Thinking of a 7-Year SBI Life Insurance Plan? Here's What You Should Know

Life insurance is not just about securing your future—it's also about planning smartly for your present goals. If you're considering a 7-year life insurance plan from SBI Life, you're likely aiming for a balance between short-to-mid-term financial protection and disciplined savings. Here's a quick guide to help you understand what to expect and how to choose wisely.

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Why Choose a SBI Life Insurance 7-Year Plan?

A 7-year SBI Life insurance plan maintains a balance between individuals who don't want to commit to long-term policies of 15 or 20 years but still want a decent time frame to build financial stability. You might choose a 7-year plan if you:

Want to cover a financial obligation ending in 7 years (like a loan or child’s education fees).
Are looking for a structured savings habit with a relatively short commitment.
Want insurance for a temporary job or travel situation?
Plan to switch to another long-term investment later but want basic coverage now.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Best SBI Life Insurance Plans with a 6-Year Premium Payment Option

SBI Life Smart Shield Premier
This pure-term insurance plan offers high coverage at affordable premiums, with flexible options to suit your protection needs and future financial security goals.

Key Features:

Flexible Coverage Options: Choose between Level Cover (fixed sum assured) or Increasing Cover (sum assured increases over time).
Tax Benefits: Enjoy tax benefits on premiums paid and claim amounts under Section 80C & 10(10D) of the Income Tax Act.
Affordable Premiums: Get a large cover at an economical price, making it ideal for cost-conscious individuals.

SBI Life e-Shield Next
A customizable term plan that adapts to your evolving needs through various plan options and add-ons like critical illness coverage while offering premium discounts for non-smokers and women.

Key Features:

3 Plan Options: Choose from Level Cover, Increasing Cover, or Level Cover with Future Proofing Benefit.
Critical Illness Rider: Add the Accelerated Critical Illness (ACI) Benefit for disease protection.
Discounts for Non-Smokers & Women: Avail lower premiums if you fall under these categories.

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₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%^#

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What to Look For in a SBI 7-Year Policy?

Before buying any life insurance policy, especially for a relatively short term like 7 years, consider these key factors:

Life Cover Amount

Ensure the sum assured is enough to cover your family’s needs in case of an unfortunate event. A short-term plan should still provide meaningful protection.

Premium Affordability

Look for a premium that fits your current budget and justifies the benefits. SBI Life offers flexibility in premium payment modes—monthly, quarterly, or yearly—so pick what works for you.

Bonus or Return Options

If your plan is a participating policy, check how bonuses are declared and what you might receive at maturity. Bonuses might be lower for shorter terms, but they can still add value.

Tax Benefits

Premiums paid under life insurance policies are eligible for tax deductions under Section 80C, and maturity/death benefits may be tax-free under Section 10(10D), subject to terms.

Riders for Added Protection

Look for optional add-ons like accidental death cover, critical illness benefits, or waiver of premium. These can boost your coverage without significantly increasing the premium.

Who Should Consider a SBI Life 7-Year Insurance Plan?

Young professionals just starting, wanting affordable protection.
Parents seeking to secure short-term financial goals.
Loan borrowers who want to cover liabilities with a matching policy term.
Savers who want insurance with a fixed short-term savings timeline.

Wrapping It Up

A 7-year life insurance plan with SBI Life can be a smart and flexible option for individuals with clear short-term goals or those who prefer manageable commitments. Whether you’re protecting your loved ones, saving for a near-future goal, or just starting your insurance journey—short-term plans can offer real peace of mind when chosen thoughtfully.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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