The premium rate is determined by various factors such as age, income, smoking habits, etc. The customers can use the SBI term insurance calculator to evaluate and assess the policy premium rate.
What Is Term Insurance Premium Calculator?
The SBI insurance premium rates offered under term insurance policy depend on various factors like income, age, location, the amount of Sum Assured, smoking or drinking habits in addition to family and individual medical history.
It might not be easy for customers to ascertain manually the policy premium rate based on the various factors mentioned above. To facilitate this, the company offers an online SBI term insurance calculator. This tool helps the buyers calculate the policy premium in a simple and quick way.
SBI Term Insurance calculator goes a long way in determining the online premium for a term insurance policy. It also makes simplifies and compares various policies to highlight the best benefits, which buyers can choose as per their premium payment ability.
Why Should You Use a Term Insurance Premium Calculator?
Below are some reasons why someone should use the SBI Term Insurance Calculator:
- It is an easily available tool online free of cost.
- The premium calculator facilitates evaluating and calculating the premium of a policy quick and easy.
- One can use the Term Insurance Premium calculator to compare the plans available online. Then, they can opt for the best plan that is the most suitable.
- One can also use it to determine the coverage amount required to protect the family’s financial future.
How To Use SBI Term Insurance Calculator?
It is quite easy to use the SBI Term Insurance calculator if you follow a few simple steps to ascertain the premium amount and then buy a specific term plan. Individuals interested in purchasing a plan can visit the insurance company's official website or the insurance aggregator and take the help of the Term Insurance premium calculator tool online.
The steps to be followed are listed below:
- Visit the policy provider website
- Go to the term insurance page and click on ‘calculate premium’
- Enter information like the date of birth, desired sum assured, policy term, gender, name, phone number, email id, smoking habits, and premium payment frequency
- Choose the sm assured or try different combination to select one
- Proceed with online payment to make the final policy purchase
The details of your purchase will be sent to you via email.
Advantages of SBI Term Insurance Calculator
With the help of the SBI Term Insurance calculator, one can easily calculate the exact amount of insurance coverage needed to meet family goals. It offers several benefits, which are as follows:
- Instant results are provided by premium calculators and thus eliminate the difficulty in the process.
- Premium calculators come in handy to compare different plans and then pick the right one that is best suitable for them.
- Premium calculators are handy tools and user-friendly
Information Required For Using SBI Term Insurance Calculator
Anybody who uses the SBI term Insurance calculator would need the following information:
- Personal Information - Date of birth of policyholder along with income details besides any loan or debt amount, marital status, gender, etc.
- Health Information - Information about tobacco consuming habits, smoking, or any critical illness
- Sum Assured or life cover
Benefits of Buying SBI Life Term Insurance Plan
SBI Life Insurance Company provides a wide variety of comprehensive term insurance plans to meet the needs of its buyers. These term insurance plans are tailored to provide financial security and protection to the family of the insured in case of any eventuality.
In addition to the death benefit, the SBI Life Insurance term plans also offer rider benefits to enhance the policy's overall coverage. With a premium rate that is quite affordable, this term plan completely satisfies those individuals who aim to create a financial cushion for their loved ones or family after the policyholder's demise.
- Affordable premium and high Sum Insured amount - The simplest form of life insurance is term insurance. Its affordable cost is its main benefit. Contrary to various other life insurance policies, a term plan is available at such a low premium that anyone can easily afford it. One must note that the earlier one buys term insurance, the lower will be its premium.
- Simple policy - When buying a life cover, one may find it very difficult to understand and know exactly the insurance-specific terms. these plans are very easy to understand.
- Death benefit and multiple payout options - One might be paying various EMIs simultaneously, like the EMI of one's car, a new home, or a personal loan one might have borrowed. In case of the absence of a policyholder, his financial liabilities might fall on family members. It is at this point that the different payout options of term insurance policy play a key role.
The policy holders' dependents may receive a lump sum amount if the policyholder meets an untimely unfortunate demise. The lump-sum amount thus received may assist them to face the aforesaid financial liabilities.
- Extra riders to make the policy more user-friendly - Riders come along with term plans that one can choose to increase the basic benefits of term insurance. One needs to pay a very small sum of money as a nominal additional premium to add these riders to one's term plan.
- Income Tax Benefits - Tax benefits are also provided by the SBI term insurance plans. Whereas the premium one pays for a term plan comes under tax deduction, the payouts are also included under tax exemptions per the existing tax laws.
- Section 80C - Section 80C of the Income Tax Act 1961 states that to buy a term plan, the premium paid by a buyer is fully exempted from tax up to a limit of Rs.1.5 Lakh annually.
- Section 10(10D) - Term Insurance death benefit are exempted as per the provisions of Section 10(10D) of Income Tax Act 1961.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
- Coverage of Critical Illness - If anyone is suffering from any critical illnesses during any time of life and getting the required treatment, it can wash out all his savings. Term Insurance riders cover all these expenses by paying out lump-sum on the diagnosis of covered critical illness.
SBI Term Insurance Premium Rates
SBI Term Insurance policy premium rates may vary depending on the type of applicants and depend on the different types of insurances. Generally, the premium rates can vary as which depends on the following factors:
- Applicant's age - If the applicant is quite young, then there is a chance that they would be getting low premium rates as compared to the older applicants since younger applicants have a higher life expectancy.
- Gender - Premium rates also depend on gender. Women do get better premium rates as compared to men. (Standard T&C Apply)
- Sum Assured - For people with a higher sum, an assured amount attracts low premium rates.
- Policy tenure - For policy tenure, people with higher premium years do get low rates of premium.
- Applicant's Occupation - The occupation of the applicant also plays an important role while deciding their premium rates. Some risk jobs like pilots, mining, firefighters, and others might get higher premium rates than others.
- Expenses covered - For this section, refer to the policy documents carefully or the term plan brochure online to learn expenses in detail.
Ans: You needs to visit the website and check the SBI term plan status.
Ans: Yes, various SBI term plan riders are available, like accidental death rider and premium waiver rider.
Ans: You can renew SBI term plans online by visiting the policy provider website. For offline procedure, visit the nearest branch of your insurer.
Ans: The claims are generally settled within 15 to 30 days from the date of filing the form.
Ans: No, term plans do not generally offer maturity benefits, but there are term plans that offer Return of Premium features (TROP) to help one retrieve premiums.
Ans: Yes, a person can increase the sum assured amount as and when they require it. However, premium payment may also increase with it as per the company norms.
Ans: They do provide sum insured amounts if the person insured dies but do not cover such costs in the primary plan.
An: Yes, one can buy multiple insurance policies.
Ans: One can find their necessary term insurance coverage by using the SBI term insurance calculator.
Written By: PolicyBazaar - Updated: 20 July 2021