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

If you have an SBI term insurance for 1 crore handy, you can stay assured of the financial security of your family and focus on the real joys of life. With the right financial planning, you can safeguard your family's future against unforeseen events in life.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use & consent to Policybazaar to access your credit report

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:


Level Cover

Increasing Cover

Entry Age

18 years to 65 years

18 years to 60 years

Maturity Age

80 years

75 years

Policy term

Min 5 years
Max 80 years

Min 10 years

Max 75 years

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.

Written By: PolicyBazaar - Updated: 19 July 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
Sign up for newsletter
Sign up our newsletter and get email about term plans.
You May Also Want to Know About
Best Term Insurance Plans in India 2021
Best Term Insurance Plans Finding the best term insurance plan is an impertinent necessity for an individual who has dependents or a family. It is a proven fact that the best term insurance offers the most ‘value for money’s proposition. It is...
1 Crore Term Insurance Plan
1 Crore Term Insurance Plan Amid the rising inflation, the expenses have also increased and so is the standard of living. If you are the only breadwinner in your family and do not want your loved ones to suffer due to the uncertainties that life m...
Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the central government of India for the growth of the poor and low-income section of society. As a pure term insuranc...
Types of Deaths Covered and Not Covered by Term Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or doing a proper financial planning, term insurance is one of the most popular options for the insurance seekers. With affordable ...
Pradhan Mantri Suraksha Bima Yojana (PMBSY)
Pradhan Mantri Suraksha Bima Yojana (PMBSY) Scheme Pradhan Mantri Suraksha Bima Yojana has been announced by the government of India as one of the three social security schemes. PMSBY is an accidental insurance scheme that provides accidental de...

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

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
Download the Policybazaar app
to manage all your insurance needs.