All You Need to Know About SBI Term Insurance for 1 Crore

What is 1 Crore Term Insurance?

Term insurance is the purest form of life insurance policy. It ensures the financial security of the insured person’s family against many uncertainties of life. SBI term insurance for 1 crore helps provide the family with the protection they need in your absence. It is a significant sum assured that can help the beneficiaries run household expenses or pursue higher education and other life goals.

Importance of SBI Term Insurance for 1 Crore

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

• Cover for Family: You can add your family members to the same policy at an additional cost. This way you can enhance the life cover for at least two members under the same plan. By adding your spouse to your SBI term insurance for 1 crore plan, the need to buy a separate insurance plan for additional financial protection is eliminated.
• Financial Support: God forbid if something happens to you, a sum assured of 1 crore can financially support your family during such circumstances. It will help your family meet monthly expenses, use some amount for investment or pursue higher education without worry.
• Protection from Debt: Leaving behind debt can cause financial distress to the surviving family members. However, with the help of a death benefit of 1 crore, your family can repay them and continue maintaining their current lifestyle. 
• Standard of Living: In case of your untimely death, your loved ones may have to give up dreams in case you are the only bread earner. If you buy a term plan with significant cover, your family can continue maintaining their current lifestyle. Besides, your children can also use the money to pursue their dreams.

Key Features of SBI Term insurance for 1 Crore

Before buying term insurance for a significant sum assured, you must check the key features provided under the plan.

Some of the features of SBI term insurance for 1crore are:

• Pocket-friendly Premiums:SBI term insurance for 1 crore offers a sum assured of the said amount at pocket-friendly premiums. The premium can be as low as ₹694 per month. It is advisable to buy a term plan as early as possible to enjoy lower premium costs.
• 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.

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:You only need an internet connection and a smart device to enjoy quick online services of the SBI life insurance company. You can also access your policy details and pay premiums hassle-free.
• 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

You must meet the following eligibility criteria to buy SBI term insurance for 1 crore:

SBI Term Insurance for 1 Crore: Factors to Consider

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 factor in the claim settlement ratio. The higher the ratio, the easier it is to settle claims. You can check IRDAI's updated annual reportto find a claim settlement ratio of any insurer. Currently, SBI life insurance has a 94.5% 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 future 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.

Wrapping it Up

Term plans offered by SBI Life Insurance company are cost-effective, easily accessible, and offer significant coverage. SBI term insurance for 1 crore can financially aid your loved ones in your absence. It is advisable to carry out thorough research online before buying a term insurance plan.