SBI Group Term Insurance

SBI Group term plan is a pure risk life insurance product with the sole aim to financially support the employee’s family in the event of death during the policy term. The large sum assured helps the family absorb the trauma of losing the breadwinner and come to terms to resume life afresh. Unlike the individual term plan, the SBI Group Term Insurance is a feature-rich, cost-effective solution helping the companies to fulfil their obligations toward their employees and their families. 

The USP of the SBI Group Term Insurance is an affordable group term life insurance product designed to cater to different group categories, broadly classified as formal and informal. The formal group reinforces the Employer-Employee (EE) bond. In contrast, the informal group covers several classes like credit groups, affinity groups, bank depositors, professional groups, social groups, rural groups, etc., broadly clubbed as the Non-Employer-Employee (NEE) group. 

Eligibility Criteria for SBI Group Term Plans

It is already understood that there are broadly two group categories – The EE and the NEE. In the former, the primary requirement is that the employee must be on the company’s permanent payroll seeking to purchase the SBI Group Term Insurance. The NEE, on the other hand, has a common thread binding them. Based on these two principal themes, the eligibility criteria defined in the SBI Group Term Insurance are:

Parameter

Conditions

Minimum Entry Age

EE Group: 18 years 

NEE Group: 16 years. 

Maximum Entry Age

EE Group: 79 years

NEE Group: 79 years.

Maximum Maturity Age

EE Group: 80 years

NEE Group: 80 years.

Policy Term 

Renewable every year

Premium 

Depends on the sum assured

Minimum Sum Assured

EE Group: Rs.1000 per member

NEE Group: Rs.1000 per member

Maximum Sum Assured 

EE Group: Rs.50 Crore per group member

NEE Group: Rs.50 Crore per group member

Minimum Group Size

EE Group: 10 members

NEE group: 10 members

Salient Features of SBI Group Term Insurance Plans

The SBI Group Term Insurance is a comprehensive security package providing a fully flexible customizable tuned to the policyholder’s needs. The primary advantages of the policy are:

Security

A group term life insurance plan covers the group member to support dependants in an unfortunate eventuality financially.

Flexibility

The group’s preferences are factored in to define plan benefits. It includes defining the sum assured as per the master policyholder’s needs. It is either a Fixed Sum Assured across the board to all group members, or a Graded Sum Assured based on employee rank and salary scale. Additionally, the policyholder has a wide choice both in terms of riders and options to enhance coverage. 

Simplicity

The enrolment and on-boarding are seamless and straightforward.  The master policyholder accomplishes the membership enrolment through a simple application form.

The SBI Group Term Insurance has a wide range of features catering to every individual preference to provide optimum customization. Let us summarize all the key features for easy comprehension:

  • The SBI Group Term Insurance is a single master policy covering all the members of the group. 
  • The plan is backed by the SBI, India’s largest commercial bank with a 24/7 service and global acceptability.  
  • The master policy is fully customizable by using the following options to accommodate individual preferences.
    • Coverage Type: The policyholder can decide between a Flat, or Graded coverage, meaning that the sum assured is uniform across the board for all group members in the former, and sum assured is determined by multiple factors of age, rank, salary scale making it variable. 
    • Coverage Amount: There are two ways to determine the member’s coverage, either as salary multiple or cost-to-company. 
    • Life Cover: The life cover is a substitute for EDLI.
    • Risk Component: It provides for the group tern insurance to select the component under any defined benefit or defined contribution scheme. 
  • The master policyholder is the administrator empowered with specific privileges to maintain the policy, renew, and update the master roll with additions and deletions as and when required. 
  • The   SBI Group Term Insurance provides a wide range of riders and options to tailor the policy according to the group member’s needs. 

Core Benefits of SBI Group Term Insurance Plans

Apart from the salient features mentioned above, the SBI Group Term Insurance has a wide range of benefits catering to every individual preference to provide optimum customization. Here is a rundown of the key benefits offered under the SBI Group Term Insurance Plans:

Death Benefit

The sum assured benefit is payable to the member’s nominee in the event of demise due to natural causes, accidents, or on the diagnosis of critical and terminal illness if opted for. 

Maturity Benefit

The SBI Group Term Insurance does not provide any maturity benefit. 

Rider Benefit

The policy offers a wide range of riders to ensure that the members and their dependents are well protected. 

  • Group Rider – ASTPD
  • Group Rider – AD
  • Group Rider – ATPD
  • Group Rider – APPD
  • Critical Illness Riders: four-rider variants are offered under this head with two formulae – Additional and Accelerated. 

Optional Benefits

Below are the optional benefits offered under the SBI Group Term Plans:

Convertibility

The insured member can opt to convert the group plan into an individual plan of SBI Life. 

Terminal Illness Benefit

It is applied only in the EE group where the master policyholder can opt for this benefit, meaning diagnosing a disease that is likely to be fatal within 180 days. 

Spouse Cover Benefit

The master policyholder can opt for this benefit for a minimum group size of 250, either made compulsory or voluntary. 

Death Benefit Settlement

By this option, the death benefit is paid in installments, spread over 5 years.

Tax Benefit

The GOI governs every life insurance product promulgated extant Income Tax Laws and subject to amendment from time to time. The master policyholder’s premium is entitled to tax exemption under Section 37 (1) as a legitimate business expense. 

The Process to Purchase SBI Group Term Insurance

SBI Life has a strong pan India presence, and the SBI Group Term Insurance can be purchased in many ways. The digital model is convenient, with simple basic questions answered to receive the insurer’s assistance. The essential information sought is the company’s name, industry type, group size, plan name, city, contact person’s name, and phone number, and the authority to be called. Other than the digital route, the master policyholder can engage a suitable broker or visit the nearest brick and mortar office to accomplish the job. 

Documents Required while Buying SBI Group Term Insurance Policies

Membership enrolment in the SBI Group Term Insurance is seamless, with most companies advocating a simple application form. It is with claims that understanding documentation becomes essential for a smooth settlement. Accordingly, the documents required for some typical situations are described below. It is to be noted that it is only indicative, and the insurer may call for additional documents if needed. 

Natural Death Claim

  • Claim Form
  • Death Certificate from the appropriate authority
  • Nominee’s KYC documents
  • Nominee’s bank account details, including IFSC information

Accidental Death Claim

  • Claim Form
  • Death Certificate
  • Medical reports if hospitalized
  • All investigation reports and Police related documents

Critical Illness Claim

  • Claim Form
  • Diagnosis and Investigation reports
  • Hospital medical records
  • Treating Doctor’s Certificate

Other Features of Group Term Plans by SBI

Apart from the aforementioned key features offered under the group term insurance policies by SBI, here are some other features that come packed with the plans:

For the Employer

  • A comprehensive employee benefits package with options to customize
  • A critical tool to retain and attract employee assets
  • Simple to maintain and administer 

For the Employee

  • Global acceptance with 24/7 SBI support
  • Boosts employee morale and peace of mind
  • No medical examination is required on enrolment up to Free Cover Limit
  • Coverage grows with rank and promotions

Terms and Conditions under SBI Group Term Plans

Let us have a look at the terms and conditions for group term insurance policies by SBI:

Free Look

The policyholder is entitled to a free look period of 15 days to review the policy features. If not satisfied with the provisions, the policy may be returned stating reasons. 

Profit-sharing

The SBI Group Term Insurance provides for profit-sharing as per the accepted formula. The financial benefit is reflected in the following year’s premium reduction. Losses are carried over for adjustments with future profits. 

Grace Period

The SBI Group Term Insurance policy is up for renewal every policy anniversary, and the term is one year. The policyholder gets a breathing time called the grace period of 15 days for the monthly premium and 30 days for other frequencies to renew the policy. 

Exclusions of SBI Group Term Policies

The key exclusions of SBI Group Term Insurance Plans are as follows:

Suicide Claim

When the suicide claim is excluded for the event occurring within the first twelve months, the policyholder is entitled to receive 80% of all the paid premiums, minus the incidental charges and taxes. 

Critical Illness

  • A claim is not paid within 90 days from the policy inception date or the member’s entry date.
  • The survival period of additional benefit is 30 days. 

Terminal Illness

The benefit excludes those affected with HIV or AIDs.  

General Exclusions

  • Self-inflicted injury or attempt at suicide
  • Medical conditions originating from alcoholism, solvent abuse, or drug addictions
  • Accidents and medical conditions arising from participation in extreme sports, hazardous activities, and potentially dangerous hobbies
  • Medical conditions arising from perils of war, invasion, war-games, or civil actions like strikes, riots, etc. 
  • Radioactive contamination from nuclear leaks and explosions
  • Treatment-related to congenital disabilities 

*For a detailed list of exclusions, please refer to the policy document or the product brochure.

FAQs

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

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

**Tax benefit is subject to changes in tax laws

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 29 Reviews)
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SBI Group Term Insurance Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 25 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.
Akash
Kanpur, April 21, 2016
Above Average
SBI life term insurance plan is one of the perfect insurance i took it. The policy is good in service and it can be buy online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. It saves taxes also.
Hemant
Ooty, April 21, 2016
Satisfactory
My sbi life term insurance plan is good with nice benefits. The policy coverage is high ~89% and the claims are approx. Rs.36 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.
Devesh
Navi_mumbai, April 21, 2016
Good Investment
I own sbi life term insurance plan and it really very good. The premiums are ~Rs.39.3 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.
Nirmal
Jajpur, April 21, 2016
Very Nice
Policy plan is nice with huge benefits like low premiums and the policy coverage is high 87%. Claims are are good and the payback amount is around Rs.33 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment which saves taxes.
Gautam
Agartala, April 21, 2016
Good Service
I purchase sbi life term insurance plan. They has good in facilitate the fast services. Policy coverage is 91% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members is good with great service provided anytime.
Duggandla
Hyderabad, March 02, 2016
"Good"
My term plan has all benefits which i bought from sbi life insurance. Policy coverage is 90% and claims are ~Rs.18 L. Service are good and claiming process get easy due to fast service. I really like the policy terms and conditions.
Plan Name: eShield
Agent Code: BPW00301
Satish
Udaipur, March 02, 2016
superb plan.
My term policy plan is with sbi life insurance. Policy is nice with low premiums and even terms and conditions are also good. Policy coverage and claims are high. Service is the best and executives and staff behave well with any query or conversation.
Plan Name: eShield
Agent Code: BPW00301
VIJAY
Delhi, March 01, 2016
Good Plan.
I purchase sbi life insurance term policy plan and i'm really happy with the terms and conditions of the policy. Coverage of the plan is high and the investment is low. Claims are also good ~Rs.13 L. The service is fast and always on time. Thanks for this great policy plan.
Plan Name: eShield
Agent Code: BEW00148
Ankita
Mumbai, February 25, 2016
Average Policy.
I bought sbi life insurance term plan. The policy coverage and the claims are not that much as i expected. Premiums are high and services are okay not the best and not even poor. Kaam chalau plan hai.
Plan Name: eShield
Agent Code: BPW00301
Gaurav
Indore, February 24, 2016
Okay.
My policy plan is not that good as i expected. Even the premiums are high but the returns are not. SBI life insurance term plan provide good services but not much good in other fields. Claims are also fair.
Plan Name: eShield
Agent Code: BPW00065
Prashant
Vadodara, February 24, 2016
Policy coverage is less.
I have sbi term insurance plan which has low policy coverage but the service provided is great. Premium is low but the returns are also not much higher. An average policy plan according to me.
Plan Name: eShield
Agent Code: BEW00148
ROHIT
Patna, February 19, 2016
Great Policy Plan.
I have sbi term insurance policy plan which has low premiums. But the investment is also little bit high. Policy coverage is 90% and the claims are easy to get without any waiting. Service is really good, i'm happy with my policy plan.
Plan Name: eShield
Agent Code: BEW00148
Gaurav
Indore, February 18, 2016
Average Policy.
I bought term policy plan and sbi life insurance has low premiums on policies. You guys provided the nice services but please improve on your websites. Claims and policy coverage are high. I must say an average policy with okay benefits.
Plan Name: eShield
Agent Code: BPW00065
Neeraj
Delhi, February 18, 2016
Fine term plan
SBI life insurance term plan i have which provides me many benefits. Low premiums and high returns. Policy coverage is 80% and Policy claims are around eighteen lakhs. Services are pretty fast and on time time now. Great work.
Plan Name: eShield
Agent Code: BPW00301
SatheeshKumar
Bengaluru, February 12, 2016
Good Life Insurance Policy.
My life is secure with sbi insurance. The policy is good enough to give five stars with closed eyes. The policy coverage is 90% and the claim is ~Rs.25 lakh. The service is very fast and follow-ups is time to time with nice response.
Plan Name: eShield
Agent Code: BBE06282
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