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SBI Life Insurance 5 Years Plan

SBI Life Insurance 5 years plan, like any other life insurance plan of different terms, offer benefits to the beneficiary/nominee of policy in the unforeseen event of the policyholder’s death, as long as the assured has been paying premiums and dies during the five-year tenure that the policy covers. Simply put, 5-year SBI Life insurance plans provide coverage for a term of five years. It is one of the shortest life insurance plans available in the market, along with the yearly renewable plans.

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Individuals buy SBI Life 5 years plan for a number of reasons such as budgetary constrictions, simple-to-understand features and terms of policy, the chance of opting for market-linked returns when offering life insurance safety, and also offers the option to convert the plan after it expires. On the basis of the risk appetite, one can select from a number of funds having varied rates of risk exposure. Transparency and flexibility are the unique features that make the SBI life insurance plan for 5 years a smart option. 

How Does a SBI Life Insurance 5 years Plan Work? 

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

Who Should Buy SBI Life Insurance 5 years Plan? 

A 5 year SBI Life Insurance plan is ideal for individuals who want to provide financial security to their families. With this plan, you can take care of immediate financial responsibilities. So in case of the policyholder’s death, the insurance company will pay the sum assured amount to the policy’s nominee. This way, the family member does not have to face financial difficulties in the absence of a breadwinner. In addition to this, this plan is also suggested for individuals who want to take care of their child’s education. 

Let’s look at the various features and benefits offered by 5 year SBI Life Insurance Plan: 

Best SBI Policy for 5 Years 

The policy type selected by the policyholder depends on a number of factors such as income, family expenses, number of dependents in your family, liabilities, assets, etc.. Following are the best SBI policy for 5 years: 

SBI Life Insurance 5 Years Plan Details 

  1. SBI Life Insurance 5 years Unit Linked Insurance Plans (ULIPs)

    Unit Linked Insurance Plans are long-term investment cum protection plan that offers policyholder an option to pay the premium yearly or monthly. One section of the premium is used to provide a life cover and the remaining amount is invested. 

    SBI Life – Smart Wealth Builder: Smart Wealth plan helps you meet your insurance and financial requirements through a single plan. An individual, non-linked plan is specifically designed for your life objectives such as higher education of children, their wedding, wealth creation for a house, or foreign travel. 

    Key Features 

    • Guaranteed additions are available based on the policy term. Higher the term, the higher the guaranteed addition. 

    • Life insurance coverage all over the policy term

    • No policy administration charges for 1st five years for limited and regular premium payment term plans. 

    • Increased investment opportunity by 11 different fund options. 

    SBI Life Smart Elite: It is an individual, non-linked non-participating life insurance plan that provides you flexibility in paying premiums for a single or limited-term, and protects you for the long term. 

    Key features

    • Market linked returns, which offers good returns in the long run 

    • Invest in a large number of funds at your convenience 

    • Two protection options are available under the plan: Gold and platinum 

    • Switch and redirection facility is also available to pilot your investments 

    • Availability of accidental death and accidental total and permanent disability 

    • Tax benefits as per the prevailing laws of income tax

  2. SBI Life Insurance 5 Years Retirement Plans 

    Pension/Retirement plans are investment plans that help you allocate a part of your savings to accrue over a time period and offer you with steady income flow after retirement. These plans are specifically for senior citizens who want a secure and stable financial future. 

    SBI Life – Saral Pension: It is an individual, single premium, non-participating non-linked immediate annuity plan. This plan offers regular income with the return of purchase rate. 

    Key Features 

    • Secure your retirement with a standard immediate annuity plan 

    • Select from available Return of premium options which are Single life or joint-life annuity 

    • A loan facility can also be availed in case of financial requirements 

    • Surrender facility on being diagnosed with mentioned critical illness 

  3. SBI Life Insurance 5 Years Protection Policies

    Protection plans offer financial stability and protection for your loved ones in case of an unfortunate event. These policies are low-priced insurance policies and are apt for those who are considering the right features at a low price. 

    SBI Life Smart Shield: It is specifically crafted for those who are looking out for the right financial support and protection at an economical process and also comes with an extensive range of plan options. 

    Key Features 

    • Provides financial protection at low prices 

    • Rewards for maintaining a healthy lifestyle 

    • 2 plan options are available to provide you liberty from liabilities 

    • Rebates on high sum assured 

    • Accidental death benefit rider and accidental total and permanent disability benefit riders are also available 

    SBI Life Saral Shield: This plan provides coverage for your family members and makes sure that a proper protection net is formed. 

    Key Features 

    • Easy and hassle-free issuance 

    • Financial protection 

    • Flexibility to choose from: Level term assurance, decreasing term assurance and decreasing term assurance, plan options. 

    • Rebates for women 

    • Rebates on high sum assured 

    • Availability of riders such as accidental death benefit rider and accidental total and permanent disability rider 

    • Tax savings benefit 

    SBI Life Grameen Bima: It is a simple, hassle-free non-linked micro insurance life insurance plan that offers financial security for your loved ones in case of unforeseen demise. 

    Key Features 

    • Protection at low rates 

    • No medical examination required 

    • Easy process of enrolment 

    • Single premium 

  4. SBI Life Insurance 5 years Savings Plan 

    SBI Savings policy is mainly a crafted plan that returns the amount of premium you invested initially and provides a guarantee when it comes to securing your family in case of an unforeseen event. 

    SBI Life Shubh Nivesh: Shubh Nivesh plan helps in building a corpus without the market-related risks and provides you with insurance cover along with the additional rider benefits. 

    Key Features 

    • Provides security for your loved ones, regular income flow, and wealth creation 

    • Choice of regular or single premium payment 

    • Ruder benefits at a low cost 

    • The flexibility of availing whole life insurance as an additional benefit 

    SBI Life Flexi Smart Plus: It is an individual, variable insurance plan that provides buyers the flexibility to adjust to their requirements while promising them guaranteed benefits. 

    Key Features 

    • Guaranteed SBI life insurance 5 years plan interest rate for the whole term 

    • The interest rate on bonus 

    • 2 options of purchase are possible 

    • Partial withdrawal 

    • Flexibility to decrease or increase the chosen SA 

    • Flexibility to increase the chosen policy term

Eligibility Criteria:

The eligibility for getting the SBI Life Insurance 5-year plan depends on the plan that the customer chooses. However, there are a few basic qualifications. The eligibilities are discussed below:

  1. Entry Age

    The entry age depends on the plan that the customer chooses. The minimum entry ages are listed below:

    • Smart Elite, Shubh Nivesh, Saral Pension, and Grameen Bima – 18 years.

    • Smart Privilege Plan – 13 years.

    • Smart Wealth Builder Plan – 7 years.

  2. Policy Term

    The policy term is 5 years. Thus, this insurance provides more benefits within a short period. 

  3. Premium Payment Term

    The premium can be paid yearly, half-yearly, quarterly, or monthly according to the customer's convenience. Thus, depending upon the premium amount that is to be paid, the customer can decide whether they are eligible or not. 

  4. Total Sum Assured

    The total Sum assured starts from a minimum of 25 lakhs to a maximum no limit. Thus, the customer can choose a plan that gives the best benefit while getting a lower premium. 

  5. Premium Payment Mode

    Payment of premium can be made via – Net banking, credit or debit card, and offline modes.

Salient Features:

The key features offered under SBI Life Insurance 5-Year Plan

  • Affordable: - This is one of the features that can be highlighted as the best feature among the others. This plan comes with a low and affordable premium rate. This premium rate depends on the age of the policyholder. The customer has the flexibility to select payment modes and premium amounts. 

  • Planning: - With the help of a 5-year plan, the customer can plan their future expenses in advance. The Sum assured will be increased to the rate of 10% at the end of the 5th year of the plan. Thus, the customer can relax and dream about their future plans. 

  • Riders: - The policyholder can enhance the overall protection offered by the current term plan by opting for additional riders.

Benefits:

As discussed above, the plans under the 5-year scheme are designed based on the idea of providing more benefits to the customer in a less period. This is a reliable plan with a short-term layout. It offers reliable coverage benefits with a small amount paid as a premium. 

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

  • 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 get tax deductions as per Sec 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 as a lump sum amount. He can utilize 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 terminal bonus, if any, along with the Sum Assured on maturity. Premium savings on higher Sum Assured are available.

The Process to buy the SBI Life Insurance 5-Year Plan 

The SBI Life Insurance can be easily bought online. The process for buying the Life Insurance plan is discussed below:

  • Calculate the Premium – Calculate the premium amount on the online calculator and then decide on the policy that suits them best.

  • Personal details – Enter all the personal information like Name, Date of Birth, Age, Marital status, Employment status, Address, Mobile Number, etc.

  • Medical details – Enter the medical conditions of an individual or other bad habits like smoking etc.

  • Make Payment – Finally, the customer can make the payment for buying the policy online. 

For the under-mentioned processes, the policyholder has to visit the official website of SBI Life Insurance and choose a policy first. 

Exclusion

If the customer cancelled a policy because of any personal reason or any other reason, then they can no longer enjoy the maturity benefits that come along with the policy. All the premium amounts that have been collected from the policyholder up to the date of cancellation will be refunded. 

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

FAQ's

  • What are the minimum and maximum ages for getting this plan?

    A1. The minimum age for getting a 5-year plan is 18, and the maximum age is 65. 
  • How does a death benefit work?

    A2. Upon any unfortunate death of the policyholder within the maturity period, the nominee of the policyholder's policy can enjoy the Sum assured amount as a death benefit without any further premium payments.
  • Can I cancel the policy in between?

    A3. Of course. The plan can be cancelled in between the 5-year term if the customer is not satisfied with the policy's terms and conditions. This cancellation can be made even after several premium payments. 
  • Are there various options available for paying a premium?

    A4. Yes. There are various options available for paying the premium. It can be paid monthly, quarterly, half-yearly, and yearly. 
  • Where can I find the SBI Life Insurance Calculator?

    A5. The SBI Life Insurance Calculator can be found online on the official website of SBI.
  • What are the details needed for using SBI Life Insurance Calculator?

    A6. The online calculator can be used by entering a few basic details like Name, DOB, Address, Mobile Number, and an estimated sum assured amount. 
  • Name one of the best benefits of the SBI 5-year Investment Term Plan

    A7. The best benefit is – short-term premium with a substantial assured amount.
  • What are traditional investment plans in insurance?

    A8. These are conventional insurance plans where the policyholder's money is invested as per prescribed guidelines for a longer time duration. The insurer may offer them participating or non-participating insurance plans.
  • What is a partial withdrawal?

    A9. Partial withdrawal is the facility offered by ULIPs to withdraw money from the accumulated fund value of the insured for his needs once the lock-in period is over.

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