Compare SBI Term Insurance Plans

SBI-Life-Insurance-company

SBI Life Insurance company

SBI Life Insurance company is a joint venture between one of the largest banks in the country, State Bank of India and BNP Paribas Cardif. While SBI holds 70.1% stake, BNP Paribas Cardif’s share is 26%. The remaining share is divided between Value Line Pte. Ltd. And MacRitchie Investments Pte. Ltd. equally at 1.95% each. This joint venture has excelled in providing insurance and investment solutions all across the country and presents multiple products in categories such as life insurance, pension, child plans, investments and savings. The sheer variety at disposal combined with extensive reach of SBI makes the company a formidable force in the insurance market.

SBI Life Insurance- Term Plans

There are four different term plans being offered by the company that cater to different needs and requirements. From being economical to offering additional riders for wholesome insurance coverage, SBI Life Insurance has different plans for different people and to fit into their financial strategies.

List of Term Plans Offered By SBI Life Insurance Company, With Features, Benefits And Eligibility

SBI Life- Smart Shield

Features:

  • Affordable term insurance plan
  • Death benefits come with multiple options to choose from
  • Tax benefits are applicable

Benefits:

  • Death benefit: If the policyholder dies during the policy term, the nominee shall be paid the death benefit under following options:
    1. Level Term Assurance: In this option, the sum assured remains same throughout the policy term and at the time of death, the nominee shall be paid the sum assured as death benefit
    2. Increasing Term Assurance: Under this option, the sum assured selected at the time of initiation of the policy increases every year @ 5%. At the time of death, the nominee shall be paid the sum assured as on the date of death as the death benefit.
  • Income tax benefits are applicable under section 80C and section 10 (10) D of the Income Tax Act
  • Choosing higher sum assured attracts rebate on premium
  • The plan also offers discount on premium for having a healthy lifestyle

Eligibility:

Minimum Entry Age 18-60 years
Max Maturity Age 65 years
Min-Max Policy Term 5 years-30 years
Sum Assured Min: Rs. 25 lakhs | Max: No limit
Premium Amount Min: Regular Pay- Rs. 5000; Limited Pay- Rs. 15,000 | Max: Based on coverage
Premium Paying Term : Equal to Policy Term or Single Pay
Premium Paying Frequency Single, or Yearly, half-yearly, quarterly or monthly

Riders:

  • SBI Life Accidental Death Benefit Rider
  • SBI Life- Accidental Total and Permanent Disability Benefit Rider
  • SBI Life- Criti Care 13 Non-Linked Rider

SBI Life- Saral Shield

Features:

  • The plan offers three options to select from as death benefits
  • Affordable premiums
  • Riders offered to enhance coverage
  • Tax benefits applicable

Benefits:

  • The three plan options being offered are:
    1. Level Term Assurance: Here, the sum assured remains the same throughout the term of the plan and if the policyholder dies during the policy term, the nominee shall be paid that sum assured as death benefit
    2. Decreasing Term Assurance (Loan Protection): In this option, the sum assured keeps decreasing every year and the nominee shall be paid the sum assured as applicable on the death of the death of the policyholder
    3. Decreasing Term Assurance (Family Income Protection): This option guarantees regular income to the family of the policyholder after his death. Here, the sum assured keeps decreasing every year and if the policyholder dies during the policy term, the family shall be paid the sum assured as applicable on the death of death as regular monthly income over the balance policy term.
  • For selecting higher sum assured, the plan offers rebate on premium
  • Female customers are offered lower premium rates
  • Income tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-60 years
Max Maturity Age 65 years
Min-Max Policy Term Min-Max Policy Term
Sum Assured Min: Rs. 7.5 lakhs | Max: Rs. 25 lakhs
Premium Amount Min: Regular Pay- Rs. 2000; Limited Pay- Rs. 10,000 | Max: Based on coverage
Premium Paying Term Equal to Policy Term or Single Pay
Premium Paying Frequency : Single, or Yearly, half-yearly, quarterly or monthly

Riders:

  • SBI Life Accidental Death Benefit Rider
  • SBI Life- Accidental Total and Permanent Disability Benefit Rider

SBI Life- eShield

Features:

  • Economical term plan providing maximum coverage
  • Multiple options available for life coverage
  • Tax benefits apply

Benefits:

    • The multiple plan options as offered by the plan are as follows:
      1. Level Cover: Under this option, the sum assured selected by the policyholder shall remain the same throughout the policy term and if the policyholder dies before the term ends, the nominee shall be paid the sum assured as death benefit
      2. Level Cover with Accidental Death Benefit: The selected sum assured remains same throughout the term of the plan and shall be paid as death benefit to the nominee if policyholder dies during the policy term. Also, if the policyholder dies due to an accident, then an additional amount equal to sum assured or Rs. 50 lakhs, whichever is lower, shall be paid to the nominee
      3. Increasing Cover: In this option, the sum assured chosen at the time of initiation of the policy shall increase every 5 years @ 10% and if the policyholder dies during the policy term, the nominee shall be paid the sum assured as applicable on the date of the death
      4. Increasing Cover with Accidental Death Benefit: In this option, the selected sum assured shall increase every 5 years @ 10% and at the time of death of the policyholder, the nominee will be paid the sum assured as on the date of the death. Also, if the death is caused due to an accident, then an additional amount equal to sum assured of Rs. 50 lakhs, whichever is lower, shall be paid to the nominee
    • Selecting higher sum assured shall attract rebate on premium
    • Female customers shall be offered lower premiums
    • Healthy lifestyle shall also invite lower premiums
    • Income tax benefits shall be available under section 80C and section 10 (10) D

Eligibility:

Min-Max Entry Age 18-65 years
Max Maturity Age 70 years
Min-Max Policy Term 5 years-30 years
Sum Assured Min: Rs. 20 lakhs | Max: No limit
Premium Amount Min: Rs. 3500 | Max: Based on coverage
Premium Paying Term Equal to Policy Term
Premium Paying Frequency : Yearly

SBI Life- Grameen Bima

Features:

  • Micro insurance plan designed for the backward section of the society
  • Life coverage depends on premium amount chosen by the policyholder
  • Income Tax benefits applicable

Benefits:

  • The policyholder needs to select a premium amount that he or she can pay and based on that the coverage will be decided
  • No medical examination is required
  • If the policyholder dies during the term of the plan, the calculated sum assured shall be paid to the nominee as death benefit
  • Income tax benefits under section 80C and section 10 (10) D shall be applicable
  • Eligibility:

    Min-Max Entry Age 18-50 years
    Policy Term 5 years
    Sum Assured Min: Rs. 10,000 | Max: Rs. 50,000
    Premium Amount Min: Rs. 3500 | Max: Based on coverage
    Premium Paying Term Single Pay
    Premium Paying Frequency Single Pay

    Tata AIA Life Insurance Accidental Death & Dismemberment Rider

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