SBI 1 Crore Life Insurance

What is SBI 1 Crore Life Insurance

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.

Features of SBI 1 Crore Life Insurance

The following table presents the features of all the 3 plans:

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Benefits of SBI 1 Crore Life insurance

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.

Eligibility Criteria

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:

Documents Required

Following is the list of required documents:

• Age proof.

• Identity proof.

• Address proof.

• Income proof.

• 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.

Steps to Purchase SBI 1 Crore Life Insurance?

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.

FAQ's