SBI Terms Insurance Plans For Senior Citizens

When it comes to buying a term insurance plan for senior citizens there are plenty of options available in the market. If you are a family and you want to offer your ageing parents a good insurance policy, you are already one step closer to providing their final stage of life a financially secure time.

However, If someone is in their 50s or 60s, they too can buy term insurance and secure their finances. It is mostly anticipated that if one might have saved enough by their retirement, they likely have a little room to buy term insurance to secure finances for them and as well as their family.

SBI Term Insurance is easy to get for Senior citizens in both cases. There is no hard and fast rule and there are plenty of term insurance plans offered by SBI to help senior citizens secure their future.

Types of Term Insurance Plans Offered By SBI For Senior Citizens

SBI Life eShield

This term plan by SBI for senior citizens comes with an optional 'accidental death benefit'. This Online term plan is the most basic provided by SBI. This plan comes with a flexible payment of premiums. SBI Life eShield offers 2 plans:

• Level Term with our without accidental death rider- This plan keeps the sum assured fixed for the entire policy term.
• Increasing Term assurance with or without accidental death rider- The overall sum assured increases at the rate of 10% simple interest after every 5th policy year. This doesn't affect the regular premium amount.

SBI Life eIncome Shield

SBI provides eIncome Shield for senior citizens which is considered as a pure Term Insurance plan. In other words, if an unfortunate event hits your family, with the help of this plan you can protect your family's monthly income flow even in your absence. You can avail discounts on the large sum assured. The best part about this plan is, the payment of premiums is very flexible, you can either choose for Monthly or Annually payment of premium.

The plan comes with 2 Death benefit payout options:

• Lump-Sum Payout- After the unfortunate event of the death of the insured person, the nominee will receive an immediate lump-sum amount from SBI. The amount would be 12 times then the monthly income of the life insured. 
• Monthly Payout- Under this option, SBI offers to pay monthly income instalments to the nominee for the next 48 months (4 years) after the death of the life insured.

SBI Life Smart Shield

This plan is also among the basic term insurance plans of SBI. This plan comes with flexibility in premiums, payouts, customization with riders, etc. SBI Life Smart Shield offers optional riders such as Criti care 13 non-linked rider, Total and permanent rider, accidental death rider. This plan comes with no survival benefit.

SBI Life Smart Shield offers 2 plans:

• The sum assured remains fixed for the whole policy tenure.  
• The sum assured increases by 5% per annum.

SBI Life Saral Shield

This SBI plan is popular for its multiple payout options. This plan only offers 2 riders, namely, accidental death benefit and total permanent disability. The multiple payout options include:

• Level Term assurance- SBI pays the sum assured to the nominee in the case of unfortunate demise of insured life during the policy tenure.
• Loan Protection (decreasing term assurance)-In case you have taken a loan, depending upon the loan amount and ongoing interest rate, you can choose for the overall coverage. This way you can leave a financial backup to your family in the unfortunate case of an event.
• Family income Protection (decreasing term assurance)- Under this, the nominee will receive monthly instalments from the sum assured.

SBI Life GrameenBima

This plan is popular as a micro-insurance term plan for senior citizens. This is created to offer life cover to people who fall below the poverty line and are socially deprived in society. This plan comes with tax benefit under section 80C of the income tax act 1961.

Features of SBI Term Insurance Plan For Senior Citizens

1. Easily Available Online

   All the SBI term insurance plans are easily available online for the ease of people.

2. Financial Protection

   SBI term insurance plans are designed in a way to help you provide financial protection to your ageing parents or your age-old spouse.

3. Affordable

   Even if you'd think of buying the SBI term insurance plan in your old age, it will not make a hole in your pocket as the premiums fall into very affordable amounts.

4. Flexibility In Paying Premiums

   Whether you want to pay annually or monthly or quarterly, almost all the SBI term insurance plans for senior citizens come with the flexibility of payment of the premiums.

Benefits of SBI Term Insurance Plan For Senior Citizens

1. Medical expense Coverage

   Old age comes with increasing medical expenses. To help curb the financial crisis of senior citizens, it is the advantage of SBI term insurance plans that one can avail medical expense coverage as part of their overall plan.

2. Tax Benefit

   SBI term insurance plans for senior citizens come with the benefit of tax savings under the section 80C and 10(10D) of income tax act 1961.

3. Riders Benefit

   When you add on available riders in your basic SBI term insurance plan, you add additional coverage at an affordable premium price.

4. Protection For Dependents

   As a financially independent senior in the house, if you have managed to make enough savings in your life, you might wanna consider securing your dependent family members' future. Under the SBI term insurance plan for senior citizens, you can ensure a financial backup for your dependents in your absence. 

5. Leave Behind A Legacy for Younger Ones

   SBI term insurance plan for senior citizens helps the financially independent seniors by offering affordable plans so that they can leave behind a little something for their younger ones. A pre-planned financial aid in future can help the family grow in various ways.

Final Word

Before buying any SBI term insurance plan for senior citizens, please consider all the terms and conditions for anything which could cause harm to your planning. Always analyse your goals before planning for term insurance coverage.