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The State Bank of India or SBI offers a plethora of comprehensive SBI life term insurance plans for meeting the needs of the prospective insurance buyers. The SBI term insurance plans have customized options to provide the insured with financial protection as well as provide security to the insured's family in case something untoward were to happen.
The SBI life term plans facilitate not only to provide the benefits of death coverage but also to provide riders benefit for enhancing the policy coverage. As they come with affordable premium rates, SBI term plans prove to be suitable for prospective policyholders that wish to provide their family and loved ones in the circumstance of their demise.
There are various SBI term insurance plans available, from which you can compare and choose. You can both buy the plans online as well as offline. The SBI life term insurance plans can be applied from the age of 18 years, along with features such as maturity benefit, death benefit, as well as surrender benefit, all for a single premium policy. The following section discusses the features and benefits of SBI life term plans in detail:
| Plans | Entry Age (in years) | Maturity Age (in years) | Policy Term (in years) | Sum Assured (in INR) |
| SBI Life eShield | Min - 18 to Max - 65 | 70 | Min 5 to Max 30 | Min - 20,00,000 to Max - No Limit |
| SBI Life Smart Shield | Min - 18 to Max - 60 | 65 | Min 5 to Max 30 | Min - 25,00,000 to Max - No Limit |
| SBI Life Saral Shield | Min - 18 to Max - 60 | 65 | Min 5 to Max 30 | Min - 7,00,000 to Max - 24,00,000 |
| SBi Life Grameen Bima | Min - 18 to Max - 50 | n/a | Min 5 | Min - 10,000 to Max - 50,000 |
Description of All Plans Available:
(Summary, Coverage, Eligibility, Premiums)
SBI Life eShield is an online term plan. It generally provides four different coverage options that the customers may choose. The benefits and features of these plans are as follow:
This plan has two different plan options:
Both of these plan options come with in-built benefits for accelerated terminal illness in them.
Option for Second Medical Opinion:
This SBI term insurance plan also has four coverage options that the prospective policyholder can choose. These four coverage options are:
In this case, the chosen assured sum stays the same across the tenure of the term insurance plan. Upon the demise of the policyholder, the guaranteed amount is payable to the nominee.
In this case, the assured sum chosen at the beginning of the policy purchase increases every passing year at a 5% rate. Upon the demise of the policyholder during the plan tenure, the assured sum upon the date of death will be paid to the nominee.
In this case, a certain sum chosen at the beginning of the policy purchase decreases each year. A suitable sure amount is subject to disbursal to the nominee if his death occurs during the term. A record of the day of passing is kept into account.
Option for Second Medical Opinion:
This option, if chosen, pays an additional amount if there is an accidental death of the policyholder within the policy tenure.
This option, if chosen, pays an additional amount if there is an accidental disability of the policyholder, which is total and permanent, within the policy tenure.
Choosing this option pays an additional amount under essential conditions of illness. The SBI term insurance plan must have them covered under the available riders.
Option for Second Medical Opinion:
This plan offers three different options of the death benefit to the policyholder, which are as follows:
In this case, the chosen assured sum stays the same across the tenure of the term insurance plan. Upon the demise of the policyholder, the guaranteed amount is payable to the nominee.
In this case, assured sum chosen at the beginning of the policy purchase, decreases each year. If the death of the policyholder occurs during the tenure of the term insurance, an applicable assured sum as upon the day of the demise is payable to the nominee.
In this case, a certain sum chosen at the beginning of the policy purchase decreases each year. If the demise of the policyholder happens during the tenure of the term insurance, an applicable assured sum is payable to the nominee upon the day of the death.
Additional riders are useful for making the coverage by the term insurance plan even more comprehensive.
This option, if chosen, pays an additional amount if there is an accidental death of the policyholder within the policy tenure.
This option, if chosen, pays an additional amount if there is an accidental disability of the policyholder, which is total and permanent, within the policy tenure.
Under this option, an additional amount is payable under the essential diagnosis of diseases. They must fall under the category of available riders of the SBI term insurance plan.
Option for Second Medical Opinion:
Option for Second Medical Opinion:
This micro-insurance plan is suitable for the backward economic classes, for their economic welfare and needs for insurance. The prospective policyholder needs to choose a viable premium amount that she/he can pay. Based on this premium amount, the coverage and benefits under the term insurance plan are as follows.
For this particular term insurance plan, you don't require the medical examination. The procedure gets issued based upon one simple medical declaration. Registration involves a simple form. Premium is payable in a single lump-sum at the beginning of the term insurance plan.
In the case of the policyholder's death during the term tenure, the calculated certain sum is paid to the nominee.
The following section discusses the areas that SBI Life Term Insurance plans do not provide cover for, i.e., exclusions of the policy.
If the insured person commits suicide during the initial one year of the policy, right from the day of initiation, in that case, the life insurance policy does not provide any of the covered death benefits to the nominee. Now, if the policyholder commits suicide after the initial one year of buying the policy, then the beneficiary will receive 80% of the premium paid till then, only if all of the policy premiums are payable on time and the plan has not been surrendered/is in force.
Before you choose the term insurance plan that is right for you, it is indeed vital to get to know the process of claim settlement, as it differs from company to company. Also, any eventuality is generally unplanned so, efficiently processing the claim becomes a necessity in that dire consequence.
Before you choose the term insurance plan that is right for you, it is indeed vital to get to know the process of claim settlement, as it differs from company to company. Also, any eventuality is generally unplanned so, efficiently processing the claim becomes a necessity in that dire consequence.
Documents that ought to be kept at hand while filing for the claim are:
Original or Attested Death Certificate by a Government official, stating the cause of death.
Claim Form (All relevant fields must be thoroughly filled).
Apart from submitting the documents mentioned above, the beneficiary needs to provide a written mandate for SBI to be allowed to transfer the amount claimed to the bank account of the nominee through NEFT processing.
Once the beneficiary of the policy submits the claim form along with the crucial documents, the insurance company verifies the claim form. After confirming the form thoroughly, the insurance company processes the claim and transfers the assured sum amount to the beneficiary's account.
Tax benefits for SBI life term plans are available based on the paid premium and the claim amount received. The payable premiums become tax exempted under Section 80C of the 1961 Income Tax Act. The claim that is collected is also tax-exempt under Section 10 (10D) of the Income Tax Act.
There are certain basic and fundamental factors that must be considered while buying any Insurance policy scheme. Some of these factors that prove the vital necessity of buying a life insurance policy are mentioned below.
SBI Life offers a few online specific plans, namely SBI Life eShield, and SBI Life smart shield, which are exclusively available online. These are exceptionally user-friendly as the prospective customer needs only to log onto the official company website or any aggregator website which features these plans. Go to the Options section, choose any of the available SBI Life Insurance plans, then select the required coverage, and provide the necessary details in the specified fields. Based on the details that you have filled in, the requisite premium is then determined automatically. The payment of the premium can also be made online via either a credit card, or a debit card, or the facility Internet banking. These actions are subject to approval, and the chosen SBI policy is issued later.
SBI term insurance plans that cannot be purchased online are available from agents, banks, brokers, etc. These intermediaries help prospective buyers with their application process and subsequent approval.
Renewal of any SBI Life Insurance policy can be carried out by the following models, which are:
Through sending toll-free SMS with specific codes
Through the personnel present at SBI Branches
For the online renewal process, the policyholder has to login to his or her account on the official webpage, then click upon the 'Renew Policy' tab and proceed with the payment of requisite premium.
This Premium Payment option is present right on the Home Page; submit the specific Policy Number, registered Email ID, and Date of Birth. The digital payment acknowledgment slip is accessible from the ID.
If the policyholder chooses to opt for the case of Advance Premium Payment, the renewal receipt will be generated only after allocation/adjustment upon the due date of the premium is made.
Alternatively, the policyholders can choose to renew their policy processing by using the SBI ATM kiosks and selecting the specific option for the renewal process.
The following documents are essential and should be kept at hand while purchasing any SBI term plan:
Proof of Address: rental agreement, Aadhaar card, passport, etc.
Proof of Age: matriculation certificate, birth certificate, aadhaar card, etc.
