SBI Term Insurance for NRI

The Foreign Exchange Management Act has made it possible for Non-Resident Indians (NRIs) to obtain term insurance in India. SBI Life Insurance offers customized options that might be of benefit to NRIs. Read on to know more about SBI Term Insurance for NRI in detail.

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What is Term Insurance? 

Term insurance is a type of life insurance product, which provides coverage for a pre-specified term or period. If the life assured expires during this term, the nominee/beneficiary of the plan will receive the death benefit. A standard term insurance variant has no cash value which means that if the policyholder survives the policy tenure, the policy does not return any amount, with the exception of the Term Return of Premium Plan (TROP). 

The term insurance plans are available for individuals between the age group of 18 years to 56 years with the maximum age at maturity up to 85 years. The policy tenure can be from 5 to 50 years and the sum assured amount can be from Rs. 20 Lakhs to Rs. 1 crore and even more than that. 

As discussed, term insurance is a basic type of life insurance that provides high coverage at low premium rates. Any individual can purchase a term life insurance policy and NRIs are not at all different. SBI Life insurance offers a comprehensive range of term insurance plans for NRIs. Let’s discuss:

SBI Life Term Insurance for NRI 

Similar to Indian Residents, NRIs (Non-Resident Indians) are also eligible to invest in term insurance plans. SBI Life Insurance is a collaboration of BNP Paribas Assurance and State Bank of India, which provides comprehensive life insurance coverage at a competitive rate to help every Indian whether living in abroad or India. SBI Term Insurance for NRI is specifically designed to suit the predictable requirements of NRIs in different life stages such as retirement goals, higher education of children, and family’s financial security. 

SBI Term insurance plans for NRIs offer a comprehensive range of features, benefits and they help secure their family members living in India in case of any unpredictability. In addition to this, the term insurance premium rates are quite economical, so it is advisable to opt for SBI term insurance for NRI. Here are some of the best SBI Term Insurance Plans for NRI: 

Plan  Basic sum assured amount (in Rs.) Policy Tenure 
SBI Life Smart Shield  25 Lakhs  5 to 30 years 
SBI Life e-Shield  35 Lakhs  5 to 10 years 
SBI Life-Saral Shield  7.5 Lakhs to 24 Lakhs  5 to 30 years 
SBI Life Grameen Bima  10,000 5 years 

Eligibility Criteria To Purchase SBI Life Term Insurance For NRI

There are various conditions for an individual to be considered an NRI and be entitled to buy a term insurance plan in India. Though the specific T&Cs vary with the insurer, the basic needs are still the same. Read on to know more about the eligibility criteria of SBI Term Insurance for NRI: 

  • You have lived outside India for a specific time period in the plan. 

  • You should have an Indian passport at some stage of your life 

  • Your grandparents and parents must have been the Indian citizens 

  • You must have married an Indian citizen

The premium rates for these policies depend on the policyholder’s age, the medical condition, the plan features, and the sum assured, among others

Documents Required to Buy SBI Term Insurance for NRI

The documents that are needed to submit for SBI Term Insurance for NRI plans: 

  • Completely filled proposal application 

  • Attested passport copy of your residential country 

  • Medical/Health reports signifying the health issues, if any 

  • Age proof 

  • Income Proof 

Kal Kisi Ne Nahi Dekha Kal Kisi Ne Nahi Dekha

How to Choose SBI Term Insurance for NRI? 

Securing a term insurance cover for yourself is one of the main financial management steps as an NRI. Purchasing a term insurance plan as a non-resident Indian is the same as buying the plan as an Indian Resident. However, you do have a lot of options to secure the term cover. Here is how you can select and purchase a term life insurance: 

  1. Online Presence 

    Ensure that you receive sufficient detail about the plan, insurance company, and service channels online, through the insurance company’s website. The website of an insurer should allow you to purchase and manage your plan online. 

  2. Claim Settlement Ratio 

    Claim settlement ratio (CSR) is an important parameter for term insurance providers as it indicates the quality of the company’s operations and the speed of the claim settlement. This represents how many claims the company could settle in the last fiscal year out of every 100 claims forms received. The CSR of SBI Life insurance is 93.09% as per IRDAI 2020-21, which indicates the quick claim settlement. 

  3. Claim Settlement Process 

    Ensure a hassle-free and easy claim settlement process. The better the claim settlement procedure of the insurance company, the more comfortable your loved ones will be in financial difficulty. 

  4. Limited Premium Payment Option 

    A limited premium payment option can also be used to pay the whole premium amount in a short time. This option is right for those NRIs who expect to return after a few years to a foreign land. 

  5. Premium Payment option 

    Various life insurers allow transactions in numerous foreign currencies. Moreover, you should keep in mind that you have paid premium amounts in foreign currency, as the claim settlement is permitted in the foreign currency.

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SBI Term Insurance for NRI Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Sorada, August 24, 2016
My my sbi life eshield insurance policy is the best. Policy gives maximum coverage and claims are good. The service is quick and behaviour is very nice from the whole members of the company. Good decision to take this term insurance plan.
Kota, July 27, 2016
SBI term policy
Every one have insurances in this time, so i buy one for me and my family safety. Service given by the company members is fabulous and my plan is sbi term insurance which is a quality product. It gives full facilities to me and my parents.
Tezpur, July 27, 2016
Fantastic Insurance
Very fine terms and conditions of my sbi life eshield insurance plan. The coverage is maximum and claims are even better. Services provided by executives of the company is awesome and on time. 24X7 assistance by the staff members.
Katehri, July 27, 2016
High Coverage
SBI eshield insurance plan i have is fabulous, i took it from sbi policy insurers. Just the premiums are little bit high but the returns are huge with good number of benefits. The service is super fast and renewals can be done on web portal.
Madhuban, July 27, 2016
Term plan
The colleague of mine suggested me a online sbi saral plan. The policy is perfect and it coverage ratio is about 91%. Service by the members of the insurance company is quick and due to this the claiming become more easier than before. Sbi policy i have satisfies me completely.
Rajkot, April 21, 2016
Great Policy
I buy sbi life term insurance plan. The policy coverage is 94% and the premiums are low ~28 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women. Great investment which saves taxes too.
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