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All You Need to Know About 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. 

  • Investment at Early Ages: By Investing in an SBI 1 Crore Term Insurance Plan at an early age, you can get good life cover at low premium rates than an investment at later ages. 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. 

Who Should Opt for an SBI Term Insurance for 1 Crore? 

  • Young aged individuals i.e., between 25-35 years of age 

  • Breadwinners of family 

  • Individuals having education loans or home loan

Let’s understand this with help of an example: 

Anup is a young, healthy individual 25 years old who invests in 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 

Although, he does not need a term plan as per the calculations. Anup is smart enough to invest in a term insurance plan at an early age to get low premium rates and high coverages and to get prepared in case of an eventuality. 

As discussed in the table, 1 Cr term insurance plan sounds like a good amount of cover and sufficient for him. However, for young persons, this is a safe investment to get the best benefits at later stages of life. 

SBI e-Shield Next Term Insurance for 1 Crore 

SBI e-Shield Next 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 

  • Terminal Illness Benefit: You can avail the benefit of the terminal illness rider at no extra premium. If you get diagnosed with a terminal illness, the amount equal to the death benefit will be paid to your nominee before your insurer terminates the policy.

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.

  • Riders: Comprehensive coverage through 2 rider options such as SBI Life- Accidental Total & Permanent Disability Benefit Rider and SBI Life- Accidental Death Benefit Rider. 

Eligibility Criteria of SBI Term Insurance for 1 Crore 

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 

SBI Term Insurance for 1 Crore: Factors to Consider While Buying 

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.

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