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SBI Life Insurance 40000 per year Plan for 10 years

A SBI Life Insurance 40000 per year Plan for 10 years is a life insurance plan that provides a large life cover at a premium of Rs. 40000 payable annually for a limited premium payment term of 10 years. The benefit of these life insurance plans is that they provide life cover for a long term (up to 100 years of age) while the premium payment term ends in 10 years. 

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Benefits of SBI Life Insurance per year plan for 10 years

Let us take a look at the benefits of purchasing an SBI life insurance 10 year plan:

  • Financial protection: The life insurance plan from SBI financially protect the family of the policyholder against any eventuality.

  • Higher Returns: You have to pay premiums for a limited term of 10 years and receive higher returns for your whole life.

  • Long-term Security: You have to pay for only 10 years and stay covered under the plan till 85/100 years of age.

  • Death Benefit: The benefit will be payable to the family of the policyholder in case of the policyholder’s untimely death

  • Tax Benefits: You can avail of tax benefits as per the prevailing tax laws of the Income Tax Act of 1961.

  • Maturity Benefits: In case TROP is selected, the premiums paid throughout the policy term will be returned at the end of the policy term as maturity benefits.

  • Wealth Creation: SBI Life insurance plans give you a chance to create a corpus to beat inflation or fulfill any lifelong goals.

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+

Best SBI Life Insurance Plans for Rs. 40, 000 per year

Here is a list of all the life insurance plans that you can purchase for Rs. 40, 000 per year for a 10 year premium payment term.

Plan Name Entry Age Maturity Age Premium Payment Term Sum Assured Annual Premium
SBI Life eShield Next 18 - 65 years 85 years 10 years Rs. 75 Lakhs Rs. 39,262
IndiaFirst Guaranteed Protection Plus 18 - 65 years 99 years 10 years Rs. 75 Lakhs Rs. 45, 224
TATA AIA Sampoorna Raksha Supreme 18 - 65 years 100 years 10 years Rs. 75 Lakhs Rs. 47, 407
ICICI Pru iProtect Smart 18 - 65 years 99 years 10 years Rs. 75 Lakhs Rs. 51, 337

Note: The sample premium rates mentioned above are for an 18-year-old non-smoker male. You can use a life insurance premium calculator to estimate the accurate premium rate for yourself.

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  1. SBI Life eShield Next

    This is a pure risk protection plan that offers 3 plan options and inbuilt terminal illness cover.

    Benefits

    • You can choose from 3 plan options: Level cover, increasing cover, and level cover with future-proofing benefit

    • The plan has an inbuilt terminal illness benefit under all the above-mentioned plan options

    • Enhance the base life cover with accidental death benefit rider and accidental total permanent disability rider

    • You can select the death benefit to be paid in a lump sum, monthly installments, or lump sum + monthly installments

    • Secure your spouse’s within the plan’s benefits with the Better Half Benefit

  2. IndiaFirst Guaranteed Protection Plus

    This term insurance plan offers a death benefit to the family of the policyholder in case of their unfortunate death during the policy term.

    Benefits

    • The plan offers various policy and premium payment term options to fit your needs

    • The plan is available at affordable premium rates

    • Choose from 3 coverage options as per your requirements

    • Exend your life cover at different life stages like home loan, marriage, and childbirth

    • Choose to receive all the premiums back with the Term Return of premium option

    Note: Know what is term life policy first and then buy a term plan for your loved ones.

    Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

  3. TATA AIA Sampoorna Raksha Supreme

    This TATA AIA life insurance plan offers 4 plan options and whole-life coverage till 100 years of age.

    Benefits

    • Choose to receive the death benefit in a lump sum, monthly income for 60 months or both

    • Flexibility to choose the suitable policy and premium payment term

    • The plan offers lower premium rates for female customers

    • Option riders available under the plan are: TATA AIA Life insurance comprehensive protection rider and TATA AIA Life insurance comprehensive health rider

    • You can increase your sum assured with top-ups

  4. ICICI Pru iProtect Smart

    ICICI Pru term insurance offers this plan with whole life coverage and special premium rates for women.

    Benefits

    • You can pay the premiums for the regular policy term, limited premium payment term, or single premium

    • Select the most suitable option from over 4 benefit options

    • Enhance death benefits with increasing life stages like marriage and the birth of 1st and 2nd child

    • Choose to receive death benefit payout in lump sum, income, lump sum + income, and increasing income.

    • Get enhanced protection against death, disability, and terminal illness.

Final Thoughts

A SBI Life Insurance 40000 per year Plan for 10 years can secure your family financially for a long term, create wealth for your future, and save on your yearly taxes as per the prevailing tax laws. You can purchase the most suitable plan by comparing plans online from the comfort of your home in just a few minutes.

Note: Check out the best term insurance policy in India and choose one that suits your requirements.

Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.


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