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SBI 1 Crore Life Insurance

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.

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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:

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.

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:

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.

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.


  • What are the modes of premium payment available?

    Ans. Various payment modes to pay insurance premiums are available. You can choose from yearly, half-yearly, monthly, quarterly, and single, one-time premium payments.
  • Is it possible to calculate the premium payment & assured sum options in advance?

    Ans. All the SBI Life Insurance policies have an illustration mode on their websites. You can calculate the payment options & the maturity term benefits in advance. This will help you understand the actual risk involved.
  • What are the rates of return for SBI 1 Crore Life Insurance?

    Ans. The assumed rate of return for SBI Life insurance is 4% - 8%. This percentage is received when the maturity term is reached.
  • Are waivers applied to due premiums?

    Ans. In the case of the SBI Life Smart plan, for all the premium payments after the sum assured is paid, waivers are done. You won't have to make future payments.

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SBI 1 Crore Life Insurance Reviews & Ratings

4.3 / 5 (Based on 128 Reviews)
(Showing Newest 10 reviews)
Delhi, October 14, 2021
Manageable plan
I bought pnb met life e term plan is nice which have low premiums and the paybacks are high. The policy coverage is good 90 percent and the claims are approx. 5 percent more times the amount invested. The services is good and on time till date provided by the policybazaar team. Good future investment which save taxes too. Happy to be their customer.
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Pandavapura, March 20, 2019
Best insurance provider
Best buy and reliable. I recently got a life insurance for myself from SBI, which apparently is the most trusted life insurance available. I trust them when it comes to helping my family in case of any unfortunate incident. Also, my purchasing experience was made easy and swift, apart from the best deal given by Policybazaar.
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Kolkata, October 10, 2016
Retirement policy
Services of sbi life insurance company is fantastic and on time too. I took pension policy plan from them for me and my family. Investment requirement is less and the returns are much more. Premium are low and the policy coverage is high. Claiming process is simple which can be done by anybody. Online facilities reduces the paperwork and load of wasting time in queue.
Lauriya, September 23, 2016
Best Services
Sbi life insurance company provides best services. I purchased ulip insurance policy from them and the premium is normal but the staff of the company and customer support team available for 24X7. Policy coverage and claims are good.
Dalpur, September 23, 2016
Traditional Policy
The sbi life provided me the best traditional insurance policy in very low premiums. The investment is low but the paybacks are high. Coverage is good and claims can be cleared easily by taking executives and staff members services.
Gunupur, September 23, 2016
Insurance Policy
Good to got the very fine child insurance policy from sbi life insurance. Policy coverage is maximum and premium is very less. Claims are easy to get and the procedure is simple, it has less paperwork. Online renewals is possible through online portal of the company websites.
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