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.
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Plans
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Entry Age
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Maturity Age
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Policy Term
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Sum Assured
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SBI Life eShield
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Minimum- 18 years Maximum-65 years
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70 years
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Minimum- 5 years Maximum-30 years
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Minimum-Rs.20,00,000 Maximum- no upper limit
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SBI Life Smart Shield
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Minimum- 18 years Maximum- 60 years
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65 years
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Minimum- 5 years Maximum-30 years
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Minimum-Rs.25,00,000 Maximum- No limit
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SBi Life Grameen Bima
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Minimum- 18 years Maximum-50 years
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---
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5 years
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Minimum-Rs. 10,000 Maximum- Rs.50,000
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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
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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.
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Benefits of SBI eShield Plan:
This plan comes with two plan options -
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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.
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Maturity Benefit
SBI shield doesn't offer any maturity benefit.
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Rider Benefit
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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.
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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.
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SBI Life Term Insurance eShield Eligibility Details
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Minimum
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Maximum
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Entry Age
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18 years
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65 years
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Maturity Age
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-
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70 years
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Policy Term
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5 years
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30 years
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Sum Assured
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Rs.20 lakhs
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No limit
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Premium Amount
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Rs.3,500
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Based on the coverage
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Premium Payment Term
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Equal to the policy term
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Premium Payment Frequency
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Yearly
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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.
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Age
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Male Lives
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Female Lives
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Smokers
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Non-smokers
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Smokers
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Non-smokers
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30
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7770
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4660
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6275
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3920
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40
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17145
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9495
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12260
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6955
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50
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41615
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22305
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29020
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15680
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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.
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SBI Life Term Insurance Smart Shield Eligibility Details
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Minimum
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Maximum
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Entry Age
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18 years
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60 years
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Maturity Age
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-
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65 years
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Policy Term
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5 years
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30 years
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Sum Assured
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Rs.25 lakhs
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No limit
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Premium Amount
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Regular Pay – Rs.5,000 Single Pay – Rs.15,000
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Based on the coverage
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Premium Payment Term
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Equal to the policy term or Single Pay
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Premium Payment Frequency
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Yearly, Half-Yearly, Quarterly or Monthly or in Single Pay
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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.
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Age
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30
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35
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40
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Premium
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9161
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12675
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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.
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SBI Life Term Insurance Saral Shield Eligibility Details
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Minimum
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Maximum
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Entry Age
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18 years
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60 years
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Maturity Age
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-
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65 years
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Policy Term
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5 years
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30 years
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Sum Assured
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Rs.7.5 lakhs
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Rs.24 lakhs
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Premium Amount
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Regular Pay – Rs.2,000 Single Pay – Rs.10,000
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Based on the coverage
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Premium Payment Term
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Equal to the policy term or Single Pay
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Premium Payment Frequency
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Yearly, Half-Yearly, Quarterly or Monthly or in Single Pay
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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:
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Age
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Sum Assured = Rs.10 lakhs
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Sum Assured = Rs.20 lakhs
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Tenure of the plan
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Tenure of the plan
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10 years
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15 years
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20 years
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25 years
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10 years
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15 years
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20 years
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25 years
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25 years
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-
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-
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2187
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3120
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3120
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3366
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3774
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30 years
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-
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2184
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2457
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2839
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3382
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3768
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4314
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5078
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35 years
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2518
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2904
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3422
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4042
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4436
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5208
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6244
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7484
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40 years
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3378
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4064
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4850
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5783
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6156
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7528
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9100
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10, 966
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45 years
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4914
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5943
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7131
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-
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9228
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11, 286
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13, 662
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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.
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SBI Life Term Insurance Grameen Bima Eligibility Details
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Minimum
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Maximum
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Entry Age
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18 years
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50 years
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Policy Term
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5 years
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Sum Assured
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Rs.10,000
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Rs.50,000
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Premium Amount
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Rs.3,500
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Based on the coverage
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Premium Payment Term
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Single Pay
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Premium Payment Frequency
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Single Pay
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Applying for a SBI Term Insurance Plan
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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.
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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.
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
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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.
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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
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
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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.
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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.
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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.
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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.
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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.
