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.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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 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.
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
This plan comes with two plan options -
Both of the plan options offer an in-built accelerated terminal illness benefit with them.
This plan comes with two plan options -
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.
SBI shield doesn't offer any maturity benefit.
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.
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.
|
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 |
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 |
A unique SBI term insurance plan, it has four coverage options to choose from. The features of the plan are as follows:
|
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 |
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 |
This SBI term insurance plan offers three death benefit options to choose from. The features of the SBI term insurance plan are as follows:
|
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 |
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 |
- |
A micro-insurance plan whose features are as follows:
|
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 |
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.
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.
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:
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.
Other events that are not covered under the policy are:
To file a claim, the policyholder is required to fill the claim form thoroughly and provide certain important documents such as:
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:
The important documents that should be kept handy while purchasing SBI term plans are: