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SBI 1 Crore Term Insurance

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.

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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:

  • SBI Life Poorna Suraksha
  • SBI Life Smart Shield plan
  • SBI Life eSheild 
  • SBI Life Smart Swadhan Plus Plan

Eligibility Criteria for SBI 1Crore Term Insurance Plan

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





SBI Life Poorna Suraksha





SBI Life eShield


65 for level covers

60 for increasing cover

80 for level covers

75 for increasing cover

SBI Life Smart Swadhan Plus Plan





SBI Life Smart Shield Plan





Salient Features of the Plans

The salient features of SBI 1 Crore Term Insurance plans are as follows:

  • These plans ensure to keep the family of the insured person financially protected in case of an unexpected death of the policyholder within the termination of the policy. 
  • In case of the policyholder's death, the assured life cover is paid to the beneficiary under the SBI 1 Crore Term Insurance plan.
  • SBI term plans that offer an assured sum of 1 Crore do not offer any maturation benefits. Suppose the insured person dies after the end of the policy term. The beneficiary of the plan shall not be entitled to the assured sum. 
  • The policy buyers can choose add-on riders with the 1 Crore term insurance plans offered by SBI at a reasonable extra premium payment.


The key benefits of SBI 1 Crore Term Insurance plans are as follows:

  • The plans offer extended financial protection to all the family members of the insured person.
  • SBI Life insurance term plans value the customers and hence offer quick settlements of the insured sum on the claim. The claim settlement is 96.69% for SBI insurance plans.
  • The policy buyers are offered rewards for their health in terms of discounted premium rates based on their health condition.
  • SBI 1 Crore Term Insurance plans offer a higher assured sum whose maximum limit is 1 Crore. However, the premium rates are minimum. This facilitates the policyholders to build their savings and wealth for future emergencies. 
  • Female policyholders are provided with special discounts on the premium rates while purchasing SBI Term Insurance plans that provide an assured sum of 1 Crore to promote the idea of women empowerment and increase the number of female policyholders.
  • Various term plans of SBI Life insurance that offers a life cover of Rs. 1 Crore are formulated with utmost care to meet the financial needs of all earning individuals falling in the age group of 18 years to 65 years. 
  • The SBI 1 Crore Term Insurance plans offer additional value to the policy purchased by the customers to the add-on riders such as accidental death cover, critical and terminal illness cover, cover on permanent disability, etc.

The Process to Purchase the Plans 

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.

Documents Required

The following documents are to be furnished to complete the purchase of SBI 1 Crore term insurance plans.

  1. Valid Identity and Address Proof

    The valid documents that can be furnished as proof of identity or address are as follows. 

    • Passport
    • AADHAAR card
    • Voter's ID card
    • Job card provided by the NREGA duly signed by the state government authority
    • Any other document issued by the Government of India
    • PAN card of the policy buyer or form 60 in case the buyer does not possess a PAN card
    • Any of the following documents can be submitted as valid address proof in cases where the government-issued ID card does not contain the latest address of the policy buyer.
      • Utility bills of the latest months – electricity bills, water bills, telephone bills, gas bills, post-paid mobile bills, etc
      • Municipal or Property tax receipt
      • Pension payment orders of retired personnel
  2. Valid Proof of Income

    The following documents shall be furnished as valid proof of the policy buyer's income.

    • Bank statement of the recent three months reflecting the credited salary
    • IT returns of the two latest consecutive years

    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.

    • Acts as a surety to state that the policy buyer is an Indian resident.
    • Updates the medical history and current medical condition of the policy buyer to the insurer.
    • Makes the policy purchasing process hassle-free.
    • Assures maximum benefits of the plans through the insurer.
    • Eases the process of policy renewal.
    • Helps in quicker settlement of claims at the time of absolute necessity.

Additional Features

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:

  • Provision to choose the term of the plan as per your requirement.
  • The flexibility of paying premiums either monthly, annually, or biannually.
  • The policyholders are free to choose the pay-out modes – either a lump sum settlement or regular monthly income.
  • The plans offer tax-saving benefits as per sections 80C and 10(D).
  • Premium discounts are also provided on the larger assured sum.

Terms and Conditions

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. 

Key Exclusions

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.

  1. Suicidal exclusion:

    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.

  2. Other Exclusions

    Death of the policyholder under any of the following circumstances shall not be covered under the SBI 1 Crore Term Insurance plans.

    • Drug abuse
    • Infection
    • Self-inflicted injury
    • Civil commotion or war
    • Criminal acts
    • Aviation (other than travelling as a passenger)
    • Dangerous sports and life-risking activities

Over to you

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.


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