Insurance Plans 1233 views February 22, 2020

SBI Life Insurance Term Plan

Life is full of various risks and uncertainties can put you down financially as well as physically as no one knows what will happen next nor can foresee the same. Death of the main bread earner of the family might be devastating which can completely ruin the peace of family and bring a huge financial burden. IN such scenarios, Term Insurance provides an excellent means to build a strong financial corpus with affordable premiums. Term Insurance Plans will support your family members to pay off your loans and other necessities in daily life in your absence. And when we talk about Term Insurance Plans, the first name which comes to our mind is SBI Life Insurance Term Plan, a pioneer in the life insurance business in India with a wide range of products with inexpensive premiums.

Term Insurance

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The company offers the below-listed Term Plans:

  1. SBI Life- eShield
  2. SBI Life- Purna Suraksha
  3. SBI Life- Smart Shield Plan
  4. SBI Life- Saral Shield Plan
  5. SBI Life- Smart Swadhan Plus Plan

Let us see the above SBI Life Insurance Term Plan one by one briefly.

1. SBI Life- eShield

This plan is an online, non-linked and non-participating life insurance product offered by SBI Life. The main features are:

  1. The plan provides complete financial protection to the family
  2. The choice between two advantages of Level Cover Benefit and
  3. Increasing Cover Benefit through an in-built Accelerated Terminal
  4. Illness Benefit and two-rider benefits for all-inclusive insurance
  5. coverage
  6. Easy to apply online

Eligibility:

Minimum Entry Age 18 years
Maximum Entry Age Level Covers- 65 years
Increasing Cover- 60 years
Maturity AgeLevel Covers- 80 years
Increasing Cover- 75 years
Policy period MinimumLevel Covers- 5 years
Increasing Cover- 10 years
Policy period MaximumLevel Covers- 80 years
Increasing Cover- 75 years
Sum Insured Minimum -Rs 35 Lakhs
Maximum - No Limit
Amount of Premium
Mode of PaymentMinimum Amount (INR)Maximum Amount
(INR)
Annually2779None for all
Bi-Annually1418
Quarterly723
Monthly237

2. SBI Life- Purna Suraksha

One of the unique traditional SBI Life Insurance Term Plan which gives wide-ranging guard in case of unfortunate death and critical diseases. The main features are:

  1. The plan provides a perfect combination of life coverage with critical illness coverage
  2. Several coverages for Critical Illness
  3. Premium waiver
  4. Constant Premium with no change

Eligibility

Entry Age- Minimum18 years
Entry Age- Maximum 65 years
Maturity AgeMinimum- 28 years
Maximum- 75 years
Policy period (In years)10/ 15/ 20 / 25/ 30
Sum InsuredMinimum -INR 20 Lakhs
Maximum – INR 2.5 Cores
Amount of Premium
Mode of PaymentMinimum (INR)Maximum (INR)
Monthly25080000
Bi-Annually150047500
Annually3000932000

3. SBI Life- Smart Shield Plan

A traditional protection term plan which provides the required financial protection of the family, in case of unfortunate death of the main bread earner of the family. The main features are:

  1. The plan provides a wide-ranging coverage with minimum premiums and with choices of two selections namely Level Term Assurance and Increasing Term Assurance
  2. Choice of two riders at a reasonable cost
  3. Availability of Accelerated Critical Illness with added coverage of critical illness
  4. Availability of Death Benefit in case of the unexpected death of the life assured during the term of the policy

Eligibility:

Entry Age- Minimum18 years
Entry Age- Maximum60 years
Maturity AgeMaximum 80 years
Two BenefitsLevel Cover and Increasing Cover
Policy tenure Minimum -5 years
Maximum – Less than 80 years at the entry age
Sum InsuredMinimum – INR 25 Lakhs
Maximum- Zero Limit
Amount of Premium
FrequencyMinimum (INR)Maximum (INR)
Annually3000As per Underwriting Rule
Bi-Annually1500
Quarterly750
Monthly300
Premium Paying Tenure For Regular Premium- Premium payment for the policy period

For Single Premium- One-time payment of INR 11000

4. SBI Life- Saral Shield Plan

With this plan, you can build strong protection to guard the dreams of your family. This pure SBI Life Insurance Term Plan offers you a plan with affordable premiums to provide a financial shield to your family. The main features are:

  1. All-inclusive cover through 3 plans – Level Term Assurance, Decreasing Term Assurance- a defense against any loan and Decreasing Term Assurance- protection against your family earnings
  2. Choices of single premium and regular premium
  3. Choice of higher coverage by availing Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider

Eligibility:

Entry Age- Minimum18 years
Entry Age- Maximum60 years
Maturity AgeMaximum 65 years
Premium Paying Tenure For Regular Premium- Premium payment for the policy period

Single-Premium- One-time payment till the end of policy tenure which is INR 10000
Sum AssuredMinimum – INR 7.5 Lakhs
Maximum- INR 24 Lakhs
Modes of PremiumLevel Term Assurance: Single Premium or Regular
Decreasing Term Assurance (Protection of Loan)
Decreasing Term Assurance (Protection of Family Income): Single Premium
Amount of Premium
ModeAmount (INR)
Annually2000
Bi-Annually1100
Quarterly600
Monthly250
Single-Premium10000

5. SBI Life- Smart Swadhan Plus Plan

This SBI Life Insurance Term Plan is a non-linked and non-participating term insurance plan with a guaranteed return of premium along with coverage for life. Let us see the key benefits:

  1. Compensation of 100% return of basic premium on maturity
  2. Payment of Sum Insured on Death to the beneficiary as a Death Benefit
  3. Choice of premium payment term – regular premium, single premium or limited premium
  4. Availability of 5 types of premium paying terms which are:
    • Single Premium-SP
    • Regular Premium-RP
    • Limited Premium Payment Term- LPPT-5
    • Limited Premium Payment Term- LPPT-10
    • Limited Premium Payment Term- LPPT-15

Eligibility:

Entry Age- Minimum18 years
Entry Age- Maximum65 years
Maturity AgeMaximum 75 years
Policy TenureMinimum of 10 years
Maximum 30 years
Premium Paying Tenure (Years)
Single Premium, 5 /10 /15
Sum InsuredMinimum – INR 5 Lakhs
Maximum- No Limit
Policy Term 10 years to 30 years
Premium Amount
Premium ModeMinimum (INR)Maximum (INR)
Annually2300Zero Limit for all
Bi-Annually1200
Single21000
Quarterly650
Monthly250

SBI Life Insurance Term Plan is the best in the industry and hence you can choose as per your requirement and lead a tension-free life. No need for you now to worry about the financial crisis that your family might face in your absence. Choose the plan wisely and stay safe.

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