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SBI Term Insurance Plans For Senior Citizens

Senior citizens have unique financial needs and concerns, particularly when it comes to securing their financial future and protecting their loved ones. State Bank of India (SBI) offers term insurance plans specifically designed for senior citizens, providing them with comprehensive coverage and peace of mind. This blog aims to highlight the SBI term insurance plans available for senior citizens and their significance in ensuring financial security during the golden years. 

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What is SBI Term Plan for Senior Citizens? 

SBI offers term insurance plans that cater to the specific needs of senior citizens. These plans provide a life cover for a predetermined period, offering financial protection to policyholders and their families in the event of their demise. Here's what you need to know about SBI term insurance plans for senior citizens:

Note: Now that you know that what is SBI Term Plan for Senior Citizens, you should also get to know about what is term insurance to buy a term plan for your loved ones.

What Are The Benefits of SBI Term Insurance Plan For Senior Citizens?

Below mentioned are the benefits of the SBI Term Insurance Plan for Senior Citizens:

  • 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.

  • 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.

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

  • 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. 

  • 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.

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What Are The Features of SBI Term Insurance Plan For Senior Citizens?

Below mentioned are the features of the SBI Term Insurance plan for senior citizens:

  • Easily Available Online: All the SBI term insurance plans are easily available online for the ease of people.

  • Financial Protection: SBI term insurance plans are designed in a way to help you provide financial protection to your aging parents or your age-old spouse.

  • 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.

  • 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.

Types of Term Insurance Plans Offered By SBI For Senior Citizens

Here is a list of all the SBI term insurance plans available in India for senior citizens:

SBI Term Plan For Senior Citizens Entry Age Maturity Age (Max.) Policy Term
SBI Life eShield Next 18 - 65 years 100 years 5 - (85 - entry age) years
SBI Life Smart Swadhan Plus 18 - 65 years 75 years 10 - 30 years
SBI Life Saral Jeevan Bima 18 - 65 years 70 years 5 - 40 years

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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SBI Life eShield Next

SBI Life eShield Next is a plan designed to safeguard your family's financial well-being in case of your untimely death. It offers protection and includes the terminal illness benefit, ensuring coverage even if you are diagnosed with a critical illness. Additionally, there are two rider options available to provide coverage for additional life risks. By choosing this plan, senior citizens can provide their loved ones with the necessary financial security they need during difficult times. Let's explore the plan further and discover its benefits.

The benefits offered under this plan are:

  • You have three options to choose from when it comes to your insurance plan:

    • Increasing Cover

    • Level Cover

    • Level Cover with Future Proofing Benefit

  • You can also personalize your plan based on your needs and requirements using the following options:

    • Death Benefit Payment Mode

    • Better Half Benefit Option

  • You have the flexibility to increase the amount of coverage during important milestones in your life, such as getting married, having a child, adopting, buying a house, and so on.

  • You can decide how you want to receive the death benefit or Terminal illness benefit based on your preference:

    • Receive a one-time payment

    • Receive monthly installments

    • Receive a combination of a one-time payment and monthly installments.

SBI Life Smart Swadhan Plus

SBI Life Smart Swadhan Plus plan provides dual benefits of protection as well as savings. With this SBI term insurance for senior citizens, the policyholders can long term security at affordable premiums and receive all the premiums paid throughout the policy tenure, at the end of the policy term. 

The benefits offered under this plan are:

  • This insurance plan provides two main benefits: 

    • Firstly, it offers life protection coverage in the unfortunate event of any incident occurring during the policy term. 

    • Secondly, if the policyholder survives the policy term, they will receive the total amount of premiums paid.

  • By choosing a higher sum assured, policyholders can enjoy premium rebates, which means they can get discounts on their premiums.

  • The plan also offers premium discounts for customers who opt for higher levels of coverage, allowing them to save on their premium payments.

  • Policyholders have the flexibility to pay their premiums in a single lump sum for a limited period of 5, 10, or 15 years, or they can choose to pay the premiums for the entire duration of the policy term.

  • Additionally, policyholders can avail tax deductions under Section 80C on the premiums paid, and they can also enjoy tax benefits under Section 10(10D) on the proceeds received from the plan.

SBI Life Saral Jeevan Bima

SBI Life Saral Jeevan Bima policy is a straightforward protection plan that focuses on simplicity. In the unfortunate event of the policyholder's death during the policy period, the nominee will receive the sum assured on death as a one-time lump sum payment. This policy provides financial security and ensures that the nominee receives the necessary funds in a straightforward manner during difficult times.

The benefits offered under this plan are:

  • You can ensure the security of your family with a standard term plan that comes at an affordable cost.

  • You can enjoy the convenience of paying premiums in one go, regularly, or for a limited period of 5 or 10 years.

  • You will be able to take advantage of tax benefits as per the prevailing norms under the Income Tax Act, 1961.

  • In the unfortunate event of the policyholder's death during the policy term, after the waiting period has expired, or due to an accident during the waiting period, the nominee or beneficiary will receive the sum assured on death as a lump sum payment. This provides financial support to the family during a difficult time.

Final Word

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

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • What is the key benefit of the SBI Life Saral Jeevan Bima policy?

    Ans: The key benefit of the policy is its simplicity, offering a pure protection plan with a lump sum payout to the nominee in the event of the life assured's death.
  • What are the payment options available for SBI Life Saral Jeevan Bima policy?

    Ans: You can choose to pay the premium once, regularly, or for a limited period of 5 or 10 years, providing flexibility and convenience.
  • Are there any tax benefits associated with the SBI Life Saral Jeevan Bima policy?

    Ans: Yes, the policy offers tax benefits as per the prevailing norms under the Income Tax Act, 1961.
  • What is the death benefit under the SBI Life Saral Jeevan Bima policy?

    Ans: In the unfortunate event of the life assured's death during the policy term, the nominee or beneficiary will receive the sum assured on death as a lump sum payment.
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