SBI Term Insurance for 1 Crore

SBI Term Insurance for 1 Crore is a term plan that provides a sum assured of Rs.1 Crore. This sum assured is paid as a death benefit to the nominee/beneficiary/family in case of the policyholder’s death. It is a right sum assured amount that can help the family-run household expenses or pursue higher education or meet other life goals. The premium rates for SBI 1 Crore term insurance plan are affordable, which makes this the right choice among the policy buyers.

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Why Buy SBI Term Insurance for 1 Crore?

Following are some factors that make 1 crore term insurance a must-have plan:

High Cover at Low Premium Rates: SBI Term plans are economical because they provide a single death benefit and no other components of saving. An SBI 1 Cr Term insurance plan can be easily availed for as low as Rs.449.
Secure Your Family From Loans, Liabilities, and Debts: Having an SBI Term Insurance plan makes it easier to receive a loan in case of an eventuality. The payout from a term insurance plan can help in repaying the loan and keep your loved ones stress-free from the debt in case you are not around.
Purchasing at Early Ages: By purchasing an SBI 1 Crore Term Insurance Plan at an early age, you can get good life cover at low premium rates than buying at later stages. Also, you can save more taxes.
Get Comprehensive Cover: This plan offers comprehensive cover that makes sure that the policyholder and his/her family are financially secured.
Whole Life Cover: A SBI 1 Crore Term Insurance Plan offers comprehensive cover for your lifetime or till the time premium amounts are paid. This makes sure that you and your loved ones are financially safe to fulfilling all their life goals.
Tax Benefits: The premium amount paid for an SBI Term plan and the death payout received are exempted from tax under 80C and 10(10D) of the ITA, 1961.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

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⁺

How Does SBI Term Insurance for 1 Crore Work?

Let’s understand how SBI term insurance for 1 Crore works with the help of an example:

Anup is a young, healthy individual, 25 years old, who purchases an SBI Term Insurance for 1 Crore. The below table illustrates the Finances of Anup:

Age of Anup	25 Years
Yearly Income	6 Lakhs
Personal Expenses of Anup	4 Lakhs
Current Term Plan Cover	1 Crore
Investment + Personal Savings	2 Lakhs

*No home loan is availed and no such family members are dependent on him.

**No child education expenses

Anup is smart enough to purchase a term insurance plan at an early age to get low premium rates and high coverages and to get prepared in case of any eventuality.

Who Should Buy SBI Term Insurance for 1 Crore?

Here are the types of individuals who should buy SBI term insurance for 1 Crore:

Category	Why SBI Term Insurance for 1 Crore is Suitable
Primary Breadwinners	Provides financial security to dependents by covering daily expenses, education, and lifestyle needs in case of untimely demise.
Home Loan Borrowers	Ensures outstanding loans and liabilities can be repaid, reducing financial burden on family members.
Parents Planning for Children’s Future	Helps secure children’s education, marriage, and other long-term goals with a high sum assured.
Professionals Seeking Affordable High Coverage	Offers substantial life cover at competitive premiums, making it ideal for individuals wanting ₹1 crore coverage without high costs.
Individuals Planning Short- to Mid-Term Protection	Provides coverage for a specific period with manageable premiums, ensuring financial protection when it’s most needed.

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SBI 1 Crore Term Insurance Plan

SBI Life insurance offers a term insurance plan for 1 crore i.e., SBI Life-Smart Shield Plus that is a protection plan with benefits crafted for your growing needs to create a safe life. Let’s understand this plan in detail:

SBI Smart Shield Plus Term Insurance for 1 Crore

SBI Smart Shield plus is a new protection plan which has been specifically designed to meet present needs and also take care of the changing responsibilities. Thus, it is a perfect solution for boosting financial immunity and safeguarding your loved ones in today’s world.

Key Features of SBI Term Insurance for 1 Crore

Pocket-Friendly Premiums: SBI term insurance for 1 crore offers a sum assured of the said amount at pocket-friendly premiums. It is advisable to buy a term plan as early as possible to enjoy lower premium costs.
Customization: Customize the plan to meet customer’s needs through:
- Better Half Benefit Option
- Death Benefit Payment Mode
Choose from 3 plan options: You can choose from 3 plan options: level cover benefit, increasing benefit, and level cover with future proofing benefits.

Note: For this, your beneficiary must submit reports from an Indian Medical Association-recognized doctor to your insurer to avail of this benefit. *Standard terms and conditions apply*

Online Facility: Strong internet connection and a smart device is required to enjoy the quick online services of the SBI life insurance company. You can access your policy details and pay premiums hassle-free online.
Tax Deductions: You can avail of tax benefits on premiums paid for your term insurance policy under section 80C of the Income Tax Act 1961.

*Tax benefit is subject to changes in tax laws*

Flexibility: The policy offers flexibility on the payment of premiums. You can choose to pay premiums either monthly, quarterly, or annually as per your convenience.

Eligibility Criteria of SBI Term Insurance for 1 Crore

Parameters	Details
Plan Options	Increasing Cover Level Cover Level Cover with Future-Proofing Benefit
Entry Age	18 years to 65 years
Maturity Age	100 years
Sum Assured	Minimum: 50 Lakhs Maximum: No Limit
Premium Payment Mode	Single/Yearly/Half-yearly/Monthly
Policy Term (in years)	5 years to 100 less entry age

How to Buy SBI Term Insurance for 1 Crore From Policybazaar?

Step 1: Go to the SBI 1 Crore Term Insurance Form
Step 2: Fill in the basic details such as Name, Date of Birth, and Contact Number and click on ‘View Plans’
Step 3: Answer the questions about smoking or chewing habits, annual income, occupation type, educational qualification, and language
Step 4: After submitting all the details, a list of all available 1 Crore term insurance plans will be displayed
Step 5: Select SBI Life Insurance and check for the plan details
Step 6: Proceed to Buy, if they match your requirements

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

Factors to Consider While Buying SBI Term Insurance for 1 Crore

You must consider the following factors before buying an SBI term insurance plan for 1 crore:

Rider Options: Adding riders to your base plan will enhance the overall coverage and provide extra benefits. SBI term insurance for 1 crore offers in-built accelerated terminal illnesses benefit. Moreover, you can add other riders by paying an extra premium to enjoy its benefits.
Claim Settlement Ratio (CSR): Before buying a term plan for a significantly large cover amount, you must consider the claim settlement ratio. The higher the ratio, the easier it is to settle claims. You can check the report to find a claim settlement ratio of any insurer. Currently, SBI life insurance has a 93.09% CSR ratio.
Offered Life Cover: If you are planning to buy SBI term insurance for 1 crore, you need to consider the inflation effect, current income, debt, and plans to determine premiums. It is advisable to go for a sum assured that is 10 times higher than your current annual income.
Policy Tenure: The policy period is also equally significant to make the final decision. The earlier you plan; the maximum years you can choose for policy tenure. Maximum policy tenure comes at pocket-friendly premiums as compared to the short-term policy period.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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FAQs

Q: What is 1 crore policy in SBI?

Ans: One crore policy in SBI life insurance refers to a life or term insurance policy that pays an amount of 1 Crores in case of death or maturity of the policy.
Q: How much does 1 crore term insurance cost?

Ans: The cost for a 1 crore term insurance varies as per the different insurers, their policy terms, and benefits offered. You can use the term insurance premium calculator to check the approximate premiums for your profile.
Q: Which term insurance is best?

Ans: The best term insurance depends on your individual needs. You can check your and your family’s financial needs and compare the available plans to find the one that fits your needs the best.
Q: What is the premium for 5 crore term insurance SBI?

Ans: The premium for a 5 crore term insurance from SBI Life will depend on the insurer, the specific plan, the policy details, and the benefits offered. You can find the best 5 crore term insurance for your needs to ensure the financial security of your loved ones.

˜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

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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