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SBI Term Insurance Calculator

SBI Life Insurance, one of the leading insurer offers a a comprehensive range of protection-oriented plans catering to the varied customer needs. SBI term plans provides adequate coverage to policyholder’s family at a low premium rate. The customer can use SBI Term insurance premium calculator to calculate the premium rate of policy. Let us learn more about the SBI Term Insurance Premium Calculator and how to use it. 

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What is SBI Term Insurance Premium Calculator?

SBI term insurance calculator is an online tool that helps you calculate the premium rate that you have to pay for your SBI term insurance plan. A premium amount depends on number of factors such as the age, lifestyle habits, income, smoking habits of the policyholder, life cover chosen, and the other factors.

Why Should You Use SBI Term Insurance Premium Calculator?

Below are some reasons why someone should use the SBI Term Insurance Calculator:

  • SBI term insurance premium calculator is an online tool easily available for you to use free of cost.

  • The SBI term plan calculator facilitates evaluating and calculating the premium of a policy quickly and accurately.

  • You can use the SBI Term Insurance Premium calculator to compare the plans available online. Then, they can opt for the best plan that is the most suitable.

  • You can also use the SBI term plan calculator to determine the coverage amount required to protect the family’s financial future.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How To Use SBI Term Insurance Calculator?

You can easily use the SBI term plan calculator online in the following ways:

  • Step 1: Visit the SBI Term Insurance Premium Calculator page

  • Step 2: Enter information like the age, gender, life cover required, cover till age, and tobacco consumption habits

  • Step 3: The lowest premium payable for your profile will be displayed on the screen

  • Step 4: Click on ‘Check Your Premium’ to see the available plans

  • Step 5: Select the most suitable plan and proceed to pay

The details of your purchase will be sent to you via email.

Benefits of SBI Term Insurance Calculator

With the help of the SBI Term Insurance Premium calculator, you can easily calculate the exact amount of insurance coverage needed to meet family’s financial goals. It offers several benefits, which are as follows:

  • The premium calculator helps to evaluate the approximate premium rate of the policy ion a simple and hassle-free way.

  • SBI term insurance premium calculators provide instant results, making it a hassle-free process.

  • With the help of SBI term insurance calculators, you can compare the quotes of various term plans and choose the best suitable plan that has a lower premium rate. SBI term plan calculators are handy tools and user-friendly

  • This online tool helps to evaluate the amount of coverage one will need to secure their family’s future.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

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Information Required To Use SBI Term Plan Calculator

Anybody who uses the SBI Term Insurance calculator would need the following information:

  • Age or Date of Birth

  • Life Cover Required

  • Cover Till Age

  • Gender

  • Smoking Habits

  • Policy Term

  • Premium Payment Term

Benefits of Buying SBI Life Term Insurance Plan

Let us take a look at the benefits of buying SBI Term Insurance Policy:

  • High Cover at Affordable Rates: Term insurance is the simplest form of life insurance that offers the most affordable premium rates. You should note that the earlier you buy term insurance, the lower its premium will be.

  • Family’s Financial Security: Your dependents will receive a lump sum amount if you suffer an untimely demise during the policy term. The lump-sum amount thus received may help them take care of their financial needs and liabilities.

  • Pay off Loans and Debts: If you have existing loans or liabilities, like the EMI of your car, a new home, or a personal loan you might have borrowed. In case of your absence, the burden of trying to pay off the debt might fall on family members. Thus, the death benefit of a term plan may help your family pay off the remaining loan.

  • Death benefit and multiple payout options - Choosing to receive the death benefit in monthly income may act as an income replacement in your absence. You can choose for the death benefit to be paid in a lump sum, monthly income, increasing monthly income, or lump sum + monthly income.

  • Add Riders for Enhanced Cover - You can increase the base coverage of the plan by adding riders at nominal premiums. You can go through the list of available riders, add the relevant riders, and pay the additional premium along with the base premiums.

  • Coverage of Critical Illness - With the critical illness cover, you will receive the rider sum assured on the diagnosis of a critical illness covered under the plan.

  • Income Tax Benefits - You can claim term insurance tax benefits under Section 80C on the premiums paid and Section 10(10D)on the benefits received of Income Tax Act 1961.

Tax benefit is subject to changes in tax laws. Standard T&C apply.

SBI Term Insurance Premium Rates

SBI Term Insurance policy premium rates may vary depending on the type of applicants and depend on the different types of insurances. Generally, the premium rates can vary as which depends on the following factors:

  • Applicant's age - If the applicant is quite young, then there is a chance that they would be getting low premium rates as compared to the older applicants since younger applicants have a higher life expectancy.

  • Gender - Premium rates also depend on gender. Women get lower premium rates as compared to men due to their longer life expectancy.

  • Sum Assured - The higher your sum assured, the lower your premium will be.

  • Policy tenure - For policy tenure, people with higher premium payment terms get low rates of premium.

  • Applicant's Occupation - The occupation of the applicant also plays an important role in deciding their premium rates. Some risk jobs like pilots, mining, firefighters, and others might get higher premium rates than others.

  • Expenses covered - For this section, refer to the policy documents carefully or the term plan brochure online to learn expenses in detail.

FAQ's

  • How can I check SBI term plan status?

    Ans: You need to visit the website and check the SBI term plan status.
  • What are the SBI term plan riders available?

    Ans: The available SBI term plan riders differ from plan to plan. You can check the availability of each rider by going through the policy documents. You can also check the premiums you would need to pay with the riders added using an SBI term insurance premium calculator.
  • How can one renew the SBI term plan online?

    Ans: You can renew SBI term plans online by visiting the company’s official website. For offline procedures, visit the nearest SBI insurer branch.
  • Where can I use the SBI Term Insurance Calculator?

    Ans. You can use the SBI Term Insurance premium calculator online on the company’s official website or on Policybazaar’s Term Insurance Calculator page.
  • Within how many days are claims settled by SBI?

    Ans: The claims are generally settled within 15 to 30 days from the date of filing the form.
  • Do SBI term plans offer maturity benefits?

    Ans: No, term plans do not generally offer maturity benefits, but there are term plans that offer Return of Premium features (TROP) to help one retrieve premiums. You can use the SBI term insurance premium calculator to estimate the premiums you would need to pay for a TROP plan.
  • What is SBI Term Insurance Calculator?

    Ans: SBI term insurance premium calculator is a tool that helps you estimate the required premiums for your desired life cover in an easy, quick, and hassle-free way.
  • Does term insurance cover hospitalization costs?

    Ans: Yes, they do cover hospitalisation charges. You can claim the rider benefit of the term insurance and use the benefit amount to pay for the hefty medical bills.
  • Can one buy multiple term insurance policies?

    Ans: Yes, one can buy multiple insurance policies.
  • What is the use of SBI Term Plan Calculator?

    Ans. The SBI Term insurance premium calculator helps the customer get an estimate of the premium they would need to pay for the desired life cover. They can easily make modifications to the policy details to customise the plan as per their needs.
  • What are the features of SBI Term Insurance Premium Calculator?

    Ans. The SBI Term insurance calculator has the following features available:

    • Accurate Results
    • Easy and Quick Computations
    • Time and Energy Efficient
    • Easy Comparision
    • Plan Finances

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SBI Life Term Plans 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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