Term insurance plans are formulated specifically to offer life cover to the policyholder. Such plans offer financial assistance to the insured person's family in case of an unfortunate event such as the death of the policyholder. Among all kinds of life insurance products, term insurance plans are more affordable because of their enhanced life cover benefits with a minimum premium value.
+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
Some insurers also offer cover against the permanent or partial disability of the policyholder that affects his/her regular income. Term insurance premium plans also help you fulfil your future needs, such as your children's education or marriage, even in your absolute absence.
There are numerous insurers in today's life insurance market that offer life cover and rider benefits as per the requirements of the policy buyer. One such insurer is the State Bank of India. SBI 1 Crore Term Insurance plans are offered under various schemes that can be purchased either online or offline. Such comprehensive term insurance policies offered by SBI to offer financial security of life cover sum equal to 1 Crore. SBI 1 Crore Term Insurance plans also offer provisions for the policy buyers to choose rider benefits to add value to their plans at affordable premium rates.
SBI 1 Crore Term Insurance is offered under four different schemes. They are:
The eligibility criteria for different plans that offer SBI 1 Crore Term Insurance are summarised below:
Name of the plan |
Entry Age in years |
Maturity Age in years |
||
Min |
Max |
Min |
Max |
|
SBI Life Poorna Suraksha |
18 |
65 |
28 |
75 |
SBI Life eShield |
18 |
65 for level covers 60 for increasing cover |
80 for level covers 75 for increasing cover |
|
SBI Life Smart Swadhan Plus Plan |
18 |
65 |
- |
75 |
SBI Life Smart Shield Plan |
18 |
60 |
- |
80 |
The salient features of SBI 1 Crore Term Insurance plans are as follows:
The key benefits of SBI 1 Crore Term Insurance plans are as follows:
SBI Life insurance is popular as one of India's largest insurance providers. The term plans are structured in such a manner that they suit all individuals irrespective of the type of plans that they are looking to purchase. The aspirant policy buyers are offered numerous term plans, child plans, protection plans, retirement plans, and savings plans. Diverse schemes are offered to the customers to gain SBI 1 Crore term insurance sum as the life cover. The steps to be followed in order to purchase the 1 Crore term plans of SBI life insurance are as follows:
Step 1:Log in to the official website of SBI Life.
Step 2:Click on the tab that says 'Buy Now' and fill in the necessary details to calculate the policy premium value. The details may include premium payment frequency, assured sum requirement, date of birth, name, health conditions, tobacco and alcohol consumption, etc. Make sure that you enter 1 Crore in the tab that asks for the required assured sum in order to purchase SBI 1 Crore Term Insurance plans.
Step 3:Complete the payment of premium through credit or debit cards, internet banking, mobile or e-wallets, etc.
Step 4:The term insurance policy will be issued on the successful completion of premium payment and document verification.
The following documents are to be furnished to complete the purchase of SBI 1 Crore term insurance plans.
The valid documents that can be furnished as proof of identity or address are as follows.
The following documents shall be furnished as valid proof of the policy buyer's income.
The above-mentioned documents are to be submitted during the purchase of the SBI 1 Crore Term Insurance plan not only to help the insurer establish the identity and authenticity of the information provided by the policy buyer. It also benefits the insurer and the insured person in several other ways. Timely document submission enables the following.
In addition to offering life cover for the insured person and financial assistance to the family of the insured person, the SBI 1 Crore Term Insurance plans have the following additional features:
There are no specific terms and conditions to purchase the SBI 1 Crore Term Insurance plans online or offline. However, the policy buyers are expected to furnish all the necessary documents at the time of purchase. It is mandatory for the policyholders to declare their lifestyle habits and practices such as alcohol and tobacco consumption. The candidates involved in risky lifestyles and individuals with smoking and drinking habits are prone to higher premium rates. It is mandatory for the candidates to give a medical test report that helps the insurer analyse the previous health history and the current health status of the policyholder.
The SBI 1 Crore Term Insurance plans have certain exclusions. Under few weird circumstances, the policyholders or the beneficiaries of the policy are not entitled to the benefits of the plan, such as assured sum. The exclusions of the SBI Life Term Insurance plans are as follows.
If the policyholder commits suicide before the completion of one year from the date on which the policy was issued or reinstated, the nominee shall be entitled to 80% of the paid premiums if the policy is still active. After this payment, the policy shall be considered void, and no further claims on such policies are payable.
Death of the policyholder under any of the following circumstances shall not be covered under the SBI 1 Crore Term Insurance plans.
SBI 1 Crore Term Insurance plans provide an assured sum of INR 1 Crore for the family members of the policyholder. In the crucial time of recent years, we may be prone to a higher risk of a financial crisis. It is important for every salaried individual to purchase term plans to secure their family financially even after their death.