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SBI Term Plan for Women

The SBI Term Plan for Women provides extensive coverage at affordable premiums, giving females the assurance of financial security towards their loved ones/dependents. SBI Term Plan for women is specifically designed to cater to the requirements and aspirations of women, ensuring they have a secured and peaceful future. 

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With an array of options and customized features, flexible options, and comprehensive coverage, the SBI Term Plan for Women offers a strong foundation for a female and her family’s financial future. In this article, we will learn about the different benefits and features of the SBI Term Plan for Women and learn about the process of buying it through Policybazaar.

What is the SBI Term Plan for Women?

The SBI Term Plan for Women is a specialized insurance product designed to cater to the unique needs and aspirations of women. It offers comprehensive coverage to ensure the financial security of women's loved ones in the event of unfortunate circumstances. The plan provides affordable premiums, making it accessible to a wide range of women seeking insurance coverage. It offers a strong foundation for a protected and stress-free future by addressing the specific requirements of women. It offers a strong foundation for a protected and stress-free future by addressing the specific requirements of women.

SBI Term Plan for Women provides a lump sum payout to the nominee in case of the policyholder's demise during the policy term. It offers a death benefit that can help cover financial obligations such as outstanding loans, children's education, or daily living expenses. With a 97.05% claim settlement ratio (CSR) in the financial year 2021-22, it offers a hassle-free claims settlement process, ensuring that the policyholder's nominees/beneficiaries do not face difficulty during claim settlement once she is no longer alive.

Let us understand this better with an example: Ms. Niharika, a 30-year-old woman who doesn’t smoke or consume tobacco, has purchased the SBI Smart Swadhan Plus Term plan to provide financial protection for her loved ones in case of her sudden and unfortunate death. With a yearly income of Rs. 15 Lakhs, she has chosen a life cover of Rs. 1 Crore, and is paying Rs. 5,283/month until she turns 60. Throughout the duration of her term plan, the premium amount will remain unchanged for Ms. Niharika. However, if she outlives her policy term, she will receive a survival benefit of Rs. 18.19 Lakhs.

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Why Should You Buy SBI Term Plan For Women?

Women should consider opting for the SBI Life Term Plan due to the below mentioned reasons:

  • Family’s Financial Security: Women play a major role in supporting their families, and need as much financial security as men do. The SBI term plan ensures that if something unfortunate happens to them, their families will not be under burden and receive financial support. The sum assured helps maintain the family's standard of living without imposing financial obligations.

  • Repayment of Loans/Debt: Women have several financial commitments and loans help fulfill their dreams and needs. However, in the event of their sudden demise, their families may be responsible for repaying those debts. The SBI Term Plan provides the funds through the death claim amount to clear existing loans or debts.

  • Lower Premium Rates: In India, women enjoy lower premiums for term insurance compared to men. While eligibility criteria are the same for both genders, women benefit from reduced premium rates. The ability to afford term insurance without financial hassle encourages more women to invest in the SBI Term Plan or other similar term plans.

  • Children’s Financial Security: With the SBI term plan, a woman can secure her child’s future, fund their higher education and plan ahead for their career. She can protect her children with the term plan and make sure that they have a bright future even when she is not there anymore.

  • Retirement Security: After years of hard work, women deserve a stress-free and protected life during their golden years. Term insurance provides a safety net by ensuring that even in their absence, their loved ones are financially protected. It relieves women of worries about leaving their families burdened with financial obligations.

  • Tax Benefits: The SBI Term Plan offers annual tax benefits under Sections 80C and 10(10D) of the Income Tax Act.

The SBI Life Term Plan is highly advantageous for women due to its alignment with their busy lives, commitment to family and work, and specific financial needs. With features like family financial security, coverage for critical illnesses, and lower premiums, the plan provides a comprehensive solution to ensure a secure and protected future for women and their loved ones.

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Which is the Best SBI Term Plan For Women?

SBI Life Smart Swadhan Plus is one of the ideal choices for women in the current times, as it offers financial protection to her loved ones as well as provides survival benefit if she outlives her policy term. This way, a woman can be doubly assured, both in terms of her family’s financial future along with her own savings, in the form of maturity benefits.

Key Features and Benefits of SBI Smart Swadhan Plus Term Plan

Below mentioned are a few key benefits of the SBI Smart Swadhan Plus term plan, which will help women in the long run:

  • The SBI Smart Swadhan Plus Term Plan provides twin benefits of Protection and 100% Return of Premium if you outlive the policy term.

  • If you choose a higher sum assured, then you will receive a discount on your premium rates.

  • You can surrender the SP policies at any time of the policy term. However, in case of LPPT and RP Policies, the policy will be able to acquire the benefits of paid-up/surrender value only if the premiums are paid for at least 2 years consecutively.

What is the Eligibility Criteria to Buy SBI Term Insurance Plan for Women?

Below mentioned is the eligibility criteria to buy SBI Term Insurance Plan for women:

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age - 75 years
Policy Term 5 years 30 years
Sum Assured 5 Lakhs No Limit

How To Buy SBI Term Plan For Women From Policybazaar?

Here's how you can buy SBI Term Plan for Women from Policybazaar:

  • Step 1: Go to the Term Insurance Page of Policybazaar

  • Step 2: Submit your name, gender (select "Female"), DOB and contact number

  • Step 3: Provide other information like your annual income, occupation type, educational qualification, tobacco consumption habits, and your pincode

  • Step 4: Click on the “Plans that Return my premium” option on the top right corner of the page

  • Step 5: Select the SBI Term plan from the available options

  • Step 6: Fill in the other details required to purchase the SBI Term Plan for Women

  • Step 7: Proceed to the payment option and select your preferred payment method to complete the payment process

Things To Consider Before Buying SBI Term Plan For Women

Before purchasing the SBI Term Plan for women, there are some important factors to consider:

  • Assess Your Debts and Loans: Take the time to calculate and understand the extent of your debts and loans. This ensures that if something unfortunate happens, your loved ones won't be burdened with repaying those financial obligations.

  • Check the Claim Settlement Ratio (CSR): It's crucial to review the Claim Settlement Ratio (CSR) of SBI Term Insurance. This ratio indicates how efficiently and reliably claims are settled by the insurer. Make sure to check the CSR for the past five consecutive years to ensure a good track record of claim settlements.

  • Reach Out to Customer Care: If you have any inquiries or require additional information about the SBI Term Plan that you are considering to buy, contacting their customer care service is easily accessible and can provide the answers and clarity you need.

Wrapping It Up!

The SBI Term Plan for women is an excellent option for females who want to secure their future and the well-being of their families. And if you outlive your policy term, you also get a survival benefit, which makes it a doubly-profitable plan for you, as a woman. Additionally, purchasing the plan from Policybazaar offers a convenient and streamlined process, along with potential cost savings.

FAQ's

  • What is the SBI Term Plan for women?

    Ans: The SBI Term Plan for women is an insurance product specifically designed to cater to the unique needs and aspirations of women, providing comprehensive coverage and financial security.
  • What are the benefits of the SBI Term Plan for women?

    Ans: The plan offers extensive coverage, financial protection for loved ones, flexibility in choosing coverage options, lower premium rates for women, maturity benefits, and tax deductions.
  • How does the SBI Term Plan for women ensure financial security?

    Ans: In the unfortunate event of the policyholder's demise, the plan provides a death benefit to the nominees, ensuring their financial security and helping them maintain their standard of living. And if the policyholder (woman) outlives the policy term, she will receive a survival benefit.
  • Can I purchase the SBI Term Plan for women online?

    Ans: Yes, you can easily purchase the plan online. Policybazaar is one place which allows you to purchase any term plans very easily and also gives extra discounts.

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