SBI Life Term Insurance 1 Crore Calculator

State Bank of India has played a major role in both our banking system as well as the insurance sector. When we talk about the insurance sector, in particular, SBI has created a mark for itself by offering people protection-oriented plans. The term insurance policies launched by the State Bank of India provide great coverage to the policyholders at minimal premium rates.

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Get ₹1 Cr. Life Cover at just ₹449/month*
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Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
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*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

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These attractive and policyholder-friendly plans have helped SBI stand out in the insurance marketplace. Another reason for the popularity of SBI plans is the transparency of the premium amount along with its calculations in front of the policyholder. To evaluate the exact premium rate, the insured can use the SBI Life Term Insurance Calculator.

Further, you will get to know about SBI Life Term Insurance for 1 Crore and details related to it.

What is SBI Life Term Insurance Calculator?

State Bank of India has allowed its policyholders to calculate their premium amount themselves to maintain transparency between the insurer and the insured. As SBI has launched a host of protection plans for its customers, each customer must have the right to understand the policy he/she is going to purchase and calculate the premiums on his/her own. SBI Life Term Insurance Calculator allows an individual to calculate the cost of the policy based on the details entered on the calculator on the official website of the company.

Why The Insured Must Use SBI Term Plan Calculator?

The insurance market has seen an immense boom in the last few decades. In this insurance zoo, providers need to create their mark for survival. SBI Life is one such company that caters to the different needs of its customers efficiently. Policy premium depends on a variety of factors like age, income, habits, medical history, amount to be invested, etc. To calculate the premium of the policy manually keeping all the factors in mind can be a daunting task.

SBI Life Term Insurance Calculator helps an individual to calculate the policy price before buying any policy. This online tool helps in understanding the premium amount an individual is expected to invest in a particular policy in a simple and hassle-free way.

How to Use SBI Life Term Insurance 1 Crore Calculator?

To use the SBI Life term insurance 1 crore calculator, the below-mentioned steps need to be followed:

  • Visit the official website, https://epolicy.sbilife.co.in/eShield/UI/PremiumCalculation.aspx
  • Click on the products option
  • Select individual life insurance plan option
  • Under the option, select the suitable plan of your choice
  • You will be redirected to the plan page of the product selected
  • Read the features, benefits, and all the important details related to the plan carefully
  • After going through the plan carefully, click on the “calculate premium” option on the top
  • After opening the premium calculator, fill in the required details like
    • Name
    • Date of Birth
    • Gender
    • Email ID
    • Mobile number
    • Policy term
    • Premium payment frequency
    • Smoking habits, etc.
  • After mentioning all the details, click on “calculate premium”
  • The approximate premium payment amount of the policy will be displayed on your screen
  • If interested, one can continue to purchase the policy online

What Are the Benefits of the SBI Life Term Insurance Calculator?

Let us have a look at the following benefits of using the SBI Life term insurance calculator:

  • It is a simple, easy, and free of cost online tool offered by SBI Life to their customers
  • It offers instant results according to the information entered
  • Quick premium calculation helps in comparing multiple plans and selecting them accordingly
  • It is a user-friendly tool
  • Insurers can cover a wide range of customers easily compared to the manual process
  • Instant premium payment amount calculation helps in a better decision-making

Eligibility to buy 1 crore SBI life insurance policy

Generally, an individual in his/her middle age, say, 30-35 years should opt for SBI Life term insurance for 1 crore. The reason behind the age group is that a person in the age of 30-35 has the maximum capability of earning more than what he/she is currently in the coming years.

SBI Life term insurance policy for a sum assured of Rs.1 crore is ideal for a person who is the only bread earning member of the family or a person in his/her earning age.

SBI Life Term Insurance 1 Crore Plans

Here are the top 2 SBI Life term insurance plans that offer a sum assured of 1 crore. Let us have a look:

SBI Life eShield Plan

As the name suggests, SBI Life eShield plan is a technology-friendly, individual, non-participating, non-linked, pure risk protection plan. The plan comes with a dual benefit of:

  • Level Cover
    The protection amount remains the same throughout the policy tenure
  • Increasing Cover
    The protection amount increases over the policy tenure
  1. Features of SBI Life eShield Plan

    Here are some top features offered under SBI Life eShield Plan:

    • Secures the future of the family at an affordable cost
    • Comes with dual benefit structure of Level Cover and Increasing Cover
    • Additional accelerated terminal illness benefit is available under both the abovementioned benefit structure
    • Non-smokers are offered better premium rates
    • Tax benefits are available as per the prevailing tax laws under the Income Tax Act, 1961
    • Additional rider benefit option is also available
  2. Eligibility Conditions and Other Restrictions

    Parameters

    Details

    Benefit Structures

    Level Cover

    Increasing Cover

    Entry Age

    Minimum: 18 years

    Maximum:

    Level Cover: 65 years

    Increasing Cover: 60 years

    Maturity Age

    80 years (for Level Cover Benefit)

    75 years (for Increasing Cover Benefit)

    Basic Sum Assured

    Minimum: Rs. 35,00,000

    Maximum: No Limit (Subject to board approved underwriting policy)

    Sum Assured would be in multiples of Rs. 1,00,000

    Premium Payment Mode

    Yearly, Half-yearly, Quarterly & Monthly

    Premium For Non-Yearly Mode

    Half-Yearly: 51.00% of yearly premium

    Quarterly: 26.00% of yearly premium

    Monthly: 8.50% of yearly premium

    Policy Term

    Minimum: 

    For Level Cover: 5 years 

    For Increasing Cover: 10 years 

    Maximum:

    For Level Cover: 80 years less Age at Entry

    For Increasing Cover: 75 years less Age at Entry

    Premium Payment Term

    Same as Policy Term

    Premium Amount 

    Minimum:

    Yearly - Rs. 2,779 Half-Yearly - Rs. 1,418 Quarterly - Rs. 723 Monthly - Rs. 237

    Maximum: No Limit (Subject to board approved underwriting policy)

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Best term Insurance Plans in India Best term Insurance Plans in India

SBI Life Smart Champ Insurance Plan

Secure and strengthen your child’s future financial needs with SBI Life Smart Champ Insurance Plan. An individual, participating, non-linked, life insurance plan that offers smart benefits with four equal annual benefits, this SBI Child Plan covers life insurance of the proposer as well.

  1. Features Of SBI Life Smart Champ Insurance Plan

    Here are some top features offered under SBI Life Smart Champ Insurance Plan:

    • Guaranteed smart benefits
    • Loans and discounts as per conditions
    • Survival benefits
    • Coverage against unfortunate events
    • Premium waiver and instant payment of sum assured
    • Accidental benefits
    • Terminal bonuses
  2. Eligibility Conditions and Other Restrictions

    Particulars

    Eligibility Criteria

    Plan Type

    Non - Linked, Participating Life Insurance Plan

    Entry Age

    Children: 0 years to 13 years

    Parents/ Legal Guardian: 21 years to 50 years

    Maximum Maturity Age

    Children: 21 years

    Policyholder: 70 years

    Policy Term

    21 years- Entry age of the child

    Premium payment term

    18 minus the entry age of the child

    Premium paying term

    Single Pay, or Limited Pay for (21, entry age of the child) years

    Sum Assured

    Minimum: Rs 1 Lakh Maximum: Rs. 1 Crore

    Mode of Premium Payment

    Annually, Half-yearly, Quarterly, Monthly or Single Pay

FAQ's

  • Q1. Why choose SBI Life insurance?

    Answer: State Bank of India has been in the insurance market for several years and has created a mark for itself. If a person is willing to invest his/her hard-earned money in a trusted company, SBI Life can surely be the best place to put your bets on.
  • Q2. Is SBI Life term insurance for 1 crore worth buying?

    Answer: Life insurance, along with the coverage of the life of the policyholder, also offers a lump sum amount to the nominee in case of the untimely demise of the insured. There are a lot of options in the market to choose from depending upon your investment capacity. The more the invested amount, the better would be the returns.
  • Q3. How does age affect the SBI Life term insurance plan for 1 crore?

    Answer: Age plays an important role while purchasing any policy. The more you age, the more will be the premium amount payable under the plan. Hence, it is highly recommended to buy the right plan at the right age to reap better results.
  • Q4. Does SBI Life Term insurance for 1 crore offer tax exemption?

    Answer: Yes, SBI Life offers tax exemptions under Section 80C, Section 10(10D), and Section 80D of the Income Tax Act, 1961, subject to terms and conditions.
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