SBI Life Insurance 10 Years Plan

Term plans are probably the most cost-effective way of ensuring one’s life. At comparatively lower premium rates, they offer guaranteed higher returns. They can provide coverage for a longer period and a range of other benefits. Some of them even offer the feature of premium returns. It helps in a great way as it saves the money paid as premiums and provides life coverage.

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When one decides to buy term life insurance, he gets a range of options available in the market. Several reliable insurers offer a variety of term insurance plans. Among them, the SBI life insurance term plans are a great choice for customers. 

Let us have a look at the top three SBI Life Insurance 10 years plans:

SBI Life – Saral Swadhan Plus

For anyone looking for an individual insurance plan that could provide exceptional benefits at convenient premiums, this policy is the right choice. It is a non-participating, non-linked policy, but with the feature of premium returns at the end of the policy period.

  1. The eligibility criteria of the plan:

    • The minimum age can be 18 years.
    • The maximum age can be 55 years.
    • The maximum age of the applicant should be 70 years at maturity.
    • He/she should be able to produce income proof and other required documents.
  2. The features of the plan:

    • The policy term can be either 10 years with a regular premium or 15 years with a limited premium.
    • Premium has to be paid annually. The minimum premium can be INR 1500, and the maximum premium can be INR 5000.
    • The customer can choose the amount of premium he/she wishes to pay.
    • The minimum sum assured by this policy is INR 30,000, and the maximum sum assured is INR 4,75,000.
    • This policy offers the feature of premium return.
  3. The benefits of the plan:

    • In case the policyholder passes away during the policy term, then the nominee receives a lump sum amount as the death benefit.
    • In case the policyholder survives the tenure, he/she will receive the premium he/she paid, excluding taxes and other rider premiums, as the maturity benefit.
    • Surrender benefit – If the policyholder wishes, he/she can surrender the policy after two years, provided the premiums were fully paid. The policyholder, in this case, would receive a percentage of the sum according to the plan selected.
    • A policyholder can save tax based on the premiums being paid for this policy.

SBI Life – Shubh Nivesh

This is an excellent package plan as it provides life coverage, is a great way of saving money, and can also act as an income source to the insured’s family. It is an individual, participating, non-linked plan, with the option of whole life cover.

  1. The eligibility criteria for the plan:

    • The minimum age can be 18 years.
    • The maximum age of the applicant can be 55 years for an endowment plan with a regular premium. It can be 60 years for an endowment plan with a single premium. If an applicant chooses an endowment plan with a whole life cover option, then the maximum age can be 50 years.
    • The maximum age of the applicant should be 65 years at maturity.
  2. Features of the plan:

    • The minimum sum assured is INR 75,000.
    • The minimum policy term can be 10 years for a regular premium endowment plan. It can be 5 years for a single premium endowment plan. It can be 15 years for a whole life cover endowment plan.
    • The maximum policy term can be 30 years.
    • Premium can be paid as a single-time investment or yearly/half-yearly/quarterly/monthly.
    • This policy offers the exceptional feature of deferred maturity payments.
  3. The benefits of the plan:

    • Maturity benefit – When the policy matures, the basic sum assured along with the acquired bonuses will be paid. The policyholder or the nominee can select the option of receiving the maturity sum as deferred payments.
    • Death benefit – On the policyholder's demise during the policy term, the nominee receives the sum assured on death along with the other bonuses.

SBI Life – Saral Shield

It is ideal for anyone who is looking to invest in an insurance plan without compromising on life goals. It is a non-participating, traditional plan, with the option of decreasing term assurance.

  1. The eligibility criteria of the plan:

    • The minimum age can be 18 years.
    • The maximum age can be 60 years.
    • The maximum age of the applicant should be 65 years at maturity.
  2. The features of the plan:

    • There are three plan options – level term assurance, decreasing term assurance for loan protection, and decreasing term assurance for family income protection.
    • The minimum sum assured is INR 7,50,000, and the maximum sum assured is INR 24,00,000.
    • The policy term can be anywhere between 5-30 years.
    • Premium can either be paid as a single investment or as regular premiums.
    • Savings on premium rates for women.
  3. The benefits of the plan:

    • The death benefits depend on the type of plan chosen. In the case of level term assurance, the sum assured is paid to the nominee on the death of the policyholder. In the case of a loan protection plan, the policy will first pay off the pending loan and then pay the rest of the sum. In the case of the family income protection plan, the sum assured is paid in portions to the family.
    • The plan offers surrender benefits for single premium policies only.

Documents Required for Buying these Plan

  • Age proof
  • Address proof
  • Identity proof
  • Medical reports
  • Income proof

The Process to Purchase the Policies

The SBI Life Insurance 10 years policy can either be bought online or offline:

  • For buying online, the customer has to visit the official website and select the plan he/she wishes to buy. After entering the required details, and uploading the specified documents, and making the payment, the procedure will be complete.
  • For buying offline, the customer has to visit SBI life's authentic branches and meet an agent. The agent will help the customer with the entire procedure of buying the policy.

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Written By: PolicyBazaar
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