A Review Of SBI Return Of Premium Term Plans

What Is SBI Return Of Premium Term Plans?

SBI Return of Premium Term Plan is a protective plan, ensuring financial security for your loved ones in the unfortunate event of your death. This plan guarantees both family protection and the return of total premiums paid upon policy maturity. Let’s explore the key benefits of the SBI Return of Premium Term Plan for a comprehensive understanding.

Why Should You Consider Buying SBI Return Of Premium Term Plans?

SBI Life Insurance is known for its many flexible plans that can be customized to match the life goals of policyholders. 

Below are some reasons why you can consider buying the SBI Life Insurance:

• Comprehensive Plans: SBI offers a diverse range of plans, including Term life insurance, Retirement, Investment, child, and investment plans. You can easily use Policybazaar to buy the SBI Life Insurance Plan that aligns with your budget and requirements.

• Online Buying Convenience: SBI Life provides a quick and hassle-free online purchasing process for life insurance plans. Each policy offers various options to suit both your budget and needs. You can easily buy SBI Life Insurance from Policybazaar and avail an extra 10% online discount. 

• High Claim Settlement Ratio: SBI Life Insurance boasts a remarkable claim settlement ratio (CSR) of 98.39%, as per the IRDAI Annual Report 2022-23. A higher CSR signifies the reliability of the insurance company in settling claims.

• Cost-Effective Coverage: SBI Life Insurance offers comprehensive life coverage at affordable premium rates, providing various options within a budget-friendly range.

• Quality Customer Service: As a leading insurer, SBI Life Insurance prioritizes affordable premium rates and values its clients. The customer care team is available 24x7 on their official website and can be contacted through their toll-free number to address any queries.

• Tax Benefits: Premiums up to Rs. 1.5 Lakh per year are tax-exempt under section 80C of SBI’s term insurance plan and life insurance plan. Moreover, the life cover paid to your nominee is completely tax-free under section 10(10D) in case of your unfortunate death.

What Is The Best ROP Plan Offered By SBI Life Insurance?

SBI Smart Swadhan Plus is a term insurance plan that provides the dual benefits of comprehensive protection and returns your premiums upon surviving the policy term. This plan helps in meeting your insurance requirements while ensuring the refund of the total premium amount paid, subject to the plan being in force at maturity. Now let’s understand the features of the SBI Life Smart Swadhan Plus Plan.

What Are The Key Features of SBI Smart Swadhan Plus Plan?

Below listed are the key benefits of the SBI Return of Premium Term Plans:

• Dual Benefits: Provides life protection during the policy term and returns the total premium if the policyholder outlives the policy term.

• Premium Rebates: Enjoy premium rebates for selecting a higher sum assured.

• Flexible Policy Term: Choose from 10 to 30 years based on individual needs.

• Discounted Premiums: Policy offers premium discounts for customers opting for higher coverage levels.

• Payment Options: Choose between a lump sum payment or premium payments over 5, 10, or 15 years or the entire policy term.

• Tax Benefits: Policyholders can claim tax deductions under Section 80C for premiums and enjoy tax benefits under Section 10(10D) on plan proceeds.

Wrapping It Up!

Bhardvaj made a good choice by buying the SBI Term Plan. It will help him protect his loved ones from future financial burden. Along with this plan, he received protection throughout the policy term, with the Sum Assured on Death being payable. This ensured that upon policy maturity, an amount equivalent to 100% of the total premiums paid will be repaid to him. Bhardvaj easily bought the plan from Policybazaar and was promised 100% Claims Assistance. As Bhardvaj has mentioned in the SBI Return Of Premium Term Plan review, he was helped by the Policybazaar insurance advisors regarding premiums, you can also seek assistance regarding any doubt or query regarding life insurance policy.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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