Term insurance is considered as the best option to ensure the future welfare of your family members. As our life is so uncertain, we can never predict what can happen in the coming future. To ensure your family is able to deal with any type of financial crunch and maintain a good lifestyle and daily expenses, you must go for term insurance. In a nutshell, all those who have dependent children and parents need a term insurance plan. This type of plan provides a bigger cover at lower costs.
Term insurance offers financial security to the beneficiary of the policyholder for a definite time period. In the unfortunate event of sudden demise of insured within the tenure of the policy, the nominee can claim for the death benefit amount from the insurance provider. The sum assured amount offered by the policy could be received as a one-time lump sum amount or in small monthly installments, whichever is convenient for the beneficiary.
Term insurance takes care of unforeseen responsibilities as well as liabilities. The lump sum amount paid as death benefit help in meeting your family’s debt and foster financial stability. Term insurance is crucial for everyone and especially the main earning member of the family. The term insurance plan offers flexible plan choices. According to your suitability you can choose – the preferred amount of sum assured, regular or single premium payment options, policy tenure, and additional protection cover. Certain term insurance plans also come with survival benefits; these plans are called Term return of premium plans (TROP). It is quite popular among individuals who want to seek the dual benefit of life cover as well as savings. Though the premium for TROP plans is on the higher end but you can be rest assured that the amount of premium you pay will come back to you at the end of the policy term.
In India, term insurance plans by SBI are considered basic, cost-effective and convenient to buy. SBI term insurance offers array of product and services that secure your family’s monetary future at nominal expense. Contrary to other insurers, SBI life offers term plans with pocket-friendly premiums.
SBI term insurance offers several policies catering to its customer requirements. SBI Life Poorna Suraksha term plan is a non-participating plan covering 36 critical illnesses. This unique term plan offers critical illness cover, which makes it a thoughtfully created insurance product. Children can gift this plan to their elderly parents, providing an all-inclusive life insurance solution. SBI Life introduced the Poorna Suraksha plan aiming at the concept of ‘reverse parenting’. Most people become vulnerable to ill health as they grow old and it becomes extremely difficult to meet the treatment costs linked with critical illnesses. Hence, it becomes vital to ensure the health of your elderly guardians. The premium payment amount of the policy ranges from s minimum Rs.3000 and maximum INR 9, 32,000. For half-yearly, premium minimum amount is INR1500 and maximum amount is INR 4, 75,000. For monthly premium, minimum amount is INR250 and maximum amount is INR80, 000.
The critical illness cover amount is only payable if the insured survives for 15 days after the diagnosis of the listed critical illness.
This plan will help you maintain a balance between your critical illness and life in an affordable manner. During various phases of your life cycle, your needs keeps on varying along with your growing age. Also, as you grow older, you are burdened with additional responsibilities. Below are discussed few points for your understanding:
Major critical illness covered are mentioned below
Remaining 16 critical illnesses are mentioned in the company’s brochure. In Financial year 2017, SBI Life’s claim settlement ratio was 96%. It’s ranked the sixth insurance company in terms of high claim settlement ratio. SBI Insurance’s claim settlement ratio has been varying in the range of 89% - 96% over the last few years.
This is a basic SBI term insurance plan, which offers an added accidental death rider. SBI life insurance will pay the legal heir or nominee the sum assured in the unfortunate event of sudden demise of the policyholder during the duration of the policy.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
In addition to the intrinsic accidental death cover, the insured can also choose an accidental death rider. In the event of sudden demise of the insured due to unfortunate accident, the nominee will receive the basic sum assured plus the additional rider cover amount.
With the detailed and elaborate discussion on the benefits and features of both SBI eShield and Poorna Surakhsha plans, now it’s time for you to decide which plan will suit you the best. If you want to show gratitude to your parents for all their hard work and dedication then go for the comprehensive SBI Life Poorna Suraksha plan. However, if you want to provide your family or dependants financial security in case of any possible eventuality then opt for SBI Life eShield. Both the plans will not dishearten you and are designed to cater to your unique needs.
SBI Life Insurance has over 850 branches across India with a customer base of more than 2 crores. More than INR72,000 crore claims have been settled till date. SBI is India’s leading insurance company. It’s a joint venture between State bank of India, India’s largest public sector bank and BNP Paribas Cardiff, a major global insurance provider. With around 198 overseas offices in about 37 nations, SBI is actually an Indian multi-national company.
When an investor commits to an insurance plan, you are bound to develop a disciplined saving practice. A regimented saving habit will help you meet several financial goals over the long term, through various stages of life. During your youth, when you are free from any family responsibilities, purchasing a life insurance policy is the best thing to do as it has several advantages. When you are young, energetic, and healthy, investing in life insurance will assure a stress-free retirement life at affordable premiums. Hence, when you begin saving early, you make significant savings on premium amount in the long run.
SBI Life offers different plans as per your needs:
Married Without Kids
Married with Kids
Independent with Kids