SBI Term Insurance is one of the most popular term insurance policies offered by State Bank of India (SBI) Life Insurance Company. SBI Life is a joint venture between State Bank of India, India’s largest public sector bank and BNP Paribas Cardif, a global investment company.
There are eight different types of term insurance plans offered by SBI Life Insurance:
Know all about them and choose from a wide range of SBI Term Insurance Plans on Coverfox.
SBI Insurance (SBI) offers different variants of Term insurance plan to provide financial protection against life's uncertainties.
SBI offers SBI Life eIncome Shield Plan, a pure Term Insurance. A non-participating, traditional income protection plan. With the help of eIncome Shield you protect your family's monthly income flow, on the event of untimely death. An option of monthly income payout or the annual increase in payout safeguards your family against the loss of the income.
The Death Benefit can be chosen from the following options:
| Criteria | Eligibility |
|---|---|
| Minimum age at entry | 18 years |
| Maximum age at entry | 50 years |
| Maturity age | Maximum of 60 years |
| Policy term | Minimum of 10 years and maximum of 35 years |
| Premium payment term | Based on the policy term |
| Monthly income | Minimum of Rs.25,000 and no limits on the maximum |
| Monthly income payout term | A minimum of 48 months/1 year from the date of death |
| Type | Online traditional, Non-participating, Pure Term Life Insurance/ Income Protection Plan |
| Death Benefits | - Applicable on the insured's death - Commences from the 1st day of the next policy month, and payable for the outstanding policy term, wherein the outstanding term is less than 48 months - Monthly income payouts applicable till the 48th instalment, even after the end of the policy - Equal to 12 times the then available monthly income payable to the nominee on death - No discounts applicable on future payouts as a lump sum |
| Tax Benefits | On annual premium and claim, as per Sections 80C and 10(10D) of the Income Tax Act, 1961 |
This is the basic term-life insurance plan by SBI with optional Riders. You can opt for Accidental Death Rider, Total and Permanent Rider, Criti Care 13 Non-Linked Rider. SBI will pay the Sum Assured to the nominee in the event of the untimely demise of the insured during the policy term. This plan has much more flexibility when it comes to premiums, payouts and customizing with riders.
Customize your SBI Term Plan with Riders. Riders help to widen the scope of the base policy.
In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
In the case of disability to the life insured caused due to the accident, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
It covers 13 major critical illnesses, including First Heart Attack of specified severity, Cancer, Open Chest CABG,Kidney Failure, Major Burns,Paralysis, Major Organ Transplant,etc. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
Note: The maximum rider sum assured cannot be more than the basic term sum assured
| Parameters | Criteria for eligibility |
|---|---|
| Minimum age at entry | 18 years |
| Maximum age at entry | 65 years |
| Maximum age at maturity | 70 years |
| Plan options to choose from | Decreasing Term Assurance – For family income
Decreasing Term Assurance – For loan repayment Increasing Term Assurance Level Term Assurance |
| Benefits | Add-on Riders: - Accidental Death Benefit Rider - Accidental Total and Permanent Disability Benefit Rider - Criti Care 13 Non-Linked Rider |
| Death Benefit | Benefit as per the plan opted for: Level Term Assurance: Effective sum assured as on date of death will be level sum assured opted, OR Increasing Term Assurance @ 5%: Effective sum assured as on date of death will be sum assured increased at simple 5% p.a. |
| Tax Benefits | On annual premium and claim, as per Sections 80C and 10(10D) of the Income Tax Act, 1961 |
| Premium Paying Term | Regular Premium: Premium payment option throughout policy tenure Single Premium: One-time lumpsum payment at the time of the purchase of the policy for coverage till the end of the policy term |
- |
| Minimum | Minimum | Maximum |
Single Premium: Rs. 11,000 Regular Premium: Yearly - Rs. 3,000 Half-yearly - Rs. 1,500 Quarterly - Rs. 750 Monthly - Rs. 300 |
Depends on sum assured offered, as per underwriting policy |
This is the basic term-life insurance plan by SBI Life with an optional **Accidental Death Benefit.** It is a pure death benefit plan. SBI will pay the Sum Assured to the nominee in the event of the death of the insured during the policy period.
In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The rider benefit will be equal to the Basic Sum Assured and subject to the maximum of Rs.50 Lakh, whichever is lower
| Parameter | Criteria for eligibility |
|---|---|
| Minimum Entry Age | 18 years (Level cover and level cover with accidental death benefit: 65 years; Increasing cover and increasing cover with accidental death benefit: 60 years) |
| Maximum Entry Age | 70 years |
| Plan Term | Min: 5 years (Level cover and level cover with accidental death benefit) & 10 years (Increasing cover and increasing cover with accidental death benefit) Max: 30 years |
| Sum assured | Min: Rs. 20,00,000; Max: No limit |
| Premiums | Min: Rs. 3,500; Max: No limit |
| Parameters | Criteria for eligibility |
|---|---|
| Benefit Structure | The plan offers two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Accelerated Terminal Illness benefit is available as an inbuilt benefit for both the structures |
| Level Cover Benefit | - Sum assured remains the same throughout the policy term - Protection against Terminal Illness - Unforeseen death or diagnosis of terminal illness, whichever is earlier, “Sum assured on Death” is paid as protection against Terminal Illness or unforeseen death during the policy tenure |
| Increasing Cover Benefit | - The sum assured increases by 10% at the end of every 5th policy year - Protection against Terminal Illness - Unforeseen death or diagnosis of terminal illness, whichever is earlier, “Sum assured on Death” is paid as protection against Terminal Illness or unforeseen death during the policy tenure |
| Death Benefit | Payable to the nominee on the policyholder’s death, provided premiums have been paid till date |
| Add-on riders | SBI Life - Accidental Death Benefit Rider SBI Life - Accidental Total & Permanent Disability Benefit Rider |
| Tax Benefits | On annual premium and claim, as per Sections 80C and 10(10D) of the Income Tax Act, 1961 |
| Premium Payment Frequency | Minimum | Maximum |
|---|---|---|
Yearly Half-yearly Quarterly Monthly Single Premium |
Rs. 2,779 Rs. 1,418 Rs. 723 Rs. 237 |
No limit, subject to the underwriter |
A simple Term life plan with multiple payout options - Level Term Assurance and Decreasing Term Assurance (Loan Protection / Family Income Protection. SBI Life offers two optional riders - Accidental Death Benefit and Total Permanent Disability, that you can add to this plan.
In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.24 Lakh.
In the case of disability to the life insured caused due to the accident, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.24 Lakh.
| Parameter | Criteria for eligibility |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 60 years |
| Maximum Maturity Age | 65 years |
| Policy Term | Min: 5 years; Max: 30 years |
| Sum Assured | Min: Rs. 7,50,000; Max: Rs. 24,00,000 |
| Parameters | Criteria for eligibility |
|---|---|
| Premium Payment Frequency | Single, Yearly, Half-yearly, Quarterly or Monthly |
| Premium Payment Term | Single, Equal to policy tenure |
| Policy Cover | Cover remains fixed for the entire policy tenure |
| Tax Benefits | On annual premium and claim, as per Sections 80C and 10(10D) of the Income Tax Act, 1961 |
| Exclusions | Death benefit is not payable in case of death by suicide during the first policy year, or within one year from the date of reinstatement |
| Surrender Value | Applicable on Single Premium Plans only |
| Premium Payment Frequency | Minimum Premium Amount |
|---|---|
| Yearly
Half-yearly Quarterly Monthly Single Premium |
Rs. 2,000 (X 100)
Rs. 1,100 (X 100) Rs. 600 (X 100) Rs. 250 (X 50) Rs. 10,000 (X 1,000) |
This is micro-insurance Term plan. SBI Grameen Bima Plan plan is designed to provide the life cover to socially deprived and economically below the poverty line.
| Age Band | Sum Assured |
|---|---|
| 18 - 39 | 60 times Total premium paid |
| 40 - 44 | 40 times Total premium paid |
| 45 - 50 | 25 times Total premium paid |
Note: Aggregate Sum Assured under this plan will be capped at Rs. 50,000 for each life.
If the life assured commits suicide within one year from the policy issue date or reinstatement date, the nominee will be entitled to 80% of the premiums paid, provided the policy is in force. After which, the policy will be void and no claim will be payable.
Exclusion for Accidental Death Benefit
Death arising from or due to the consequences of or occurring during the events as specified below is not covered:
SBI Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed timelines laid down by IRDAI.
Following is the Claim Process:
On receiving all the necessary documents, SBI Life will assess claim documents and the information provided by the proposal in the form.
On the approval of Claim Claim Acceptance the nominee will receive a sum assured.
For further process, at any time of claim process, you can also reach out to info@sbilife.co.in
List of Mandatory Documents:
In addition to the standard documents there are other documents required under different case:
SBI Life Insurance has been awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards, 2016.
SBI Life stands out with SBI Bank Group has an unparalleled strength of 23,000 branches across the country. And BNP Paribas Cardif is one of the world leaders in creditor insurance. It has been received an AA rating from Standard & Poor’s. SBI Life offers quick and hassle-free claim process so that the family stays financially protected as promised.
SBI Term Insurance plan is a pure term insurance plan offering sufficient financial protection for dependents in the family for a nominal cost. The plan is simple to understand and can be purchased online without much hassle. SBI Life Insurance has a good network of branches across India providing convenience service and reach for the customers. SBI Life Insurance also has a simple claim process and a healthy claim settlement ratio making it a good purchase for your financial security needs.
Yes, SBI Life – Saral Swadhan+ term assurance plan offers maturity benefits in the form of return of premiums, alongside providing fixed life cover. The premium return rate can be 100% or 115% of premiums paid based on the term of the policy.
Absolutely, SBI gives the facility to change nomination under SBI term Insurance policy. All you have to do is submit the 'Change in Nomination Form' to nearest SBI life insurance branch. You can also send the nomination form to the following address "The Manager (Underwriting), SBI Life Insurance Co. Ltd., 2nd Floor, Kapas Bhavan, Plot No.3, Sector No. 10, CBD Belapur, Navi Mumbai - 400 614".
SBI Life-eShield pure term insurance plan offers the best risk cover with huge coverage and long-term at a nominal cost.
The return of premiums term insurance plan has costlier premiums compared to a normal term insurance plan. You can compare both the plans as per your individual needs and then depending on your budget, you can make the decision which term insurance plan will be more beneficial for you.
