Is Your Family Covered by SBI Term Insurance?
If there is someone who would get financially affected by your sudden demise, you surely need Term Insurance. Buying term insurance is one of the most sensible decisions you can take in your lifetime. However, according to statistics, only 10% of the Indian population is insured.
Why is Term Insurance important? Even if you earn pretty well, you can’t predict what would happen in the next few minutes or years. Life is unpredictable and no one knows when their number is up. Moreover, the ratio of premature deaths, especially the ones related to road accidents, is very high in India. What happens when you are the sole breadwinner of the family? What would happen to the family in case of your early death? Here, term insurance can be the saviour. It will offer a pre-decided sum to your family in the event of your untimely death. And when it comes to term insurance, SBI term insurance plans are worth investing your hard-earned money in.
State Bank of India Term Insurance is a tailor-made plan to provide financial relief to the family in case the insured dies during the policy tenure. It will bear all the financial liabilities, debt etc. that will be on the family in the insured’s absence. Other than offering death benefit to the family of the policyholder, SBI life term plan offers rider covers like accidental death benefit, which compensates the family up to the sum assured in case of accidental death of the insured. Let’s have a look at the various plans offered under SBI term insurance.
Policy Options Available under SBI Term Insurance Plans:
Available SBI term insurance plans:
- SBI Life Smart Shield
- SBI Life eShield
- SBI Life Saral Shield
- SBI Life Grameen Bima
- SBI Life Saral Swadhan+
- SBI Life Smart Swadhan Plus
SBI Life Smart Shield
| Feature | Details
|
| Entry age | Minimum age is 18 years and maximum age is 65 years. |
| Age at maturity | 70 years |
| Policy tenure | Minimum term: 5 years
Maximum term:30 years |
| Sum Assured | Minimum: 25 lakh, maximum: no limit |
| Frequency of premium payment | Monthly, quarterly, half-yearly and yearly |
| Riders benefits offered | · Accidental Death Benefit
· Accidental Total and Permanent Disability · Accelerated Critical Illness Cover |
| Plan benefits | · Death benefits to the family
· Surrender benefits for single premium plans · No survival benefit or paid-up benefits |
SBI Life eShield
| Feature | Details
|
| Entry age | Minimum age is 18 years and maximum age is 65 years. |
| Age at maturity | 70 years |
| Policy tenure | · Minimum term: 5 years with or without rider
· Minimum term for increasing cover: up to 10 years with or without rider · Maximum term:30 years |
| Sum Assured | Minimum: 20 lakh, maximum: no limit |
| Frequency of premium payment | Yearly |
| Plan benefits | The plan comes with death benefits but doesn’t offer maturity or surrender benefits. |
| Rider benefit | Accidental death benefit |
SBI Life Saral Shield
| Feature | Details
|
| Entry age | Minimum age is 18 years and maximum age is 60 years. |
| Age at maturity | 65 years |
| Policy tenure | · Minimum term: 5 years
· Maximum tenure for level term and family income protection: 30 years with or without rider · For loan protection: 30 years |
| Sum Assured | Minimum: 7.5 lakh, maximum: 24 lakh |
| Frequency of premium payment | Monthly, quarterly, half-yearly and yearly for level term assurance. There is a single premium for decreasing term assurance. |
| Rider benefits | · Accidental death benefit
· Accidental total and permanent disability cover · Accelerated critical illness cover |
| Plan benefit | Death benefits |
SBI Life Grameen Bima
|
Feature |
Details
|
| Entry age | Minimum age is 18 years and maximum age is 50 years. |
| Policy tenure | 5 years |
| Sum Assured | Minimum: 10,000, maximum: 50,000 |
| Frequency of premium payment | Single premium |
| Riders benefits offered | Not Applicable |
| Plan benefits | · Death benefits to the family equal to sum assured
· Surrender benefits from second policy renewal onwards |
SBI Life Saral Swadhan+
|
Feature |
Details
|
| Entry age | Minimum age is 18 years and maximum age is 55 years. |
| Age at maturity | Minimum age is 28 years while maximum age is 70 years |
| Policy tenure | Minimum term: 10 years
Maximum term:15years |
| Sum Assured | Minimum: 30,000, maximum: 4.75 lakh |
| Frequency of premium payment | Yearly |
| Plan benefits | The plan offers death benefits
Offers maturity benefits Also, paid-up benefit is covered by the plan. |
SBI Life Smart Swadhan Plus
|
Feature
|
Details
|
| Entry age | Minimum age is 18 years and maximum age is 65 years. |
| Age at maturity | 75 years |
| Policy tenure | Minimum term: 10 years
Maximum term: 30years |
| Sum Assured | Minimum: 5,00,000, maximum: no limit |
| Frequency of premium payment | Single, monthly, quarterly, half-yearly and yearly |
| Plan benefits | The plan covers death benefits
Surrender and paid up benefits are also covered |
Benefits of SBI term Insurance Plans:
SBI life term insurance plans are important because they offer a financial guarantee to the insured’s family in his/her absence. Here are the benefits of SBI term insurance plans:
In case the policyholder dies within the policy tenure, SBI term insurance compensates the family of the insured with the complete sum assured or up to a certain amount of the same. This way, the family can bear the burden of any financial commitments like EMIs, house loans or education loans.
Availing SBI life term plan is easy. You can buy it online or offline, and the policy will be effective instantly.
Another characteristic is the low premium associated with these plans. These plans can be availed at an affordable rate which attracts the people from every walk of life. Moreover, the various modes of payment, as well as the payment frequencies, make things convenient for the policyholder as s/he can pay the premium without any hassle.
The rider benefits are useful too. If one plan only offers death benefits, one can avail extra benefits by simply opting for a rider benefit like Accident Death Cover. It increases the benefits of the basic cover.
The best part is that the premium paid for SBI life term insurance is eligible for tax exemptions. Section 80C of the Income Tax Act (1961) says that the insured person can avail tax benefits against the premium paid for term insurance. You’re all set!
Final Word!
A Term insurance plan is a sure-shot risk cover. You need it even more when planning a family or after you’ve entered your middle age. Responsibilities and liabilities grow simultaneously with age; therefore, it is better to build your financial portfolio on time to financially secure your family!