurance plan.
  • Rebates in premium are allowed for choosing large Sum Assured levels and for female lives.
  • Premiums can be paid either in one lump sum under the Single Pay option or under the Regular Pay option for the entire term.
  • Tax benefit subject to this SBI life term plan is available on the premium paid and the claim received under this SBI term insurance plan. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act. The claim received is exempt under Section 10(10D) of the Income Tax Act.

Types of Term Plans


  1. SBI Life Term Insurance Saral Shield Eligibility Details

     

    Minimum

    Maximum

    Entry Age

    18 years

    60 years

    Maturity Age

    -

    65 years

    Policy Term

    5 years

    30 years

    Sum Assured

    Rs.7.5 lakhs

    Rs.24 lakhs

    Premium Amount

    Regular Pay – Rs.2,000 Single Pay – Rs.10,000

    Based on the coverage

    Premium Payment Term

    Equal to the policy term or Single Pay

    Premium Payment Frequency

    Yearly, Half-Yearly, Quarterly or Monthly or in Single Pay

  2. Sample rates of SBI Life Term Insurance Premium

    The following table illustrates the rates of premium for two different coverage ranges and at different ages of the life insured. Even the term options vary under the illustration mentioned below: 

    Age

    Sum Assured = Rs.10 lakhs

    Sum Assured = Rs.20 lakhs

    Tenure of the plan

    Tenure of the plan

    10 years

    15 years

    20 years

    25 years

    10 years

    15 years

    20 years

    25 years

    25 years

    -

    -

     

    2187

    3120

    3120

    3366

    3774

    30 years

    -

    2184

    2457

    2839

    3382

    3768

    4314

    5078

    35 years

    2518

    2904

    3422

    4042

    4436

    5208

    6244

    7484

    40 years

    3378

    4064

    4850

    5783

    6156

    7528

    9100

    10, 966

    45 years

    4914

    5943

    7131

    -

    9228

    11, 286

    13, 662

    -

SBI Life Grameen Bima Plan

A micro-insurance plan whose features are as follows:

  • SBI term insurance plan designed for the backward sector for their welfare and insurance needs.
  • The proposer would have to choose the premium he or she can pay based on the premium amount. The coverage will be decided under the SBI term insurance plan.
  • A medical examination is not required to apply for the SBI term insurance plan as the plan is issued based on a simple medical declaration, and registration is done through a simple form.
  • Premium is to be paid in one lump sum at the commencement of the SBI term insurance plan.
  • In case of death of the life insured during the SBI term insurance plan term, the calculated Sum Assured will be paid to the nominee.
  1. SBI Life Term Insurance Grameen Bima Eligibility Details

     

    Minimum

    Maximum

    Entry Age

    18 years

    50 years

    Policy Term

    5 years

    Sum Assured

    Rs.10,000

    Rs.50,000

    Premium Amount

    Rs.3,500

    Based on the coverage

    Premium Payment Term

    Single Pay

    Premium Payment Frequency

    Single Pay

Applying for a SBI Term Insurance Plan

  1. Online

    SBI Term Insurance Company offers specific plans, namely online SBI eShield, which is available online only. The customer only needs to log onto the company’s website, choose the online SBI eShield plan, choose the coverage and provide details. The premium will be determined automatically, based on the filled details. The customer then needs to pay the premium for online SBI eShield through a credit card, debit card, or Internet banking facility. The online SBI eShield policy will be issued right away.

  2. Intermediaries

    SBI term insurance plans which are not available online can be purchased from agents, brokers, banks, etc., where the intermediaries help with the application process.

Five things to know before buying Term Plan Five things to know before buying Term Plan

Benefits of SBI Term Insurance Plan

SBI term insurance plans are available in a variety, and you can buy term plan of your choice by means of both online and offline. SBI life term insurance plans are available to individuals starting from the age of 18 years with features like death benefit, maturity benefit, including the surrender benefit in case of a single premium policy. The following are the features and benefits of SBI term insurance plans in detail:

  • The family of a deceased policyholder is provided with assured financial security if the insured dies during the policy term and fails to pay off a debt like education or even a home loan.
  • SBI term insurance plans are easily available on the internet on SBI Life’s official website and Policybazaar.
  • You can choose from a range of SBI term insurance plans online at an affordable price and choose to pay the premium at one go or annually.
  • SBI term insurance plans allow you to enhance your protection by opting for riders at additional premium payments. The personal accident coverage rider is highly recommended.

SBI Term Insurance Plan Exclusions

  1. Suicide Exclusion

    Suppose the policyholder commits suicide within the initial one year of policy from the date of initiation. In that case, the policy does not offer any death benefit to the nominee. If the insured commits suicide within one year of the policy, the beneficiary is entitled to receive only 80% of the premium paid. All the policy premiums are paid regularly, and the policy is in force.  

  2. Exclusion for Accidental Death Benefit

    Other events that are not covered under the policy are:

    • Drug Abuse
    • Infection
    • Criminal Acts
    • Self-inflicted injury
    • Aviation (other than as a passenger is not covered)
    • War or Civil Commotion
    • Dangerous sports and other activities
Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar

Claim Process of SBI Term Insurance Plan 

To file a claim, the policyholder is required to fill the claim form thoroughly and provide certain important documents such as:

  • Policy document of SBI term plan.
  • Death certificate, which states the cause of death.
  • Along with these documents, the nominee will have to provide a mandate so that the SBI can transfer the claim amount to the beneficiary's account through the NEFT process.

Once the policy beneficiary submits the claim form and the important documents, the insurance company verifies the claim form. After verifying the form thoroughly, the insurance company processes the claim and transfers the sum assured amount to the beneficiaries account.

Before zeroing in on the right term insurance plan, it is crucial to know the claim settlement process of the company so that an individual can easily process the claim in case of any eventuality.

Documents that should be kept handy while filing claim are:

  • Original Policy Document
  • Thoroughly filled Claim Form
  • Original/ Attested Death Certificate by Government officer.
  • Address Proof of Claimant's
  • ID Proof of Claimant's
  • Bank Pass Book of Claimant's / Cancelled Cheque/ Bank Statement 

Required Documents to 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.

SBI Term Insurance Plans - FAQ

  • Q: How to pay a premium for an SBI term insurance plan? What are the modes of payment available?

    Ans: There are ten modes to pay your SBI Life Insurance premium, namely:
    • Direct remittance at SBI Life branch by post or courier
    • Electronic Clearing Service (ECS) – Mandate
    • Direct debit
    • Standing instruction on your credit card
    • Online payments
      • Through State Bank Group ATMs
      • Payment through VisaBillPay.com
      • Online payment of premium through SBI Life website
    • SI-EFT for State Bank and associate bank’s account holders
    • Payment through Point of Sale (POS) terminals at select SBI Life branches
    • Payment through easy access mobile application
    • Payment of premium in cash at authorized collection centers
    • NACH (National Automated Clearing House)
    NACH is a newly launched service that works on the same principle as ECS, which requires filling in a form and getting registered before availing of this facility.
  • Q: How can I check the policy status of the SBI term insurance plan?

    Ans: For checking the SBI term insurance policy status online, log in to the e-portal. You need to enter your customer ID, date of birth, and policy number. The details of the policy, along with the status, are displayed on the next screen.
  • Q: What is the company’s process to settle the claim for SBI Life term insurance plans?

    Ans: The procedure for settling a claim through SBI life Insurance requires intimating the nearest branch by submitting the list of documents specified on the website. After the documents are verified, the claim is settled as soon as possible. If one requires additional help or further clarification, one can write to claims@sbilife[dot]co[dot]in.
  • Q: What is the policy cancellation process for SBI Life term insurance plans?

    Ans: The policy cancellation process requires you to submit a duly filled surrender form along with relevant documents in the nearest SBI branch in your city. Upon receiving and verifying the documents, the policy is deemed canceled as per bank accounts record. The premium refund is calculated on the prevailing NAV value at the current market rate. If you submit the policy before 3:00 PM, the next day’s NAV value is applicable.
  • Q: What is the policy renewal process for SBI Life term insurance plans?

    Ans: Renewal of policy can be done by the following modes:
    • Online
    • Through SMS
    • Through SBI Branch
    • By Cash
    For the renewal process, after login into your account, click the ‘Renew Policy’ tab to proceed with premium payment. Alternatively, you can renew the process by using the kiosk in the SBI ATM and selecting the renewal process option.
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SBI Term Insurance Plan Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Rishi
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Sudhir
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Awedesh
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Vinay
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Ojasvi
Sorada, August 24, 2016
Good
My my sbi life eshield insurance policy is the best. Policy gives maximum coverage and claims are good. The service is quick and behaviour is very nice from the whole members of the company. Good decision to take this term insurance plan.
Devesh
Kota, July 27, 2016
SBI term policy
Every one have insurances in this time, so i buy one for me and my family safety. Service given by the company members is fabulous and my plan is sbi term insurance which is a quality product. It gives full facilities to me and my parents.
Nirbhaya
Tezpur, July 27, 2016
Fantastic Insurance
Very fine terms and conditions of my sbi life eshield insurance plan. The coverage is maximum and claims are even better. Services provided by executives of the company is awesome and on time. 24X7 assistance by the staff members.
Pulkit
Katehri, July 27, 2016
High Coverage
SBI eshield insurance plan i have is fabulous, i took it from sbi policy insurers. Just the premiums are little bit high but the returns are huge with good number of benefits. The service is super fast and renewals can be done on web portal.
Lokendra
Madhuban, July 27, 2016
Term plan
The colleague of mine suggested me a online sbi saral plan. The policy is perfect and it coverage ratio is about 91%. Service by the members of the insurance company is quick and due to this the claiming become more easier than before. Sbi policy i have satisfies me completely.
Rahul
Rajkot, April 21, 2016
Great Policy
I buy sbi life term insurance plan. The policy coverage is 94% and the premiums are low ~28 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women. Great investment which saves taxes too.
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