Insurance Plans 2265 views March 14, 2020

SBI Life Term Insurance 1 Crore

You must have often wondered what is the Term Plans? And why it is important for you to take term plan. Well, Term Insurance falls under the life insurance category which provides financial protection to you for a definite period of time. In the case where it is unfortunate of the policyholder, the term plan provides the death benefit to the designated beneficiary. Therefore, Term Plans are the ones which come with the pure life coverage and therefore is much affordable and cheap, hence you can get a term plan with the least cost and get a full cover.

Term Insurance

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With increasing cost of living and to sustain a particular lifestyle, thereby having complete financial protection, you may need a term plan with high coverage. SBI Life provides many term plans which can suit your requirements to get life coverage for you and for your family. SBI Life offers certain Term Plans with INR 1 Crore as the sum assured. Let us see the details as below.

SBI Life Term Insurance 1 Crore

There are mainly 4 types of plans under SBI Life Term Insurance 1 Crore and they are:

  1. SBI Life- Poorna Suraksha
  2. SBI Life- eShield
  3. SBI Life- Smart Swadhan Plus Plan
  4. SBI Life- Smart Shield Plan

Let us see briefly the plans under SBI Life Term Insurance 1 Crore one by one.

SBI Life- Poorna Suraksha

A specially designed traditional non linked SBI Life Term Insurance 1 Crore plan, with extensive protection in case of sudden death and critical ailments in the family. The main features of the plan are:

  1. The plan offers the fullest optimization by the perfect rebalancing of the sum insured for life coverage and Critical Illness or CI cover
  2. Huge coverage of 36 Critical Illness like cancer, brain tumour etc.
  3. Availability of Premium waiver for the remaining term, in cases where anyone of the critical illness as per the list has been detected
  4. Ease of a constant amount of Premium which doesn’t change regardless of  your age and increase in the coverage of the critical illness
  5. Tax Benefits can be availed under the Income Tax Act, 1961

Eligibility

Entry Age- Minimum Minimum 18 years, Maximum 65 years
Maturity AgeMinimum- 28 years, Maximum- 75 years

Period of the Policy (In years)10, 15, 20,25 and 30
Sum Insured/ AssuredMinimum -INR 20 Lakhs
Maximum – INR 2.5 Cores
Amount of Premium
Mode of PaymentMinimum (INR)Maximum (INR)
Monthly25080000
Half-yearly150047500
Annually3000932000

SBI Life- eShield

Another plan under SBI Life Term Insurance 1 Crore for high net worth people to give their family complete protection. SBI Life- eShield is an online non-participating and non-linked plan created by SBI Life. The key features of the plan are:

  1. The plan provides two Benefit Structures namely Level Cover where the amount of cover is fixed and the other is Increasing Cover where the amount of coverage increases over the period. You can choose anyone as per your requirement
  2. Presence of an inbuilt Accelerated Terminal Illness Benefit.
  3. Enhancement of the plan by availing riders like Accidental Death Benefit Rider and Accidental Total and Permanent Disability Benefit Rider
  4. Easy to apply online

Eligibility:

Minimum Entry Age18 years
Maximum Entry Age Level Covers 65 years
Increasing Cover-60 years
Maturity AgeLevel Covers- 80 years
Increasing Cover- 75 years
Policy period MinimumFor Level Cover- 5 years
For Increasing Cover- 10 years
Policy period MaximumFor Level Cover- 80 years
For Increasing Cover- 75 years
Sum Insured Minimum -INR 35 Lakhs
Maximum - No Limit
Amount of Premium Minimum-
Monthly- INR 237, Quarterly INR 723, Half- Yearly INR 1418 and Annually INR 2779

Maximum- No Limit

SBI Life- Smart Swadhan Plus Plan

A plan under SBI Life Term Insurance 1 Crore is a non-linked and non-participating term insurance plan with the feature of guaranteed return of premium with life cover and getting back the entire premiums paid on maturity. The main benefits are as follows:

  1. Dual benefit of protection of life in case of any unfortunate event and 100% return of the total premiums paid in case the policyholder survives till 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. The flexibility of choosing five kinds of premium paying terms which are:
    • Limited Premium Payment Term- LPPT-5 years
    • Limited Premium Payment Term- LPPT-10 years
    • Limited Premium Payment Term- LPPT-15 years
    • Single Premium-SP
    • Regular Premium-RP
  5. Discounts for higher sum assured, hence if you take a sum assured for INR 1 Crore, you are entitled to get a good discount as mentioned below in the table. Rebates are per 1000 of the basic sum insured

table

Eligibility:

Entry Age- MinimumMinimum 18 years, Maximum 65 years
Maturity AgeMaximum 75 years
Policy TenureMinimum of 10 years, Maximum 30 years

Premium Paying Tenure (Years)
Regular Premium, Single Premium, 5 /10 /15
Sum InsuredMinimum – INR 5 Lakhs
Maximum- No Limit
Policy Term Minimum 10 years, Maximum 30 years
Premium Amount
Premium ModeMinimum (INR)Maximum (INR)
Single21000Zero Limit for all
Annually2300
Bi-Annually1200
Quarterly650
Monthly250

SBI Life- Smart Shield Plan

SBI Life- Smart Shield Plan under SBI Life Term Insurance 1 Crore is a traditional term plan which provides the suitable and appropriate monetary protection to the family, where there has been an unfortunate death of the main breadwinner of the family. The main features of the plan are:

  1. Provides a solid corpus for the family to meet their financial needs
  2. Choice of two-options Level Term Assurance and Increasing Term Assurance
  3. Choice of two riders at a reasonable cost- Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider
  4. Availability of Death Benefit in case of the unexpected death of the life assured during the term of the policy
  5. Discount is available for higher sum assured of INR 1 crore which is a 25% discount as a % of premium

Eligibility:

Entry Age- MinimumMinimum 18 years, Maximum 60 years
Maturity AgeMaximum 80 years
Two BenefitsLevel Cover and Increasing Cover
Policy tenure Minimum -5 years and Maximum – < 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

So, if you are looking for a high sum assured with all the benefits, you can choose the plans under SBI Life Term Insurance 1 Crore and avail of the benefits to giving strong protection to your family.

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