SBI Life Insurance Calculator

Life insurance is mandatory in today's day and age. When it comes to purchasing one, customers opt only for the best cause. It is a one-time investment that helps protect the financial future of the policyholder and his beneficiaries. SBI Life is a dependable insurance provider with a high claim settlement ratio. SBI Life Insurance Calculator can be used to calculate the premiums that a customer is expected to pay if he invests in a life insurance policy.

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This gives the customer a good idea regarding the nature of the policy and the financial commitment he is expected to make upon purchasing it.

Why should You use SBI Life Insurance Calculator?

There are numerous policies available with SBI, and selecting one of them manually can be a daunting task for any customer. The SBI Life Insurance Calculator enables the customers to identify a plan that is perfectly suited to their needs. The customer need not manually sift through every policy. 

This online tool helps in determining the premiums that a customer must pay. It, therefore, provides advance intimation on the amount that is expected so that the customer can plan his finances accordingly. The information provided to the calculator will determine the premium amounts.

Reasons to use SBI Life Insurance Calculator:

  • The Life Insurance calculator gives a clear picture regarding finances to the customer before investing in any policy.

  • The information that the customer provides to the calculator is strictly confidential and secure.

  • It is a quick service that is available on the website for the convenience of the customers.

  • It allows the customers to make comparisons among policies and choose the most appropriate policy to their needs.

  • The calculator allows the customer to select different plans and avail of different benefits based on their requirements.

Process to Use the Calculator

The SBI Life Insurance Calculator has been developed for the ease and comfort of use of the customers. It is freely available, any time of the day on the official website of the company. Using this tool requires a customer to simply input the information being requested and wait for the result. The underlying steps display how this calculator can be used to estimate the premiums for life insurance policies:

  1. Provides required information

    The calculator asks for the customer's personal details, like name, date of birth, gender, whether or not the customer is a smoker, etc. Using the bar provided on the website, the customer can also adjust the policy term he wishes to invest in. The premium payment frequency should also be mentioned, along with the customer's current address and mobile number. The Sum Assured can also be entered on the same page.

  2. Selection of a plan

    Once the customer hits the “Calculate Premium” button, the premium will be displayed. Based on this information, the calculator will offer suitable plans. The customer must select one of them. The option to select additional riders is also displayed on the same page.

  3. Study the quote provided

    The customer must now make a detailed study of the benefits offered under the plan and decide if he wants to invest in it. The premium also should be within the financial constraints of the customer. If the information provided by the customer in the first step is genuine, the plan will most probably be suitable for his needs. It is hence necessary that all the details provided are genuine.

Advantages of SBI Life Insurance Premium Calculator

SBI Life Insurance Calculator gives customers an idea of the amount of investment that they must make to secure the future of their loved ones in case of early death or illness. This gives them a better idea of handling their finances. There are numerous benefits the calculator offers apart from these. They are as follows:

  1. It is simple to operate

    The calculators are easy to operate, and anyone can use them and get a quote on a plan that they wish to purchase. The information requested is basic, which once entered, will yield an accurate figure instantly. With the availability of fast internet almost everywhere, this has become an easy process to follow.

  2. They are accurate

    The calculators provide accurate results in a short span of time so that the customers are saved from the task of manually having to make assumptions and calculations regarding the purchase of policies. They are trustworthy, and the customer can have the confidence that the figure displayed by the calculator is error-free.

  3. They are hassle-free tools.

    Since these calculators can be used freely, they save extra trips to the branch office. This holds especially true for immobile customers or those who reside in remote areas. The customer can check the premium required to purchase the policy, purchase the policy and also pay the premiums every month, all online. This saves a lot of effort and time for the customers.

Information Required while using the Calculator

The underlying information is mandatory while using the SBI Life Insurance Calculator:

  • Personal Information: The full name, email id, address, date of birth, gender, and mobile number of the customer care to be provided while using the

  • Health Information: The customer will be asked if he is a smoker or not as there are special rates for non-smokers.

  • Sum Assured: The customer must enter the Sum Assured, which is the amount that will be made available to the family in case of the death of the customer during the policy term.

  • Policy Term: The bar available on the website enables the customer to select the time period for which he is willing to invest.

  • Premium Payment Frequency: The customer can choose if he wants to pay the premiums on an annual, semi-annual, quarterly, or monthly basis.

Benefits of buying SBI Life Insurance

With their pocket-friendly premiums, SBI Life Insurance has some good plans to generate large funds in the future for the customers. Investing in these plans gives the customer the security of knowing that his family will be provided for even in the event of his premature death or a terminal illness. Investing in life insurance plans is always a good option as it is low risk and provides guaranteed returns. These are the benefits of investing in SBI Life Insurance Plans:

  • Includes the habit of saving: The timely premiums inculcate a habit of saving in the policyholders, resulting in financial protection for the future.

  • It is a low-risk investment: Investing in life insurance is considered a low-risk investment as it is not subject to market risks.

  • Allows planning for future life: Planned investments in life insurance allow a policyholder to have more control over his finances and better planning for his future.

  • Secures the policyholder and his beneficiaries: Once the customer purchases a policy, he can be assured that his family members will be financially secure with no need to depend on anyone, even in the face of an unplanned misfortune.

SBI Life Insurance Premium Rates

The premium rates provided by SBI ensure that anyone can invest in their plans without having to worry too much about the premium rates. There are some further concessions available based on certain conditions. They are as follows:

  • Age: Younger customers can expect lower premium rates. Hence it is always better to invest early.

  • Gender: Women are usually offered lower premium rates.

  • Sum Assured: If the sum assured is higher, the premium rate automatically decreases.

  • Occupation: People in high-risk jobs, like miners, pilots, etc., are usually offered a high premium due to the nature of their jobs.

  • Premium payment term: Plans that offer limited premiums usually have higher


  • What is a grace period?

    A1. A grace period is an additional number of days given to a policyholder to make a premium payment if he has missed the due date. It is 30 days for annual, semi-annual, and quarterly payments and 15 days for monthly payments.
  • Does a policyholder have to pay interest during the grace period?

    A2. No interest is charged during the grace period, but the interest begins to accumulate once this period has lapsed.
  • How can a policyholder use the Premium Paid Certificate?

    A3. The Premium Paid Certificate can be used to claim tax benefits on the policy.
  • Is it possible to get a Premium Paid Certificate for the previous year?

    A4. The Premium Paid Certificates for previous years can be obtained online by mentioning the financial year in which the policy lies.
  • What is the procedure to be followed in case an online premium payment has not been successfully made?

    A5. If online payment has failed, one will get the message "Failure" displayed on the screen instead of an acknowledgement. The policyholder should confirm that the premium payment has been reverted to his account in this case before proceeding to make a second attempt to pay his premium. The reversal of the transaction usually takes 3-4 business days. The policyholder may contact SBI via email or approach the nearest SBI branch office for help as well.

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