Insurance Plans 357 views April 9, 2020

SBI life insurance is one of the key players in the insurance domain in India. The company provides a variety of insurance plans to customers like Individual plans, group plans, and online plans. All SBI life insurance plans cover death but their term insurance plans are specifically designed to cover death and not for investment purposes. SBI term insurance plans are a medium to safeguard one’s family from unforeseen financial challenges in case of natural death of the policyholder.

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Natural death insurance policy in SBI provides an assured sum to the family members of the deceased thereby providing financial relief in the event of the unfortunate demise of the policyholder.

Natural Death Insurance Policy by SBI

The following are the Natural Death Insurance Policy by SBI also referred to as Term Insurance protection plans by SBI

  1. SBI Life eShield
  2. SBI Life Saral Shield
  3. SBI Life Smart Shield 
  4. SBI Life Grameen Bima

What does Natural Death Insurance Policy by SBI cover? 

Natural Death Insurance or Term Assurance Plans offered by SBI covers death due to medical and natural conditions as well as accident-related death. 

Features and benefits of the plans offered- 

SBI Life eShield 

  1. This Natural Death Insurance Policy by SBI provides two plan options to the customer- Level cover benefit and Increasing cover benefit which provides protection against the terminal illness of the plan holder.  Although this plan doesn’t provide any maturity benefit, it provides rider benefits in case of accidental death, and accidental total and permanent disability.
  2. Premium payment- The payment of premiums on the plan can be made yearly, half-yearly, quarterly or monthly on a regular basis during the tenure of the plan.
  3. Minimum Premium amount- The minimum premium amount that needs to be paid under this plan is Rs 2779 annually, Rs 1418 half-yearly, Rs 723 quarterly and Rs 237 monthly. 
  4. Age of Entry: The minimum age to buy this Natural Death Insurance Policy by SBI is 18 years and the maximum is 65 years for Level cover and 60 years for Increasing cover. 
  5. The minimum sum assured under this term plan is Rs 35,00,000

SBI Life Smart Shield

  1. SBI Life Smart Shield helps the customer choose from four options- Level term assurance, increasing term assurance, decreasing term assurance (Loan protection), and decreasing term assurance (Family income assurance)
  2. This Natural Death Insurance Policy by SBI provides rider benefits in case of accidental death and accidental total and permanent disability. 
  3. Premium payment- The payment of premiums on the plan can be made single time,  yearly, half-yearly, quarterly or monthly on a regular basis during the tenure of the plan.
  4. Minimum Premium amount- The minimum premium amount that needs to be paid under this plan is Rs 3000 annually, Rs 1500 half-yearly, Rs 750 quarterly, Rs 300 monthly or a single premium of Rs 11,000.
  5. Age of Entry: The minimum age to buy this Natural Death Insurance Policy by SBI is 18 years and the maximum is 60 years.
  6. The minimum sum assured under this term plan is Rs 25,00,000

SBI Life Saral Sheild

  1. This individual, non-participating, non-linked term plan by SBI helps the customer choose from three options-Level term assurance, decreasing term assurance (Loan protection), and decreasing term assurance (Family income assurance) along with rider benefits in case of accidental death, and accidental total and permanent disability.
  2. Premium payment- The payment of premiums on the plan can be made single time, or yearly, half-yearly, quarterly or monthly on a regular basis during the tenure of the plan.
  3. Minimum Premium amount- The minimum premium amount that needs to be paid under this plan is Rs 2000 annually, Rs 1100 half-yearly, Rs 600 quarterly, Rs 250 monthly or a single premium of Rs 10,000.
  4. Age of Entry: The minimum age to buy this Natural Death Insurance Policy by SBI is 18 years and the maximum is 60 years.
  5. The minimum sum assured under this term plan is Rs 7,50,000 and the maximum is Rs 24,00,000.

SBI Life- Grameen Bima

  1. This pure risk premium product is the most sought after Natural Death Insurance Policy by SBI. It is because this plan provides life cover with a single time payment of premium where the sum assured is higher of the basic sum assured or 1.25 times of the single premium paid which is provided lump sum to the nominee or heir of the policyholder. 
  2. This policy offers surrender benefit after the first year of cover. 
  3. Premium payment- The payment of premiums on the plan can be made a single time only. 
  4. Premium amount- The minimum premium amount that needs to be paid under this plan is Rs 10,000 and the maximum is Rs 50,000.
  5. Age of Entry: The minimum age to buy this Natural Death Insurance Policy by SBI is 18 years and the maximum is 50 years.
  6. Basic sum assured: The basic sum assured under SBI Life-Grameen Bima is 60 times the single premium paid if the plan holder is in the age band of 18-39, 40 times if the plan holder is in the age band of 40-44 and 25 times if the plan holder is in the age band of 45-50.

Conclusion

The Natural Death Insurance Policies by SBI are comprehensive protection plans intended to provide financial support to the family of the plan holder after his/her unfortunate demise. These plans are excellent to safeguard one’s family’s financial security.

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