SBI Terms Insurance Plans For Senior Citizens

When it comes to buying a term insurance plan, it is believed that it's never too late for that. Provided, you have made up your mind and are ready to be financially responsible for your loved ones. A term insurance plan helps you to financially take care of your family in your absence.

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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 Term Plan For Senior Citizens

Age Limit

Maturity Age

Policy term

Monthly Pay-out

Sum Assured

SBI Life eIncome Shield

18 years -50 years

60 years

10 years -35 years

₹ 25,000

--

SBI Life eShield

18 years – 65 Years

70 Years

5 Years-30 Years

--

₹ 20 Lakh- No limit

SBI Life Smart Shield

18 years- 60 years

65 years

5 years- 30 years

--

₹ 25 Lakh- No limit

SBI Life Saral Shield

18 years- 60 years

65 years

5 years- 30 years

--

₹ 7 lakh- ₹ 24 Lakh

SBI life GrameenBima

18-years- 50 years

--

5 years

--

₹ 10,000 – ₹ 50,000

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.

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SBI Terms Insurance Plans For Senior Citizens Reviews & Ratings

0 / 5 (Based on 31 Reviews)
(Showing Newest 25 reviews)
Omkar
Chennai , October 26, 2021
Great features
I have got day care hospitalization feature under the mediclaim policy which i have purchased from the policybazaar. It offered me lifelong renewability Cover. It includes tax exemption benefits, cashless hospitalization and many other facilities. overall i like my plan.
Angoor
Kolkata , October 26, 2021
Trustworthy website
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Kush
Surat, October 26, 2021
Helpful staff
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Ranveer
Pune, October 26, 2021
Low cost plan
Such a simple and easy process to buy a policy was provided to me by Policybazaar. Someone suggested me to check the health plans on Policybazaar website. i went through a lot of plans and i found the right plan here. i bought star health insurance at low cost.
Kushal
Jaipur, October 26, 2021
Good Coverage
I have bought Bajaj Allianz Health Insurance for my family and by taking a health plan, I have secured my entire family. I have got coverage against medical expenses and buying my policy online has saved my money as I did not have to pay agent fees.
Jitendra
Lucknow, October 26, 2021
Affordable plan
A friend of mine told me about Policybazaar. He said that he has found an affordable health plan deal in Policybazaar. I went to Policybazaar to buy the same plan. I wanted a family health plan so I took Aditya Birla health insurance and it has covered every member of my family.
Rajesh
Kanpur, October 26, 2021
Easy to compare
Last week i went to Policybazaar for taking health plan for my family. An executive explained the policy very well and showed me various plans out of which i chose digit health insurance and it has covered me and my wife.
Kuvar
Nagpur, October 26, 2021
Good plan
I was able to compare the various plans easily on the website of Policybazaar. At first, i was confused about what i should choose as so many options were given there but then i bought sbi general health insurance for my parents. I got really good senior citizen health plan.
Abhijeet
Allahabad, October 26, 2021
Hassle free experience
I had an amazing and hassle free experience with policybazaar. Everything has beem very smooth when i was purchasing health insurance from policybazaar. Their team assisted me in well mannered way.
Bhaskar
Ranchi, October 26, 2021
Problem resolving
I contacted the customer care of policybazaar as i was facing some difficulty. They just took a minute to solve my problem. I am happy that i have bought my health insurance from the right place. Policybazaar always give proper attention to its customers.
Debyendu
Haora, October 26, 2021
Supportive team
When I was buying my health insurance from the website of Policybazaar, I was a little confused about the policy. I got in touch with the customer care and the executive guided me very well and cleared all my doubts with satisfactory answers. Thanks to Policybazaar for guiding me.
Gaurav
Coimbatore, October 26, 2021
Smooth service
In my health insurance, company is providing me financial assistance. i have got medical coverage against medical expenses arising out of health emergency which i have taken from the Policybazaar. service of policybazaar is very smooth and fast.
Angad
Jabalpur, October 26, 2021
Good service
I have bought health insurance through the website of policybazaar. Policybazaar gave me full support and when i contacted the customer care of policybazaar for clearing some of my queries they provided me very good service. Thanks to the Policybazaar for Giving me superb service.
Aniruddh
Gwalior, October 26, 2021
Cashless treatment
I have got cashless treatment facility in my health insurance. This will help me to save my savings as I will not have to bear the financial burden of medical expenses. Anyone who is looking for the best and an affordable health plan I would love to recommend Policybazaar to them.
Onkar
Vijayawada, October 26, 2021
Easy Reimbursement
My experience with Policybazaar has been great. I had taken senior citizen health insurance for my mother from Policybazaar. Last month, she was admitted to the hospital due to a medical emergency. When she got discharged I connected with Policybazaar for reimbursement of hospital bills and I got it immediately
Paramjit
Jodhpur, October 26, 2021
No claim bonus
Policybazaar is totally worthy place to buy any kind of plan. I have been using senior citizen health insurance for a long time which i had take for my parents. I never raised the claim request so i got discount on the premium rate when i was renewing the plan.
Kartik
Madurai, October 26, 2021
Add on cover
I am using senior citizen health insurance since last year which i had taken from the policybazaar and recently i have customized my health plan with add on cover and added some additional features to it which i got at an affordable rate.
Karun
Raipur, October 26, 2021
Low premium
I have taken senior citizen health insurance for my parents. It has Coverage against medical expenses. Pre hospitalization, post hospitalization expenses features are covered under the plan. It has low premium rate and covered huge number of benefits.
Swapan
Kota, October 26, 2021
Easy Reimbursement
I got reimbursement in hospital bills. I bought senior citizen health insurance for my mother from Policybazaar and a month back she faced some medical problems. I connected with policybazaar for reimbursement and i got it without any hassle.
Tarun
Guwahati, October 26, 2021
Pocket friendly plan
I was looking for senior citizen health insurance for a long time which I wanted to take for my father. A relative of mine suggested me the Policybazaar website. I landed to their website and checked the health plans. In the end I finally found one that came within my budget.
Tejas
Chandigarh, October 26, 2021
Affordable plan
I was looking for family health insurance for a long time. I searched a lot on Google and finally found the website of policybazaar. Here i got family health insurance according to my budget and needs. I really liked the service provided by the Policybazaar.
Ayesha
Solapur, October 26, 2021
High coverage
I have secured my family with the help of family health insurance which i have purchased from Policybazaar. In my health plan, i have got coverage for medical expenses. From now on i do not have to bear financial burden as my policy will give me financial protection.
Bahaar
Hubli And Dharwad, October 26, 2021
Good in customer handling
Policybazaar is very good in terms of handling customers. I bought family health insurance from Policybazaar and their team maintained professionalism with courteous demeanor which was absolutely impressive. I would definitely like to get in touch with Policybazaar for more plans.
Bhagyashree
Bareilly, October 26, 2021
Minimal paperwork
In my family health insurance, every member of my family are covered. there was minimal and Hassle free paperwork. I got high number of coverage and benefits under my plan. the team of policybazaar guided me and helped me to select the suitable plan.
Devika
Moradabad, October 26, 2021
Faster claim settlement
Thankfully I had taken family health insurance from Policybazaar. a while ago, i had to admitted my father to the hospital due to sudden medical emergency. i had claimed and got the claim very easily and quickly. I got faster claim settlement. I am happy with the service.
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