SBI Life Insurance 5 Years Plan

The SBI Life Insurance Plans for 5 years are easy to understand, and since they only cover you for five years, they are good choices for people who only want insurance for this reason.

SBI 5-Year Life Insurance Plans

Below are the SBI Best Plans for 5 years 2026

Let’s explore more about these plans:

SBI Life – Smart Shield Plus

• You can choose a fixed cover amount or opt for cover that increases over time.

• There’s an option to stay covered until age 100 under the whole life variant.

• Extra protection can be added through riders like accidental death or critical illness.

• Higher sum assured options may come with premium rebates.

SBI Life – Smart Shield Premier

• Multiple plan variants including life cover with return of premium

• Option to receive payouts as lump sum or staggered income

• Coverage against terminal illness

• Flexibility to enhance protection with rider benefits

SBI Life – Saral Jeevan Bima

• Standard term plan with simple and uniform benefits

• Fixed premium throughout the policy term

• Covers death due to any reason, subject to policy terms

• Easy structure without complex investment components

SBI Life – Smart Swadhan Supreme

• A term plan that returns the premiums paid if you survive the policy term.

• Maturity benefit is clearly defined at the start.

• Eligible for tax benefits under current income tax rules.

• Optional riders available for added protection.

SBI Life – eShield Insta

• Fully online purchase with minimal documentation

• Instant policy issuance for eligible applicants

• Basic life cover at affordable premium rates

• Designed for individuals seeking quick term protection

SBI Life – Smart Swadhan Neo

• Returns premiums if the policyholder lives throughout the term.

• Gives you options for how and when to pay your premiums.

• Offers life insurance for the whole time period chosen.

• You can add riders for extra financial help.

SBI Life – eWealth Plus (ULIP)

• It is an SBI investment plans for 5 years that combines market-linked investment with insurance coverage.

• You can choose from different funds based on the level of risk you're willing to take.

• You can move money between funds if your strategy changes.

• Partial withdrawals are allowed after the mandatory lock-in period.

How Does a SBI Life Insurance 5-Year Plan Work?

The functioning of the SBI Life insurance plan for 5 years is quite easy to understand. Once you buy the policy, you must pay the premium. This can be made as a single-term payment or via any other payment method available with your chosen insurance company. In case of your unfortunate death, the death payout is paid to the policy’s beneficiaries.

What are the Benefits of SBI 5 Year Life Insurance Plans

SBI's 5-year scheme offers reliable coverage at a low premium.

Apart from this, there are a few other benefits of getting the SBI Life Insurance 5-year plan.

• Affordable Premiums: SBI Term Insurance for 5 years offers a low, affordable premium rate. This premium rate depends on the policyholder's age. The customer can select payment modes and premium amounts.

• Death Benefits: Upon the policyholder's unfortunate death during the policy term, the policyholder's nominee will receive a Death Benefit. The Death Benefit will be equal to the Chosen Sum Assured at the time of policy purchase.

• Tax Benefits: The premium paid towards a 5-year life insurance policy is eligible for tax benefits. It will be eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

*Tax benefits are subject to change as per tax laws. Standard T&C Apply.

• Commutation Benefits: The policyholder can take up to one-third of the benefit in a lump sum. He can utilise the remaining amount to receive a regular stream of income.

• Investment Benefits: The SBI 5-year investment term plans provide a simple reversionary bonus and, if any, a terminal bonus, along with the Sum Assured on maturity. Premium savings are available for a higher Sum Assured.

Who Should Buy the SBI Life Insurance 5-Year Plan?

A 5-year SBI Life plan makes sense for people who don't want a long commitment but still want their money and family protected for a specific period. Not everyone needs a 20- or 30-year policy. Sometimes the goal is closer, the responsibility is temporary, or you simply prefer to finish your premium payments quickly and move on.

• If you’re planning for a near-term goal
  Maybe your child’s school admission is a few years away. Maybe you’re setting aside money for a planned expense. A 5-year plan keeps the timeline tight and practical.

• If you don’t like market risk
  Some people sleep better knowing exactly what they’ll get back. If volatility makes you uneasy, certain guaranteed options can feel more comfortable.

• If you want to finish premiums early
  Not everyone wants to pay premiums for decades. SBI Life Insurance plans for 5 years offers a shorter payment period can feel lighter and easier to manage.

• If you plan taxes carefully
  If you actively look for deductions under Section 80C, this can fit into that approach.

• If you’re retired or close to it
  For someone who wants something simple, stable, and not stretched over too many years, a short-term structure can be easier to handle.

How Can I Buy the SBI Life Insurance Plans From Policybazaar?

To buy the insurance policy from Policybazaar, follow the steps below:

Step 1: Go to Policybazaar's Life Insurance Page.

Step 2: Depending on your needs, choose either "Term Insurance" or "Investment Plans."

Step 3: Type in your name, gender, date of birth, and phone number.

Step 4: Give additional information, which can include yearly income, type of occupation, educational qualification, habit of consuming tobacco, etc., along with your pincode.

Step 5: Select the SBI life insurance plan from the options available

Step 6: Continue to the payment using your chosen payment option.

Exclusions

If the customer cancels a policy for any personal or other reason, they can no longer enjoy the policy's maturity benefits. All premium amounts collected from the policyholder up to the date of cancellation will be refunded.

No more premiums will be collected from the customer after cancellation.

You may also like to read about Term Insurance

Note: Check all the best term insurance plan in India.

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

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