SBI Life Insurance 5 Years Plan Calculator

SBI Life Insurance is one of the most reliable companies offering life insurance products in the market today. SBI Life Insurance 5 Year Plan is one of the numerous insurance plans offered by the company that guarantees a hassle-free claim settlement experience to their customers.

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Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
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View plans
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While buying this plan, SBI Life Insurance 5 Years Plan Calculator can easily be used to calculate the premium rates of this plan.

Why Should You Use SBI Life Insurance Plan Calculator?

SBI life insurance plan calculator is a digital tool that assists the customer in making comparisons between the numerous policies available in the market. It cuts down the time that a customer would otherwise waste in manually going through all the policies. It makes sure that all the needs of the customer are taken into consideration before finally selecting a policy that caters perfectly to all his requirements.

Process to Use the Calculator

SBI Life Insurance 5 Years Plan Calculator is relatively easy to use. In a few steps, one can determine the premium payable. Customers can make an online payment on the company's official website and purchase the plan from the comfort of their homes by using the calculator.

The steps that need to be followed are as follows:

  1. Fill in the Information 

    A customer will be requested to fill in his personal details, such as the customer's name, contact number, gender, marital status, etc. Then the calculator will also ask for the medical details of a customer.

  2. Enter Sum Assured

    A customer must then input the type or name of the policy he wishes to buy, the premium payment term, and the Sum Assured. He/she is then given the option to select the riders available, to enhance the plan.

  3. Check the Premium Amount

    Once all the necessary details have been entered, a premium quote appears on the screen. The customer must study this quote carefully and decide if it fits the budget or not. If it is within the budget, then he/she can make an online payment and immediately purchase the policy. If the customer feels that the quote provided is beyond the budget, then he can make alterations in the Sum Assured to get a premium that is more suited to his needs. 

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Advantages:

SBI Life Insurance 5 Years Plan Calculator offers a variety of advantages that a customer can take advantage of and obtain financial security for himself and also for his immediate family members. The advantages offered are as follows:

  1. Saves Time

    By using a Life Insurance Calculator, a customer can save a lot of his time. With the click of a few buttons, a Customer can purchase a plan that is best suited to his needs in a matter of minutes. It eliminates the tedious tasks that a customer would otherwise have to undergo.

  2. Saves Money

    The customer can avail of the services of the SBI Life Insurance 5 Years Plan Calculator free of cost on the company's official website. A customer need not visit the branch office of the company or pay an aggregator to select a plan for him. It provides a hassle–free experience to the customer.

  3. Helps to Plan Finances

    Once the customer has an idea of the premium that is expected to pay, it puts him/her in a better position to plan for the finances. The prior intimation helps the person to plan the budget accordingly.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Information Required:

Customers who wish to purchase SBI Life Insurance 5 Years Plan Calculator would need to furnish the following information to the company:

  1. Personal Information 

    Customer's name, date of birth, occupation, marital status, whether or not the customer has dependents who need to be covered under the insurance.

  2. Health Information

    Whether or not the customer is a smoker or user of tobacco, whether or not the customer suffers from any critical illness etc. are required.

  3. Sum Assured Amount 

    The required amount of the life cover is needed.

  4. Financial Condition

    An estimate of the financial conditions of the customer, to be able to find a policy that suits his requirements perfectly.

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
Premium 479/month
Age 25
Age 50
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Benefits of Buying SBI Life Insurance 5 Year Plans 

Following are the benefits of buying SBI Life Insurance 5 Year Plans:

  1. Financial Security

    Life Insurance plans provide financial security to the policyholder. The returns from a life insurance policy ensure that the life goals of a family or an individual remain unaffected even when circumstances are challenging.

  2. Assists in Wealth Generation

    SBI Life Insurance Plans provide the benefit of life coverage as well as investment, e.g. Pension plans, endowment plans, etc.

  3. Flexible-Premium Payment Option

    The customer can then pay the premium on a yearly, half-yearly, quarterly, or monthly basis, depending on the terms and conditions of the product. 

  4. Retirement Planning

    A customer can be sure of a secure retirement if he invests in insurance plans that guarantee a monthly pension on maturity. This ensures that the customer can be financially stable even if he/she is not working.

  5. Tax Benefits

    Annual tax deductions of up to 1.5 lakh can be availed by the customer for the life insurance premiums that he pays. Various other tax benefits on pay out can also be availed by customers.

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

  6. Secures the Future of the Dependants

    In most cases, the dependants are the children of the policyholder. The returns from the insurance policy could go towards the education of the child, thus ensuring his future and providing him with a way to realize his dreams.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

SBI Life Insurance 5 Year Plans Premium Rates

SBI Life Insurance Plans come in a variety of options, depending on the needs of individual customers. The plans are designed keeping in mind the various budgetary constraints of different people. The following are the factors that affect the rates of the premiums:

  • Age of the customer – Older policyholders pay higher premiums as their life expectancy is assumed to be lower.
  • Gender of the Customer – Women get the benefit of paying lower premiums than men for SBI Life Insurance policies.
  • Sum Assured – The higher the sum assured, the higher the premium.
  • Policy Tenure – The higher the term of the policy, the lower the premium that needs to be paid.
  • Occupation of the customer – Customers who are employed in high-risk jobs, e.g., pilots, firefighters, etc., are required to pay a higher premium than low-risk job customers.
  • Health History- Customers with serious medical conditions, e.g., heart disease, cancer, etc., pay higher premiums. A medical examination of the customer might be carried out to determine any medical disorders that he might suffer from in the future, based on his current health.

A customer can easily use SBI Life Insurance 5 Years Plan Calculator to find an insurance plan that most suits his requirements. It is an easy, quick, and hassle-free method to secure the future of the customer, and it is available for free at the official website of the company.

FAQ's

Written By: PolicyBazaar
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