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Thursday, March 21, 2019

SBI Term Insurance Plans with Benefits and Details.

by jhonsonjohn7590 (writer), , November 26, 2018

Below are the detailed feature description and benefits offered of each plan.

You all are aware of the importance of a safety net which can shield your loved ones from the financial crisis when you are not around to provide. Different insurance products have been curated by public and private sector insurance companies to provide suitable life cover and good benefits.

Term insurance is the most basic yet the most important form of insurance. When compared to other types of insurance plans like an endowment or ULIP plans, term insurance plans have very affordable premium rates. These plans offer a very high coverage at premiums which are 30-40% less than other plans. For example, you can buy SBI term insurance plan of 1 Crore for very affordable premiums which are payable in flexible modes.

SBI is one of the best insurance providers in India. SBI life insurance offers several term policies that give you a stress-free life along with great financial security for your family. SBI term plan life insurance products are curated to suit different coverage needs so that the insured don’t require several other insurance plans for optimum life cover.

SBI Term Life Insurance Policies in Details with Benefits

SBI term plans are of 5 types that fulfill different insurance requirements. Below are the detailed feature description and benefits offered of each plan.

SBI Life Smart Shield:

This plan offers unique coverage options due to which it enjoys good reviews like SBI eShield plan reviews.

Eligibility Criteria:

  • The minimum age is18 years which can max up to 60 years for taking up this policy.
  • Maximum age at policy maturity cannot be more than 65 years.
  • Minimum policy term is five years while the maximum term can be 30 years.
  • Minimum sum assured is Rs. 25 lakhs while there is no upper limit.
  • Premium- Minimum regular pay premium is Rs. 5000 and single pay premium is Rs. 15000. The maximum limit is decided based on the cover.
  • The frequency of this regular SBI plan premium is yearly, half-yearly, quarterly or monthly.

Policy Details:

The policyholder can choose from any one of the coverage options provided by this plan.

  • Level Term Assurance- In this case, the sum assured remains the same throughout the policy term, and the same is paid to the nominee in case of the death of the insured.
  • Increasing Term Assurance- The sum assured keeps increasing from the day of policy purchase at a rate of 5% every year and depending on the value of sum assured on the day of insured’s death, the equivalent is paid out.
  • Decreasing Term Assurance- In this plan option, the sum assured decreases every year.
  • Decreasing Term Assurance- With the objective of family income protection, sum assured decreases every year and depending on the value of sum assured on the day of insured’s death, the equivalent is paid out.

Benefits:

  • Sum assured, or death benefit is payable to the nominee if the policyholder expires within the policy tenure.
  • Accidental death, accidental total, and permanent disability and critical illness benefits can be availed if additional riders are opted for along with the SBI policy.
  • Rebates are given to insured who choose large sum assured and for healthy people.
  • Tax benefits apply on premiums paid and claims received under Section 80C and 10D of Income Tax Act respectively.

SBI Life Saral Shield:

SBI Life Saral Shield plan is an affordable plan which offers three different types of death benefits.

Eligibility Criteria:

  • Minimum age required to take the policy is 18 years, the upper limit being 65 years.
  • Policy term can range from 5 years to 30 years.
  • The least sum assured should be Rs. 7.5 lakhs which can go up to Rs. 24 lakhs.
  • Minimum regular pay premium is Rs. 2000 while minimum `single pay premium is Rs. 10000.
  • Regular premium payment mode can be yearly, half-yearly, quarterly and monthly which can be easily calculated using term plan calculator.

Policy Details:

Three death benefit options are-

  • Level term assurance with fixed benefits.
  • Decreasing term assurance with declining sum assured for protection of loans.
  • Decreasing term assurance for safeguarding family income.

Benefits:

This plan include following benefits -

  • The death benefit, claimable by nominee after the demise of the policyholder during the policy term.
  • Death benefit and permanent disability benefit due to accidents can be added by taking optional riders.
  • Rebates are available to female policyholders and people who go for a greater sum assured.
  • Tax benefits apply on premiums paid and claims received under Section 80C and 10D of Income Tax Act respectively.

SBI Life eShield:

One can buy SBI eShield plan and reduce the hassle of paperwork and additional time.

Eligibility Criteria:

  • Minimum age at entry should be 18 years which can max up to 65 years.
  • Age at maturity cannot be more than 70 years.
  • SBI eShield plan tenure is between 5 -30 years.
  • The least required premium amount is Rs. 3500.
  • SBI eShield plan premiums can be paid yearly only.

Policy Details:

  • SBI eShield plan options are-
  • Level cover with the fixed benefit payable on the death of the policyholder in policy term.
  • Level cover with benefits payable in case of death due to the accident.
  • Increasing cover with sum assured that goes up by 10 % every five years.
  • Growing cover with accidental death benefit which offers increasing sum assured at the rate of 10% every five years and an additional sum equal to the sum assured or Rs. 50 lakhs, whichever is lesser, if the assured expires due to the accident.

Benefits:

  • Sum assured, or death benefit is payable to the nominee if the policyholder expires during SBI eShield plan term.
  • Attached rider offers an additional sum equal to maturity sum or Rs. 50 lakhs whichever is lower if the insured is no more due to an accident during the policy term.
  • Rebates are offered to female policyholders and people who choose the greater sum assured.
  • Tax savings is applicable on SBI eShield plan premiums paid, and claims received as per Section 80C and 10D of Income Tax Act respectively.

SBI Life Grameen Bima

This term plan insurance is exclusively for insurance needs of people in rural areas.

  • Eligibility Criteria:
  • Insured needs to be between 18 years to 50 years of age.
  • SBI life grameen bima term plan tenure is five years only.
  • Minimum sum assured is Rs. 10000 while the maximum is Rs. 50,000.
  • Premium is a minimum of Rs. 3500.
  • Premium payment mode is a single pay.
  • Policy Details:
  • Designed for people from backward sections of society, this SBI insurance plan accepts only a single premium.
  • No medical examination is required for getting insured.
  • Benefits:
  • If the policyholder expires during the policy term, the nominee shall receive the calculated sum assured as a death benefit.

SBI Poorna Suraksha

This is a newly launched SBI pure term plan with inbuilt critical illness rider. Like SBI eShield plan online, this plan is also available online.

  • Eligibility Criteria:
  • The minimum age at entry should be 18 years while the maximum is 65 years.
  • Maturity age cannot be more than 75 years.
  • Policy term can be 10, 15, 20, 25, 30 years.
  • Minimum sum assured is Rs. 20 lakhs.
  • Minimum yearly premium is Rs. 3000 which can be paid half yearly or monthly too.
  • Policy Details:
  • No additional riders are required since this SBI term plan already comes with it which offers critical illness cover.
  • It comes with Life Stage Rebalancing feature.
  • Benefits:
  • The death benefit is payable to the beneficiary if the insured expires within the policy term.
  • Critical Illness benefit is paid in case of specific illnesses that last longer than 90 days.
  • Premiums are waived once critical illness benefit is claimed through effective life cover continues.


About the Writer

jhonsonjohn7590 is a writer for BrooWaha. For more information, visit the writer's website.
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