SBI Term Insurance Calculator

SBI Life insurance is one of the most popular insurance providers in the country, which offers a host of protection oriented plan to cater to the various requirements of the buyers. The Term insurance policies offered by SBI Life Insurance provides high insurance coverage to the family of the insured at a lower premium rates. The premium rate of these policies are determined based on various factors like age, smoking habits, income, etc. To evaluate the approximate premium rate of the policy, the insurance buyers can make use of SBI term insurance calculator.

Let’s read further to know in detail about SBI term insurance calculator.

Why Insurance Buyers Must Use SBI Term Plan Calculator?

The premium rate of term insurance policy varies from person to person. It depends on different factors like age, income, the sum assured amount, location,  smoking habits, medical history, etc. It can be difficult for insurance buyers to calculate the premium rate of the policy manually based on these factors. The term insurance premium calculator is an online tool that helps the insurance buyers to evaluate the premium rate of the policy in a simple and hassle-free way. Moreover, by using SBI term insurance premium calculator, one can also save time and money.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Process to Use SBI Term Insurance Calculator

An individual will need to follow the below mentioned steps to use SBI term Insurance Calculator.

  • Visit the official website of SBI i.e.https://www.sbilife.co.in/
  • On the home page, under the products option click on the individual life insurance plan option.
  • Click on the plan that you want to buy.
  • After that you will be redirected to new page where you will find the information related to the plan.
  • On top of the plan page, click on the button to compute the premium amount.
  • Once the premium calculator is open, you will need to enter the required information like policy term, desired sum assured amount, date of birth, premium paying frequency, smoking habits, gender, etc.
  • After entering the details click on calculate premium.
  • The approximate premium amount of the policy will be displayed.
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What are the Benefits of SBI Term Insurance Premium Calculator?

The following are the benefits of SBI Term Insurance Calculator

  • This is an online tool, which is free of cost.
  • The premium calculator helps to evaluate the approximate premium rate of the policy in a simple and hassle-free way.
  • With the help of term insurance premium calculator, an individual can compare the quotes of various plans and choose the best suitable plan at a lower premium rates.
  • It also helps to evaluate the amount of coverage one will need to secure the future of their family.
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Benefits of Buying SBI Term Insurance Plans

The following are some of the benefits if buying SBI term insurance plan.

  • Provides financial security to the family with a higher sum assured amount. 
  • The term insurance plan offered by SBI life insurance offers different plan options to choose from.
  • The plan offers flexibility in paying premiums. 
  • The insurance holder can choose different payout option as per their requirement and suitability. 
  • An individual can also gain the benefit of tax saving U/S80C and 10(10D) of the IT Act. 

Term Insurance Premium Rates

The premium rates of term insurance policy is the cost that an individual has to pay for purchasing an insurance policy. The term insurance premium rates are determined based of various factors. These are the two main factors that governs the premium rate of an term insurance policy.

  • Mortality Rate: is an insurer‘s anticipation of deaths among a particular group of insured lives at certain ages.
  • Expenses: A term insurance policy’s gross premium is calculated as net premium + loading. The net premium depends on the mortality rate, investment earnings, and the lapse rate and loading are the company‘s operating costs.

 

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