Overview of SBI Term Insurance Plan

A term insurance plan is a type of life insurance plan which secures the policyholder for a certain period or term. In case of death of the policyholder, while the plan is active, the death benefit is paid. SBI life insurance offers a variety of term insurance plans which can be bought both online and offline. These comprehensive term insurance policies are customized to provide the utmost financial security to the insured and the family members. SBI term plans also provide the option for rider benefits enhancing the coverage along with affordable premiums.

Features of SBI Term Insurance plans

Some of the features of SBI Term insurance plans are

  • These plans are dedicated to keeping the family of the insured financially secured in case of untimely death during the tenure of the policy
  • In case of death of the policyholder, the pre-decided sum assured is paid to the beneficiary under SBI term insurance plan
  • SBI term plan does not include maturity benefit which means that no sum assured is paid to the policyholder after the full tenure or in case of death of the policyholder after the tenure of the policy.
  • SBI term insurance provides affordable add-on riders on payment of additional premium to enhance the policy benefits

Benefits of SBI term insurance plans

  1. Financial protection: SBI term insurance plans provide financial protection to the entire family of the policyholder
  2. Faster claim settlement: SBI term insurance plans provide faster claim settlement reflecting the value towards customers and faster settlement of queries. The claim settlement of SBI insurance is 96.69%
  3. Rewards for health: The policyholder gets health reward in the form of discounted premiums on the basis of health status maintained by the policyholder
  4. Lower premiums and high sum assured: With SBI term insurance plans, the policyholder gets the higher sum assured at cheaper rates of premium for building wealth and savings, for future emergencies
  5. Discounts on premium rates for female policyholders: SBI term insurance believes in boosting the women empowerment and purchase of insurance plans among females by providing discounts to female policyholders on the premium rates
  6. Lifetime coverage: SBI term plans are designed to meet the needs of everyone falling in the age between 18 years to 65 years with policies that secure the future of the policyholder’s family till the term of the policy
  7. Riders for enhanced protection: SBI term insurance gives additional benefits to the policyholder like accidental death cover, terminal, and critical illness, permanent disability, etc on payment of additional premium.

Types of SBI Term Insurance Plans 

SBI term insurance offers various plans providing protection for uncertain events

  1. SBI Life- elncome Shield Plan

    This is a traditional non participating income protection policy that shields the monthly income flow of the family in case of the untimely death of the policyholder.

    Eligibility Conditions of SBI Life- elncome Shield Plan

    Minimum/Maximum Age at Entry

    18 years and 50 years

    Minimum/Maximum Policy Tenure

    10 years and 35 years

    Maximum Age at Maturity

    60 Years

    Mode of premium payment

    Monthly/Annual


    Features of SBI Life- elncome Shield Plan

    • Minimum monthly payout under this plan is INR 25000 and no limits for the maximum amount
    • Two plans offered under elncome shield
      • Level Term Assurance: under this, the sum assured is fixed throughout the policy term
      • Increasing term assurance: Policyholder has an option to choose the increasing sum assured at the rate of 3%, 5% and 10%, depending upon the requirement
    • The death benefit is available either on monthly income basis or lump sum benefit
    • No survival and paid-up value offered
  2. SBI Life- Smart Shield Plan

    This plan comes with optional riders to choose from like accidental death rider, Criti Care 13 Non-linked rider, Total and permanent rider. This is a flexible plan in terms of premium, payout and customizing through riders.

    Eligibility Conditions of SBI Life- Smart Shield Plan

    Minimum/Maximum Age at Entry

    18 years and 50 years

    Minimum/Maximum Policy Tenure

    5 years and 30 years

    Maximum Age at Maturity

    65 Years

    Minimum/Maximum Sum Assured

    INR 25 lakhs and no limits for maximum sum assured

    Mode of premium payment

    Single or Regular


    Features of SBI Life- Smart Shield Plan

    • Two plans offered under this plan
      • Level Term Assurance: under this, the sum assured is fixed throughout the policy term
      • Increasing term assurance: The sum assured increases at the rate of 5% p.a
    • Death benefit payout is available on fixed annual income and increasing annual income at 5% per annum.
    • Surrender value is available on opting for single premium pay option

    Riders available under this plan:

    1. Accidental death benefit: SBI insurance pays the rider sum assured along with the basic terms. The minimum sum benefit of this rider is INR 25,000 and the maximum is INR 50 lakh
    2. Accidental Total and Permanent disability rider: SBI insurance pays the rider sum assured along with the basic terms. The minimum sum benefit of this rider is INR 25,000 and the maximum is INR 50 lakh
    3. Critical Illness Rider: This rider covers 13 critical illnesses including heart attack, cancer, open chest CABG, Kidney failure, paralysis, severe burns, major organ transplant, etc. The minimum sum benefit of this rider is INR 25,000 and the maximum is INR 50 lakh
  3. SBI Life- eShield Plan

    This is a complete death benefit plan which comes with the option of the accidental death benefit. SBI insurance pays the sum assured to the nominee in case of death of the policyholder.

    Eligibility Conditions of SBI Life eShield Plan

    Minimum/Maximum Age at Entry- Level Cover

    18 years and 65 years

    Minimum/Maximum Age at Entry- Increasing Cover

    18 years and 60 years

    Minimum/Maximum Policy Tenure- Level Cover

    5 years and 30 years

    Minimum/Maximum Policy Tenure-Increasing Cover

    10 years and 30 years

    Maximum Age at Maturity

    70 Years

    Minimum/Maximum Sum Assured

    INR 20 lakhs and no limits for maximum sum assured

    Mode of premium payment

    Annual

    • Two plans offered under this plan
      • Level Term Assurance with or without accidental death rider: under this, the sum assured is fixed throughout the policy term
      • Increasing term assurance with or without accidental death rider: The sum assured increases at the rate of 10% simple interest after every 5 years without any increase in the policy
    • Death benefit payout is available on fixed annual income and increasing annual income at the rate of 10% simple interest after every 5 years without any increase in the policy. In case of additional accidental rider, the benefit is paid with an increase in the rider benefit
    • No survival and paid-up value offered
  4. SBI Life- Saral Shield Plan

    This is one of the simplest term insurance by SBI which offers options for multiple payouts.

    Eligibility conditions of SBI Life- Saral Shield Plan

    Minimum/Maximum Age at Entry

    18 years and 60 years

    Minimum/Maximum Policy Tenure

    5 years and 30 years

    Maximum Age at Maturity

    65 Years

    Minimum/Maximum Sum Assured

    INR 7.5 lakhs and INR 24 lakhs

    Mode of premium payment

    Single or Regular

    Features of SBI Life- Saral Shield Plan

    • Two plans offered under elncome shield
      • Level Term Assurance with the option of single or regular pay
      • Decreasing term assurance with the option of a single pay
    • Policyholders can choose to pay monthly, quarterly, half-yearly or annual premium
    • The death benefit is available in case of the untimely death of the policyholder
      • Level Term Assurance wherein the sum assured is paid to the nominee
      • Decreasing term assurance (Loan protection) which is available if the policyholder has taken a loan. Coverage is available depending on the loan and the interest rate
      • Decreasing term assurance (Family Income Protection) in which the sum assured is provided to the nominee in monthly instalments
    • No survival and paid-up value offered

    Riders

    • Accidental death benefit: SBI insurance pays the rider sum assured along with the basic terms. The minimum sum benefit of this rider is INR 25,000 and the maximum is INR 24 lakh
    • Accidental Total and Permanent disability rider: SBI insurance pays the rider sum assured along with the basic terms. The minimum sum benefit of this rider is INR 25,000 and the maximum is INR 24 lakh
  5. SBI Life- Grameen Plan

    This is a micro-insurance plan which is designed for the socially deprived and below poverty line population.

    Eligibility conditions of SBI Life- Grameen Plan

    Minimum/Maximum Age at Entry

    18 years and 50 years

    Minimum/Maximum Policy Tenure

    5 years and 70 years

    Minimum/Maximum Sum Assured

    INR 10,000 and INR 50,000

    Minimum/Maximum Premium

    INR 300 and INR 2000

    Sum Assured

    25/40/60 times of the total premium paid

    Features of SBI Life- Grameen Plan

    • This is a micro-insurance plan
    • Surrender benefit is provided from 2 years

    Generic Exclusions in SBI term insurance plans 

    The following exclusions are included with every SBI life insurance

    1. Suicide: If the policyholder commits suicide within one year of the policy issue then the nominee is paid 80% of the premiums paid. Nothing is paid after that and the policy stands void


    For accidental deaths following conditions are applied

    • Infection
    • Self-inflicted injury or damage
    • Drug abuse
    • War
    • Civil commotion
    • Criminal activity
    • Dangerous sports

How to buy or renew SBI Term insurance plans?

For buying SBI term insurance plans, you will have to follow the following steps 

  • Log in to https://www.sbilife.co.in/en/individual-life-insurance/protection-plans
  • Click on ‘Buy Now’ and enter the details for calculating premium like policy term, premium payment frequency, sum assured, date of birth, etc
  • Pay the premium online through credit card, debit card, net banking, etc
  • The policy will be issued immediately upon successful payment and documentation 

You can also buy these plans through Turtlemint, which is an online platform for buying various insurance policies after comparing them on various aspects

Claim process of SBI Term insurance plans

SBI life insurance provides an easy and hassle free claiming process

  • Submit the duly filled claim form in the nearest SBI Life branch
  • You can intimate about the claim at the toll-free number as well 1800-22-9090
  • Or mail them at claims@sbilife.co.in
  • Claim assessment: Upon receiving the documents required, SBI will access the documents and information provided
  • Acceptance of claim: once approved, the nominee will receive the sum assured

Documents required for the claim

  1. Duly filled form of claim
  2. Policy document
  3. Original death certificate
  4. Address proof of the claimant
  5. ID proof
  6. Bank passbook cancelled cheque or bank statement of the claimant
  7. Hospital records
  8. Post-mortem and chemical viscera of the dead insured, if performed
  9. FIR

Review of SBI term insurance plan

SBI Life insurance is one of the most trusted term insurance companies with unparalleled services towards serving the customers. SBI has over 23000 branches all over the country and has been awarded Life Insurance company of the year in 2016. Known for its hassle-free process, it also has a fast claim settlement and quick response team.


FAQ’s

SBI term insurance offers financial protection against an uncertain event like death and saves the family of the deceased from the sudden loss and lack of finances. At nominal costs, SBI provides term insurance plans which secure the future of the insured’s family


Not all plans provide maturity benefits. SBI life- Saral Swadhan term insurance plan provides maturity benefits along with fixed life cover in the form of return on premium


15 days is the free look period for all the policies and policies bought through distant marketing, 30 days


15 days for monthly premiums and 30 days for quarterly, half-yearly and yearly premiums


Yes, the policyholder can change the nominee by filling a ‘Change in nomination’ form and submitting the same in the nearest SBI branch.

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