SBI LIFE Term Insurance: Compare SBI LIFE Term Plans Online

SBI Life Term Insurance Plan

SBI Life Insurance provides you with a wide range of term insurance plans that help you manage your financial requirements as well as your ever-changing responsibilities. The term insurance plans can be easily purchased online at a lower cost. There are several advantages offered by the SBI Term Insurance plan, which include a long-term insurance plan, maximum life coverage until the age of 100 years, increased life coverage, and also an enhanced better-half benefit feature, which protects the family of the policyholder from the unpredictability of life.

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Insurer Highlights
  • Claim Settlement Ratio

    98.34

  • No. of Branches

    1062 Branches

  • Claim Settlement Promise

    100% Grievances Solved

Why Should I Buy SBI Life Term Insurance?

SBI Life term insurance plans are specifically designed to provide financial security to your family if something happens to you during the policy period; your family gets a payout. That amount can be used to clear a home loan, cover monthly household expenses, or address other financial problems without any stress. Beyond that basic death benefit, SBI also lets you add on a few riders to your term insurance plans if you want more coverage, like a critical illness rider, an accidental death rider, or disability riders. Premiums are reasonably priced, and there's enough flexibility in how you structure the plan that it works well for most people trying to build some financial cushion for their family's future.

Here is a list of reasons why you should go for SBI LIFE Insurance for Term Plans:

In-Built Terminal Illness Benefit (Free)
Increasing cover option available where cover increases with age
Claims Settlement Ratio of 98.56% in FY 2025-26
24 hr claims settlement with a dedicated Claims Relationship Officer
Covers death due to any pandemic such as COVID-19
Avail a second medical opinion from a panel of medical experts
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SBI Life Term Insurance Plans

Here is the list of all the term insurance plans offered by SBI Life Insurance that fits your financial requirements:

SBI Life Term Insurance Riders

There are several important term insurance riders available within SBI Life 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 Life Term plans:

Early payout on Terminal illnessExtra Payout on Accidental Death
Extra Payout on Accidental DisabilityCover for spouse
How Much Term Insurance Cover Do I Need?

A good rule of thumb: your cover should be enough to replace your income, pay off whatever loans you're still carrying, and take care of your family's future plans if you're not around. The easiest way to figure out that number is with a Human Life Value calculator. You just need to enter your age, your yearly income, and any life insurance you already have, and it works out a suitable cover amount. The simple logic is that your age tells you how many working years you have left, your income shows how much your family actually depends on you financially, and whatever insurance you already hold gets subtracted so you're not paying for the same cover twice.

Determining the right amount of term insurance for yourself is necessary because it will help you avoid being underinsured or overinsured for unnecessary coverage. The HLV calculator will help you determine the right amount of term insurance that will provide your family with the right amount of financial security to continue their lifestyle, repay their liabilities, and fulfil their plans like education or retirement.

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Choosing the Right Sum Assured Option

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:

SBI Life1 Crore
Term Insurance
SBI Life2 Crore
Term Insurance
SBI Life5 Crore
Term Insurance
SBI Life75 Lac
Term Insurance
SBI Life70 Lac
Term Insurance
SBI Life50 Lac
Term Insurance

Term Insurance Premium Calculator

Our term life insurance calculator in india can help you calculate the following:

What are the Benefits of SBI Life Term Insurance Plans?

Here is a list of all the benefits that you can avail of with an SBI LIFE Term insurance plan:

  • Death Benefits: SBI LIFE 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 that returns all 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: With the benefits of your basic policy, SBI Life Term insurance plans have been designed to give you many insurance riders and policy options to choose from. These policy add-ons can be purchased at minimal additional cost and will protect you in different scenarios. Terminal illness rider, critical illness rider, accidental death rider and accidental total and permanent disability rider are commonly offered 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.

SBI LIFE Term Insurance SBI LIFE Term Insurance

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What are the Features of SBI Life Term Insurance Plans?

  • Affordable Premiums: Term insurance policies are the cheapest type of insurance you can get and offer a very large amount of life cover. With SBI Life Term insurance plans, you can protect your family for a long time.

  • Plan Options: The SBI Life term insurance offers various life cover choices that could be either level or increasing and hence help the customer to choose the type of option he needs.

  • Flexible Premium Payment Options: Policyholders can choose between online and offline modes for paying the premiums for their SBI LIFE Term insurance plans for the whole duration of the policy, the limited premium payment term, or even pay a single lump sum.

  • Better Half Benefit: This particular benefit of the policy gives your spouse financial security in your absence, for managing the household and new responsibilities.

  • Liability Protection: If the life insured dies, the family not only can use the claim money to settle any debts and fulfil their obligations but can also repay loans that the insured had borrowed during his lifetime, if any.

SBI Life Term Insurance Plans

Here is the list of all the term insurance plans offered by SBI Life Insurance that fit your financial requirements:

SBI Life Plan Entry Age Sum Assured Key Features
SBI Life Smart Shield Premier 18-60 Years ₹2,00,00,000 - No Limit
  • Increasing cover and Level cover option

  • Accidental Death Benefit (ADB) & Accidental Partial Permanent Disability Benefit (APPD)

  • Death benefit payout in Lumpsum + Monthly installments

SBI Life Smart Shield Plus 18-65 Years ₹25,00,000 - No Limit
  • 3 cover options of level cover, increasing cover, and level cover with future proofing

  • Better Half Benefit

  • Whole-of-life cover option up to age 100.

SBI Life Saral Jeevan Bima 18-65 Years ₹5,00,000 - ₹25,00,000
  • Exclusively designed for first-time buyers

  • Simple standardised term cover

  • Discount on large sum assured of 15 Lakh and above

SBI Life Smart Swadhan Supreme 18-65 Years ₹25,00,000 - No Limit
  • 100% premium return at maturity

  • Regular/limited premium payment

  • Policy term up to 30 years.

SBI Life eShield Insta 18-50 Years ₹10,00,000 - ₹60,00,000
  • Cover options are Pure term plan and Return of Premium

  • 100% return of premiums on maturity.

SBI Life Smart Swadhan Neo 18-50 Years ₹5,00,000 - ₹24,90,000
  • 100% premium return

  • Single/regular/limited-pay options

  • Policy term up to 30 years

SBI Life Saral Swadhan Plus Plan 18-50 Years ₹25,00,000 - ₹50,00,000
  • 100% premium return

  • Affordable life cover

Who Should Buy SBI LIFE 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

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%#

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

How To Buy SBI Life Term Insurance Plans Online?

Here is how you can buy an 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: Enter your name, date of birth, gender, and mobile number in the form

  • Step 3: Fill in the smoking habits, educational qualifications, occupation type, and annual income

  • Step 4: Select the most suitable plan and proceed to pay

Life Insurer Details

Documents Required for Buying SBI LIFE Term Insurance Plan

Some of the most important documents needed to purchase SBI LIFE Term insurance plans are as follows:

  • Age Proof – Aadhaar Card, Passport, Rental Agreement, etc.

  • Proof of Identity – Aadhaar Card, PAN Card, Passport, Driving License, etc.

  • Proof of Income – IT Return, Salary Slip, etc.

  • Proof of Address – Aadhaar Card, Passport, Rental Agreement, etc.

  • Latest medical report.

Factors to Keep in Mind Before Buying SBI LIFE 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 a 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 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 LIFE Term insurance customer care experience with the company. You should always buy a term plan from a company with good and positive customer reviews.

  • Policy T&Cs: Prior to buying the insurance plan from SBI Life Insurance, it is important to know the terms and conditions of the policy by carefully going through all the policies to know what is covered and what is not.

  • Payout Options: Many of the SBI LIFE Term insurance plans offer the choice of the best-suited payout option for the death benefit payout with a lump sum, monthly instalments and a combination of both.

Manage SBI LIFE Term Insurance Plan Premiums on the SBI YONO App

You can use the SBI YONO App to pay and manage your SBI LIFE Term insurance plan premiums from your phone. You can check the due dates for your premiums once your policy is linked.

  • Check premium due dates.

  • Pay premiums instantly.

  • Download payment receipts anytime.

You can manage everything about your SBI LIFE Term Insurance Plans by logging in, going to Insurance, linking your SBI LIFE Term Insurance policy using your policy number and date of birth, and managing everything on the go.

What is the SBI LIFE Term Insurance Claim Process?

SBI Life makes the entire claims process simple and hassle-free despite a tough situation. It is done as follows:

Step 1: Intimation of Claim

Claim intimation is done by the nominee to SBI Life with the help of a claim intimation form in online mode, at the branch, or through customer care.

Step 2: Submission of Documents

Death certificate, policy documents, identification proof, and bank account details of the nominee are submitted.

Step 3: Claim Assessment

SBI Life evaluates the submitted documents and takes a decision as per policy norms.

Step 4: Claim Settlement

After the claim is settled, the claim amount is paid into the nominee’s bank account as per the stipulated period.

Note: The claim settlement ratio of SBI Life speaks volumes of its success rate in settling the claim of the nominees.

Is SBI Life Term Insurance Good?

Yes, SBI Life Term Insurance is a good option as it has a strong sales network, trust and a claim settlement ratio of 98.56% (FY 2025-26). SBI Life term plans offer tailored coverage, include reasonable premium rates and provide all-round protection, making it one of the most affordable term insurance plans available. SBI account holders, government employees, and individuals who want to have a financially sound insurance policy backed by a government entity can benefit and will probably be satisfied with the SBI Life policies.

FAQs

  • How to pay an SBI Life Insurance premium online?

    Ans: You can pay SBI Life Insurance premiums in a number of ways, both online and offline. Here is a list of all the modes:
    Internet Banking
    SBI Life Official website
    VISA credit cards
    SBI Mobile Application
    Mobile wallets such as JioMoney, Paytm, and SBI Buddy
  • How can I check the policy status of the SBI LIFE Term insurance plan?

    Ans: To check the SBI LIFE Term insurance policy status online, log in to the e-portal. Enter your customer ID, date of birth, and policy number. The SBI online term policy details and status are displayed on the next screen.
  • What is the company's process for settling the SBI Life term insurance plan claim?

    Ans: To settle a claim, one has to inform the nearest branch by submitting list of documents as given in the SBI Life Insurance website. After verifying the documents, the claim is settled as quickly as possible. If some other assistance is needed or any doubt arises, one can even write to claims@sbilife.co.in.
  • What is the policy cancellation process for SBI Life term insurance plans?

    Ans: For policy cancellation, you need to submit a properly filled-in surrender form and the relevant documents at the nearest SBI branch in your city. As soon as the documents are received and verified, the SBI online term policy will be considered as cancelled based on bank account records.
  • What is the policy renewal process for SBI Life term insurance plans?

    Ans: The policy renewal process for SBI LIFE Term insurance is as follows:
    Visit the renewal page of Policybazaar
    Select the insurer as SBI Life Insurance
    Fill in your policy number and date of birth
    Click ‘Continue’ to renew the policy
  • Does SBI have term insurance?

    Ans: Yes, SBI Life Insurance offers term insurance plans to provide its customers with a large life cover at affordable premiums for a long policy term.
  • What is a 5 year SBI LIFE Term life insurance policy?

    Ans: A 5 year SBI LIFE Term life insurance is a pure risk protection plan in which the financial security of the policyholder's family is assured if any eventuality. These plans pay the death benefit in case of the death of the policyholder during the term of the policy to enable him to fulfil his financial commitments.
  • What is the entry age for SBI LIFE Term insurance?

    Ans: The entry age for purchasing SBI Life term insurance ranges from 18 years to 65 years. But, the actual age limits of each plan might vary.
  • What is the claim settlement ratio of SBI LIFE Term plans?

    Ans: SBI LIFE Term insurance claim settlement ratio is at 98.56% for FY 2025-26. This means that for this year, the company has resolved most of their claims, and it is the kind of firm to entrust when buying term plans.
  • What is a term plan with return in SBI LIFE Term insurance?

    Ans: The term plan with return in SBI LIFE Term insurance plan means that, in case of survival till maturity, the plan returns 100% of the total amount of premium paid under the policy.
  • Can I cancel my SBI life insurance policy after 3 years?

    Ans: Yes, it is possible to cancel your SBI Life insurance policy through the surrender option after 3 years.

˜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

+On the basis of your profile

+Rs. 410/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. 410/month (Rs.14/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 rounded off to nearest 10

+Rs. 245 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.

+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. 15/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. 504/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. 494/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. 636/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. 918/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. 1,286/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.

+Rs. 453/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.582/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. 786/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. 1,592/month 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.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/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.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, 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. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

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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˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.

Types of term plans

Policybazaar offers the following types of term insurance plans to fit the different needs of Individuals from all walks of life.

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
1 Crore Term Insurance
Term Insurance
2 Crore Term Insurance
Term Insurance
4 Crore Term Insurance
Term Insurance
5 Crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 Crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 Crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
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30 Crore Term Insurance
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15 Lakh Term Insurance
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60 Lakh Term Insurance
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SBI Life Term Plans Reviews & Ratings

4.7 / 5 (Based on 67 Reviews)
(Showing Newest 10 reviews)
Yogendra
Gujarat, July 22, 2024
★★★★★
Renewed Term Plan
I recently renewed my term insurance through PolicyBazaar, and I could not be more satisfied with the service.
Virendra
Madhya Pradesh, July 22, 2024
★★★★★
Budget Fit
I had been struggling to find the right term plan that fit both my needs and my budget, I found this platform and I really found a perfect term plan that fits in my budget.
Pravin
Uttar Pradesh, July 22, 2024
★★★★★
Variety Of Term Plan
The variety of Term plan options available is impressive
Rakesh
Haryana, July 22, 2024
★★★★★
Very Pleased
Very pleased with the service and support from PolicyBazaar.
Shiv
Delhi, July 22, 2024
★★★★★
Best Choice for Young Couples
As newlyweds, my husband and I wanted to secure our future together. Kotak Lifes Term Plan gave us high coverage with a low premium. Its the best choice for young couples starting their journey together.
Raja
Maharashtra, July 22, 2024
★★★★★
Easy Navigation
Easy navigation on Policybazaar helped me select a plan from Aegon effortlessly.
Farmaan
Madhya Pradesh, July 22, 2024
★★★★★
Trusted and Detailed
Policybazaar really made the entire term insurance buying process easy. I was able to buy my policy online in just a few minutes.
Vivek
West Bengal, July 22, 2024
★★★★★
Quick and Reliable
Quick and reliable process on Policybazaar helped me pick SBI Life without any delays.
Doodhnath
Uttar Pradesh, July 22, 2024
★★★★★
Easy and Comprehensive
Easy and comprehensive platform on Policybazaar helped me pick Tata AIA for its extensive coverage.
Shelender
Telangana, July 22, 2024
★★★★★
Simple and Quick
Simple and quick process on Policybazaar helped me choose a plan from Aegon.
Current Version
Sep 15, 2026
Written By
Varun Agarwal
Reviewed By
Vivek Jain
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