SBI Life Insurance Calculator

Life insurance is a financial product that helps protect the financial future of your family while helping you grow a corpus over time. The SBI Life Insurance premium calculator can help you to calculate the premiums that you would have to pay to purchase a life insurance of the desired life cover. Let us see the advantages and information required to use the SBI life insurance calculator.

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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.

What is an SBI Life Insurance Calculator?

SBI Life Insurance premium calculator is an online tool that allows you to make accurate estimations regarding the policy details and calculate the premium you would need to pay for the desired life cover. It provides easy and free results and can be used to compare plans and their premium rates for you to find and purchase the plan that fits your budget the best. The SBI life insurance calculator takes your gender, marital situation, and life stages into account to help you find the most suitable SBI life insurance plan.

Reasons to use SBI Life Insurance Calculator

Here is a list of reasons why you should use the SBI Life insurance calculator:

  • The Life Insurance calculator gives you a clear picture of finances before you invest in any policy.

  • The information that you provide is strictly confidential and secure.

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

  • It allows you to compare term plans and life insurance policies and purchase the one that fits your needs the best.

  • The SBI Life Premium calculator is available 24x7 and provides accurate results every time.

How To Use The SBI Life Insurance Calculator?

You can use the SBI life insurance premium calculator by following the below steps:

  • Step 1: Fill in your basic information like name, phone number, gender, and date of birth

  • Step 2: Click on ‘View Plans’ and answer the questions regarding your lifestyle habits like smoking and chewing tobacco, educational background, yearly income, and occupation type

  • Step 3: Select your preferred insurer as SBI life in the ‘Filter’ section

  • Step 4: Choose the preferred policy term, life cover, premium payment term, and premium payment mode

  • Step 5: Add the relevant riders to the base plan and enhance the plan coverage

  • Step 6: Compare SBI life insurance plans online and purchase the one most suitable for your needs

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 you a better idea regarding the nature of the policy and the financial commitment you are expected to make upon purchasing it. Following are the numerous benefits of the SBI life insurance premium calculator:

  1. It is easy to use

    The calculators are easy to use, and you can use them to get a quote on the plan you 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.

  4. Helps with Money Planning

    The SBI life insurance calculators can help you plan your budget to fit the life insurance plan and manage your finances without any hassles. You can use it to plan major life events and make financial decisions accordingly.

  5. Select the appropriate life cover

    The SBI life insurance calculator can help you select the right life cover that will be enough to support your family in your absence by taking your age and annual income into account.

  6. Easy Comparison of Plans

    The SBI life insurance premium calculator allows you to compare plans online in just a few clicks from the comfort of your home. You can compare plans based on their premium rates, CSR values, or sum assured and purchase the one that suits your requirements the best.

Information Required while using the SBI Life Insurance Calculator

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

  • Personal Information: You will need to enter your full name, email id, address, date of birth, gender, and mobile number while using the SBI life insurance calculator.

  • Health Information: You will be asked if you are a smoker or not as there are special premium rates available for non-smokers.

  • Financial Information:You will need to enter your annual income and the amount you are willing to pay as regular premiums.

  • Sum Assured: You will be required to enter your desired Sum Assured, which is the amount that will be provided to your family in case of your unfortunate death during the policy term.

  • Policy Term: You can select the number of years you would like to be covered under the policy.

  • Premium Payment Frequency: You can choose if you want to pay the premiums on an annual, semi-annual, quarterly, or monthly basis.

Factors Affecting the SBI Life Insurance Premium Rates

SBI life insurance premium rates can be affected by the following factors:

  • Age: The premium rates of a life insurance plan increases with the increase in age as the younger you are the lesser risks you will have in life.

  • Sum Assured: The larger the sum assured is the larger will be the SBI life insurance premium rates.

  • Gender: Various SBI Life insurance plans offer special discounts to female customers, therefore, you can avail of an SBI life insurance plan at low premium rates if you are a female.

  • Add-on Riders: Add-on Riders are available at nominal charges and can increase the life cover of your policy.

  • Policy Term: Policy term can affect your SBI life premium rates as the longer the policy term the lower will be the premium rates.

  • Occupation Type: If you are an individual in a high-risk job like a sailor, pilot, miner’ or more you will be offered the SBI life insurance plan at higher premium rates.

  • Premium Paying Term: The premium paying term can affect your premium rates as the longer the duration you pay your premiums the lower will be the premium rates.

How Much Life Cover Do You Need for SBI Life Insurance Plan?

Here is how you can calculate the amount of life coverage you can avail of based on your eligibility

  • Step 1: Go to the Human Life Value Calculator and click on ‘Calculate Now’

  • Step 2: Fill in your age, yearly income, and existing life insurance policy’s life cover

  • Step 3: Click on ‘View Plan’ to go through the available plans and purchase the one most suitable for you.

FAQ's

  • 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 acknowledgment. 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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