Life Insurance is the best assurance you can give to your loved ones in these unpredictable times. Ensuring financial security for yourself and your family is a rewarding experience. Of the many life insurance policies and insurers available in the market, SBI Life offers some credible options. This article is brief coverage of the term insurance plans offered by SBI Life for a maximum assured sum of 1 crore.Read more
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
A 1 crore life insurance plan is where the sum assured of the mentioned amount is paid to the nominee. The term insurance policy will make this payment in the event of the insured's death during the policy tenure. If you are considering SBI Life, three policies are offered where the maturity amount reaches one crore. They are SBI Life eShield, Smart Champ Insurance, and Smart Power Insurance. eShield is an online policy. The other 2 are traditional insurance plans.
The following table presents the features of all the 3 plans:
|SBI Life eShield||SBI Life Smart Champ Insurance||SBI Life Smart Power Insurance|
|You can choose from 3 flexible plan options. All the plans support your financial protection.||Your child will receive the plan benefits.||Financial security for your entire family is on offer.|
|The policy is reliable & supports up to 85 or 100 years of life cover. You may choose this.||Flexible premium payment options are available. This includes a one-time payment.||Liquidity is provided where you can withdraw the amount from the 6th financial year.|
|You may meet your financial requirements through the death benefit payment mode or the better half benefit option.||Tax benefits are to be availed after the child reaches 18 years of age.||You have the flexibility to invest in any two fund options.|
|Reasonable premiums are offered. This may be affordable to you.||In case of an eventuality, the sum assured is paid immediately.||Wealth creation is supported with affordable premiums available.|
|Terminal illness benefit is available for all the plans.||Accidental Total Permanent Disability (ATPD) is covered under this policy.||The plan is reliable as a choice for increasing cover options is present.|
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
The major benefits of SBI 1 Crore Life insurance are as follows:
For SBI eShield Next:
The sum assured is always taken from a list of policy options. The highest amount is paid.
Terminal illness benefits and the two-rider options are provided. You have to pay additional premiums for these benefits.
Increasing cover levels might help you with future-proof financial goals.
For SBI Smart Champ Insurance:
In the case of an eventuality, the lump sum amount paid is always the highest possible option.
Your child receives smart benefits on completion of 18, 19, 20 & 21 years of age.
You may avail of tax benefits based on the rate of returns.
Single premium & annualized premium benefits are available.
For SBI Smart Power Insurance:
The sum assured on your survival up to maturity period will be paid as a lump sum amount.
In the unfortunate event of your death, the highest possible amount from a list of options is paid as a policy benefit.
In case of total & permanent disability, 100% of the benefits will be paid immediately.
The eligibility for SBI eShield is as follows:
Your minimum age for a whole life plan is 45 years. For other plans, it is 18 years.
The maximum age may vary from 55 to 65 years, depending on your policy choice.
The maximum age at maturity can be 85 to 100 years.
You should be willing to commit to a policy term of a minimum of 5 years.
All basic documents to prove identity, age, and address will be required.
You should be an Indian citizen.
The basic eligibility requirements for SBI Life Smart Champ Insurance and SBI Life Smart Power Insurance are the same. Any differences in eligibility criteria are shown in the below table:
|SBI Life Smart Champ Insurance||SBI Life Smart Power Insurance|
|The entry age for a child is zero. However, for a life assured plan, it is 21 years.||The minimum eligible age to enter is 18.|
|The maximum age for the above plans is 13 & 50.||The maximum age is 45.|
|The age at maturity should be 21 & 42 - 70.||The maximum age at term maturity is 65 years.|
|Your policy term may vary from 8 to 21 years.||Your policy term will be from 10 to 30 years.|
Following is the list of required documents:
Latest medical report.
The documents to prove age, identity, address, and income may be an aadhaar card, pan card, passport, driving license, rental agreement, birth certificate, matriculation certificate, income tax return, salary slip, etc.
You can purchase the policy plans online or offline. For buying SBI eShield plan, your best choice is to purchase online. For the other two plans, you can direct contact SBI Life branches. You can also opt for intermediaries like brokers, insurance agents, commission sales professionals, etc. It's always advised to reach out to financial investors. Your consultation may be regarding policy terms & conditions, tax benefits, rate of returns, and assured benefits on maturity.
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