SBI Term Insurance

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We all live in a very uncertain and evolving world where we do not have control over the future. All we can do for our loved ones is to assure that in our absence, they are financially stable and secured. In order to help you to do so, SBI Life Insurance provides efficient insurance solutions. Term insurance plans are one such solution that allows you to provide financial security to your loved ones in your absence. Let’s have a look at the term plans allowed by SBI Life.

Most Popular SBI Term Insurance Plans

SBI Life term insurance plans help you to fulfil the desire of giving assurance of protecting your family's financial need in case of an unfortunate incident. A death benefit is paid to the beneficiary of the plan in case of death of the life assured during the policy term. Some term insurance plans offered by SBI Life also covers critical illnesses. 

SBI Life Saral Jeevan Bima

Saral Jeevan Bima is a standard term plan offering simple coverage at affordable premiums. It is a suitable plan for those who are looking for protection cover to secure their family financially in unforeseen circumstances. 

Highlighting Features of the Plan

  • The plan offers flexible premium paying terms which include single pay, regular pay or limited pay of 5 years/10 years
  • The plan is very simple and can be understood easily with standard terms and conditions.
  • The plan has a waiting period of 45 days from the date of risk commencement.
  • The plan offers a large sum assured discount if you opt for a sum assured of more than 15 lakhs.

Eligibility Conditions

Age at Entry

Minimum- 18 years

Maximum- 65 years

Age at MaturityMaximum- 70 years
Sum Assured

Minimum- 5 lakh

Maximum- 25 lakh

Policy Term

Minimum- 4 years

Maximum- 40 years

SBI Life Eshield

SBI Life eshield is an online term insurance policy designed for tech-savvy, high net worth individuals looking for a reliable protection cover. The plan offers two benefits options which includes level cover in which the protection remains constant throughout the tenure of the policy and increasing cover in which the protection increases over time.

Highlighting Features of the Plan

  • The plan provides an inbuilt accelerated terminal illness benefit
  • It has an easy and a seamless process of buying it online through the official website of the insurance company
  • Lower premiums for non-smoker and female lives
  • You can avail of medical second opinion surveys by Medguideindia in which you can receive a second opinion on your diagnosis as well as treatment by another doctor.

Eligibility Conditions

Age at Entry

Minimum- 18 years

Maximum- 60 years for Increasing Cover and 65 years for Level Cover

Age at MaturityMaximum- 75 years for Increasing Cover and 80 years for Level Cover
Sum Assured

Minimum- 35 lakh

Maximum- No limit

Policy TermMinimum 5/10 years and maximum 80/7 5 years less age at entry

SBI Life Poorna Suraksha

Poorna Suraksha is a term insurance policy with an inbuilt terminal illness cover providing both life protection as well as protection against critical illness. Under this plan, the critical illness cover increases with an increase in the age of the life assured without any requirement of paying an additional premium.

Highlighting Features of the Plan

  • The plan provides a unique life stage rebalancing in which the sum assured for life and critical illness covers rebalances itself during the tenure of the policy.
  • It comes with an inbuilt premium waiver benefit in which the future premiums are waived off if the life assured is diagnosed with any of the covered critical illness.
  • The plan has fixed premiums throughout the policy term
  • There is a waiting period of 90 days from the date of risk commencement for the critical illness benefit.

Eligibility Conditions

Age at Entry

Minimum- 18 years

Maximum- 65 years

Age of Maturity

Minimum- 28 years

Maximum- 75 years

Sum Assured

Minimum- 20 lakhs

Maximum- 2.5 crores

Policy Term10 years, 15 years, 20 years, 25 years and 30 years

SBI Life Smart Shield

SBI Life Smart Shield provides wide options and benefits specially tailored to provide financial protection at an affordable cost so that your loved ones stay protected even in your absence

Highlighting Features of the Plan

  • It offers two plan options which include level term assurance and increasing term assurance
  • The plan offers discounts on the higher sum assured and offers different rates of premium for smokers and non-smokers
  • You can enhance your coverage by buying add-on riders such as SBI Life Accidental Death Benefit Rider and SBI Life Accidental Total and Permanent Disability Benefit Rider

Eligibility Conditions

Age at Entry

Minimum- 18 years

Maximum- 60 years

Age at MaturityMaximum- 80 years
Sum Assured

Minimum- 25 last

Maximum- No limit

Policy Term

Minimum- 5 years

Maximum- 18 years less age at entry

SBI Life Smart Swadhan Plus

Smart Swadhan Plus is a term plan with a return of premium benefit. If the life assured survives till the maturity of the plan 100% of the total premiums paid for the policy will be returned in a lump sum amount on maturity of the plan.

Highlighting Features of the Plan

  • The plan provides twin benefits of life protection and 100% returns of premiums paid
  • It has flexible premium payment options which include single pay, limited pay or pay throughout the policy term
  • You can choose the policy tenure as per your convenience
  • The plan offers a rebate on premium rates for high sum assured

Eligibility Conditions

Age at Entry

Minimum- 18 years 

Maximum- 65 years

Age at MaturityMaximum- 75 years
Sum Assured

Minimum- 5 lakh

Maximum- No limit

Policy Term

Minimum- 10 years

Maximum- 30 years

SBI Life Saral Swadhan Plus

SBI Life Saral Swadhan Plus gives you life protection throughout the term of the plan with a guaranteed return of the premiums paid for the plan as guaranteed maturity benefit. In the event of death of the life assured during the tenure, the sum assured on death will be payable to the beneficiary provided the policy is in force. 

Highlighting Features of the Plan

  • It is a return of premium term insurance plan
  • At maturity, a guaranteed benefit of 100% of all the premiums paid would be paid
  • It has a simplified and easy proposal form to buy the policy

Eligibility Conditions

Age at Entry

Minimum- 18 years

Maximum- 55 years

Age at MaturityMaximum- 70 years
Sum Assured

Minimum- INR 30,000

Maximum- INR 4,75,000

Policy TermRegular premium- 10 years Limited premium- 15 years

Apart from those mentioned above SBI Life also offers the following term insurance plans: 

  • SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana
  • SBI Life Grameen Bima

Benefits of Buying SBI Life Term Insurance Plans

Let's have a look at the benefits of investing in a term insurance plan offered by SBI Life: 

  1. Affordable Premium
    One of the primary benefits of term plans is their affordable cost. As compared to other insurance products, a term insurance policy is available at an affordable premium.
  2. Easy to Understand and Buy
    Another prime feature of term plans is they are very easy to understand and is the most basic form of life insurance plans. SBI Life offers a very simple process to be done online to buy a term plan within minutes. 
  3. Additional Riders
    Riders are additional coverage that you can avail to customise your plan as per your requirements by paying an additional nominal premium. Riders help you to avail of comprehensive coverage at normal premium rates. 
  4. Return of Premium Benefit
    A pure term plan only provides life cover to the life assured in the event of his/ her untimely demise. Term plans do not provide maturity benefit. However, certain SBI term plans provide the return of premium benefit in which if the life assured survives till the expiry of the tenure of the plan, all the premiums paid for the plan shall be returned to the policyholder. 
  5. Discount and Rebate
    SBI term insurance plans have different rates of premiums for smokers and non-smokers. It also provides rebates for maintaining a healthy lifestyle and for higher sum assured. Lower premiums are offered for female lives. 
  6. Multiple Payout Options
    Some term plans provide you with the option to receive monthly income along with a lump sum benefit. It offers various death benefit payout options to choose from as per your requirements which help you to meet not only your immediate liabilities but also day-to-day expenses. 
  7. Flexibility 
    SBI term insurance plans are very flexible. It offers wide options to choose from as per your requirement and select the policy term premium paying term and premium paying frequency as per your convenience. 
  8. Tax Benefits
    Term insurance plans also provide tax benefits. While the premiums paid for a term plan is tax-deductible, the payout received are tax exempted as per the existing income tax laws.

What is covered in the SBI Term Insurance Plan?

By investing in a term insurance plan, you can arrange financial security for your family. Let us have a look at the coverage of the SBI term insurance plan: 

  1. Death Benefit
    Depending upon the term plan chosen, the nominee or the beneficiary of the plan will receive the sum assured benefit in the event of death of the life assured during the tenure of the plan.
  2. Accelerated Terminal Illness Benefit
    Some SBI term insurance plans cover terminal illness. If the life assured is diagnosed with terminal illness then the benefit which is equal to the death benefit under the plan would be paid to the life assured.
  3. Critical Illness 
    Some SBI term insurance plans provide coverage against critical illnesses. In the SBI Life Poorna Suraksha plan, the critical illness cover will increase with the increase in the age of the life assured thereby ensuring that you are secured not only against death but also diseases such as heart attack, stroke, cancer, etc. 
  4. Your Liabilities
    SBI term plan covers your financial burden and liabilities. Term plans ensure that your liabilities do not become a burden on your family in your absence. With the whole or part of the payout received from the plan, your family can repay all the loans and liabilities that you own.

What is not Covered in SBI Term Insurance Plan? 

There are certain events that are not covered in term insurance plans. These events are called exclusions. The sum assured on death under the SBI Term plan will not be paid to the beneficiary if the death of the life assured is due to the following reasons: 

  • Participating in a hazardous or adventurous activities
  • Excessive consumption of alcohol or drugs
  • Accidental death while driving being intoxicated
  • Due to war, strike, invasion, etc
  • Opportunity exercises that are associated with being infected with HIV or AIDS
  • Participating in criminal or illegal activity
  • Dead during the waiting period
  • Death due to pre-existing medical condition
  • Death due to self-injected injuries

In case of the untimely demise of the life assured due to suicide within a period of 12 months from the date of risk commencement under the plan or within a period of 12 months from the date of revival of the plan, SBI Life will pay the beneficiary of the plan higher of the following: 

  • 80% of the total premiums paid for the plan until the date of death of the life assured
  • Surrender value on the date of death

The exclusions mentioned above are common exclusions under a term plan. The list is exhaustive and not exclusive. For specific exclusions, you can refer to the terms and conditions of the plan by visiting the official website of the insurance company. It is advisable to check the list of exclusions of the term plan to ensure that your claim is not rejected at a later stage. 

How to Apply for SBI Life Term Insurance Policy

SBI Life term insurance policy can be brought by following a very easy and seamless process which is discussed as follows: 

  • Select a Plan
    The very first step to buy a term plan is to select one which best suits your requirements. You can visit the official website of the insurance company and compare various plans offered by it and also calculate the premiums through the online premium calculator. 
  • Visit the Website
    After deciding the plan that you want to buy, visit the official website of the insurance company and choose your desired life coverage amount, policy term, premium paying term and premium paying frequency. 
  • Fill the Proposal Form
    After selecting the various parameters of the plan, fill the proposal form with personal details, health details, nominee details and other details and submit it to the insurance company along with the requisite documents. The document required for issuance of the term plan are:
  1. Proof of income
  2. Age proof
  3. ID proof
  4. Address proof
  5. Bank proof
  6. Passport-sized photograph
  • Medical Screening
    A medical screening is required before issuance of the term insurance policy depending on the sum assured, age and medical conditions of the life assured. Medical screening is important to determine the premium of the term insurance policy. 
  • Make Payment 
    When the form is filled, check the premium and pay it online. You can pay the premium via debit or credit card, net banking or UPI. After the payment of the premium, the policy document will be sent to your registered email ID or will be delivered to your registered address.

You can also buy a term plan by visiting the nearest branch of SBI Life Insurance and following the same process. The information and documents provided at the time of buying a claim should be correct so that we do not face any trouble at the time of making a claim.

SBI Life Term Insurance Riders

Different individuals have different insurance requirements. SBI Life offers a range of additional riders that can be added to a term plan to make it comprehensive and customised according to individual insurance requirements. The following riders are available to be brought with SBI term plans on payment of additional premium: 

  1. SBI Life Accidental Death Benefit Rider 
    This rider provides coverage against accidental death of the life assured during the tenure of the rider. The sum assured in the rider would be payable if the life assured suffers death due to an accident. The benefit payable under the accidental death benefit rider would be in addition to the benefit payable under the base term plan. 
  2. SBI Life Accidental Total and Permanent Disability Benefit Rider
    Under the rider, the sum assured is payable if the life assured suffers total and permanent disability in an accident during the rider term. 
  3. SBI Life Preferred Term Rider
    This rider covers the unfortunate demise of the life assured. It is an additional cover over and above the life cover provided by the base term plan. The premiums for the rider can be paid on a regular basis or through a single premium.

SBI Term Insurance Claim Process

SBI Life Insurance offers a very simple and quick claim settlement process. The step by step process of claim settlement of SBI term insurance plans is discussed as follows: 

  1. Claim Intimation
    A claim occurs in the event of death of the life assured during the tenure of the policy. The claims settlement process begins with the intimation of the claim to the insurance company. You can file a claim online by visiting the official website of the insurance company or by just clicking on https://www.sbilife.co.in/en/services/claims-and-maturity. You can also inform the insurance company by post or by visiting the nearest branch office or through e-mail at claims@sbilife.co.in 
  2. Document Submission
    Submit the duly filled & signed claim form along with the relevant documents either through email, post or by visiting the nearest branch of SBI Life Insurance Company.

Documents to be submitted for the natural death of the life assured

  • Original policy document
  • Claimant’s current address and photo ID proof
  • Original death certificate as issued by the local authority
  • Claimant’s credit mandate form along with bank passbook or cancelled cheque of the claimant with pre-printed name and pre-printed bank account number.

Additional documents in case of accidental death of the life assured

  • Medical attendance certificate
  • Copy of FIR and post mortem report
  • Hospital treatment certificate
  • A copy of the police final report, inquest report, magistrate verdict and chemical analysis report
  • Hospital treatment certificate

The executive department of the insurance company may require additional documents to check the admissibility of the claim. You are required to kindly submit the same by post, email, or at the nearest SBI Life branch office. 

  • Decision and Settlement
    The executive of the insurance company will access the claim based on the documents submitted and the information provided in the proposal form. Once a claim decision is taken by the insurance company, the amount of the claim will be released and credited to the bank mandate as provided by the claimant.

In case of any further assistance with the claim settlement, you can email the insurance company at info@sbilife.co.in or call on the toll-free number 1800 267 9090. 

SBI Term Insurance Customer Care Details

Websitewww.sbilife.co.in 
Registered officeNatraj, M.V Road and Western Express Highway Junction, Andheri East, Mumbai- 400069
Toll free number1800 267 9090 between 9 a.m. to 9 p.m.
SMSSMS Celebrate to 56161
Emailinfo@sbi.co.in 
Corporate number022 6 1910000

SBI Life Term Insurance Review

SBI Life is one of the most trusted life insurance companies serving millions of families across India. SBI life offers a diverse range of insurance products that cater to individuals as well as group customers providing world-class operating efficiency and hassle-free claim settlement experience for its customers. SBI Life Insurance ensures to make insurance accessible across the company through its 947 offices, agent network of 16,900 agents and 17,466 employees through more than 2800 partner branches. SBI term insurance plan offers a lot of flexibility and comes in different variants providing you with the freedom to select a suitable plan. The option of including the riders further enhances the scope of the policies.

SBI Term Insurance FAQs

  • What are the premium payment modes of SBI term insurance policy?

    The premiums for the SBI Life term insurance plan can be paid monthly, quarterly, half-yearly or on yearly basis.

  • Can a lapsed SBI term insurance policy be revived?

    Yes, a lapsed SBI term insurance plan can be revived within a period of five consecutive years from the date of the first unpaid premium subject to providing satisfactory proof of medical health and ensuring quality as required by the insurance company. In order to revive a plan, you will have to pay all the outstanding premiums along with the interest as decided by the insurance company and provide satisfactory details.

  • Do SBI term plans cover critical illnesses?

    Yes, they do. Depending on the term plan that you select you can get covered for different critical illnesses. SBI Life Poorna Suraksha plan covers critical illnesses.

  • I have not paid the premiums for some time and want to discontinue my policy. Can I get a premium back from the insurance company?

    If you want to discontinue the policy, you can surrender it only if it has acquired a paid-up value. Some term insurance plans acquire a paid-up value which is paid if you discontinued the policy. For your term policy to acquire a surrender value it should have run for a specified tenure and you should have paid a minimum number of premiums.

  • What is the claim settlement ratio of SBI Life for term insurance?

    In the financial year 2018-19, SBI Life Insurance had a claim settlement ratio of 95.03% for individual term insurance.

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