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Term Insurance 7585 views March 14, 2020
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.
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 insurance 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.
Table of Contents
There are mainly 4 types of plans under SBI Life Term Insurance 1 Crore and they are:
Let us see briefly the plans under SBI Life Term Insurance 1 Crore one by one.
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:
Eligibility
Entry Age- Minimum | Minimum 18 years, Maximum 65 years | ||||||||||||
Maturity Age | Minimum- 28 years, Maximum- 75 years |
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Period of the Policy (In years) | 10, 15, 20,25 and 30 |
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Sum Insured/ Assured | Minimum -INR 20 Lakhs Maximum – INR 2.5 Cores |
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Amount of Premium |
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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:
Eligibility:
Minimum Entry Age | 18 years |
Maximum Entry Age | Level Covers 65 years Increasing Cover-60 years |
Maturity Age | Level Covers- 80 years Increasing Cover- 75 years |
Policy period Minimum | For Level Cover- 5 years For Increasing Cover- 10 years |
Policy period Maximum | For 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 |
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:
table
Eligibility:
Entry Age- Minimum | Minimum 18 years, Maximum 65 years |
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Maturity Age | Maximum 75 years |
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Policy Tenure | Minimum of 10 years, Maximum 30 years |
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Premium Paying Tenure (Years) | Regular Premium, Single Premium, 5 /10 /15 | ||||||||||||||||||
Sum Insured | Minimum – INR 5 Lakhs Maximum- No Limit |
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Policy Term | Minimum 10 years, Maximum 30 years |
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Premium Amount |
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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:
Eligibility:
Entry Age- Minimum | Minimum 18 years, Maximum 60 years |
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Maturity Age | Maximum 80 years |
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Two Benefits | Level Cover and Increasing Cover |
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Policy tenure | Minimum -5 years and Maximum – < 80 years at the entry age |
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Sum Insured | Minimum – INR 25 Lakhs Maximum- Zero Limit |
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Amount of Premium |
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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.