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SBI life insurance offers a variety of plans with different life cover options to allow people from all backgrounds to secure their loved ones financially . You can check and compare the available plans and buy the most suitable plan online and get an online discount of upto 10% on the premiums.
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Note: Know more about what is term insurance first before reading this article.
SBI Life 5 Crore term insurance is a term plan that offers a sum assured of 5 Crores to the family of the policyholder in case of an eventuality. This large life cover can help your family take care of remaining loans, pay child’s fees and rent, and take care of other monthly expenses in your absence.
Term Plans
Let us take a look at how SBI 5 Crore term insurance works with the help of an example:
Suman is a 30 year old single mother who wants to buy term insurance to financially support her dependent kids and parents. She buys an SBI life 5 Crore term insurance plan to ensure her family is able to take care of their financial needs in her absence. She suffers an unfortunate death in the 7th policy year. The insurer pays out the life cover to the nominees, which helps them pay off the remaining loans and child’s fees.
Here are some reasons why you should buy an SBI life 5 Crore term insurance plan in India:
Low Premiums for Large Cover: Since term plans are the most affordable type of life insurance, you can secure a large life cover at low premiums. This ensures your family’s financial stability in your absence without draining your pocket.
Pay off Loans and Liabilities: The nominees of the family can use the benefit amount to pay off any remaining loans that you may leave behind in your absence. This can help them avoid the financial burden of trying to pay off hefty loans and other debts.
Coverage Against Eventualities: With term insurance, you can get comprehensive coverage against a variety of eventualities like critical and terminal illness, accidental death and disability benefits, waiver of premiums, and hospicare benefits.
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Following are some of the term insurance benefits of buying SBI 5 crore term insurance in India:
Affordable premiums: The term insurance premiums are generally much more affordable than any other type of life insurance plan. The 5 Crore SBI term plans in India start at just Rs. 4541 monthly.
Rider options: With term insurance plans, you can enhance the base coverage of your plans by adding the available riders, like critical and terminal illnesses, accidental death or disability riders, and hospicare riders, at nominal premiums.
Online Benefits: Term insurance in India provides an online discount of 10% on plans and can be bought from the comfort of your home.
Payout Benefits: You can select the most suitable payout options like monthly, increasing monthly, monthly+lump sum, or lump sum payout option as per your family’s needs.
Tax benefits: The term insurance plans offer tax saving benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Young Professionals
Married Individuals
Parents with kids
People with loans or debts
Self-employed/business owners
Let us take a look at how you can buy SBI life 5 Crore term insurance in India online:
Step 1: Go to Policybazaar's website and find the term insurance page
Step 2: Fill in your details like name, date of birth, phone number, and gender
Step 3: Click on "Check your Premium Now."
Step 4: Provide information about your education, income, smoking habits, and occupation.
Step 5: Choose the SBI 5 Crore term insurance plan that suits you best and proceed with the payment.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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