Quote Form

Our representative will call you within few minutes
Term Insurance 7872 views February 22, 2020
Life is full of risks and uncertainties that 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 helps 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 Term Insurance plan, a pioneer in the life insurance business in India with a wide range of products with affordable premiums.
Table of Contents
Let us see the above SBI Term Insurance Plans one by one briefly.
This plan is an online, non-linked and non-participating life insurance product offered by SBI Life. The main features are:
Eligibility:
Minimum Entry Age | 18 years | ||
Maximum Entry Age | Level Cover- 65 years Increasing Cover- 60 years |
||
Maturity Age | Level Cover- 80 years Increasing Cover- 75 years |
||
Policy period Minimum | Level Cover- 5 years Increasing Cover- 10 years |
||
Policy period Maximum | Level Cover- 80 years Increasing Cover- 75 years |
||
Sum Insured | Minimum -Rs 35 Lakhs Maximum - No Limit |
||
Amount of Premium | Mode of Payment | Minimum Amount (INR) | Maximum Amount (INR) |
Annually | 2779 | None for all | |
Bi-Annually | 1418 | ||
Quarterly | 723 | ||
Monthly | 237 |
A unique traditional SBI Life Insurance Term Plan that gives wide-ranging guard in case of unfortunate death and critical diseases. The main features are:
Eligibility
Entry Age- Minimum | 18 years | ||
Entry Age- Maximum | 65 years | ||
Maturity Age | Minimum- 28 years Maximum- 75 years |
||
Policy period (In years) | 10/ 15/ 20 / 25/ 30 | ||
Sum Insured | Minimum -INR 20 Lakhs Maximum – INR 2.5 Cores |
||
Amount of Premium | Mode of Payment | Minimum (INR) | Maximum (INR) |
Monthly | 250 | 80000 | |
Bi-Annually | 1500 | 47500 | |
Annually | 3000 | 932000 |
A traditional protection term plan that provides the required financial protection for the family in case of unfortunate death of the bread earner of the family. The main features are:
Eligibility:
Entry Age- Minimum | 18 years | ||
Entry Age- Maximum | 60 years | ||
Maturity Age | Maximum 80 years | ||
Two Benefits | Level Cover and Increasing Cover | ||
Policy tenure | Minimum -5 years Maximum – Less than 80 years at the entry age |
||
Sum Insured | Minimum – INR 25 Lakhs Maximum- Zero Limit |
||
Amount of Premium | Frequency | Minimum (INR) | Maximum (INR) |
Annually | 3000 | As per Underwriting Rule | |
Bi-Annually | 1500 | ||
Quarterly | 750 | ||
Monthly | 300 |
With this plan, you can fulfill the dreams of your family. This pure SBI Term Insurance Plan comes with affordable premiums and provides a financial shield to your family in your absence. The main features are:
Eligibility:
Entry Age- Minimum | 18 years | |
Entry Age- Maximum | 60 years | |
Maturity Age | Maximum 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 Assured | Minimum – INR 7.5 Lakhs Maximum- INR 24 Lakhs |
|
Modes of Premium | Level Term Assurance: Single Premium or Regular Decreasing Term Assurance (Protection of Loan) Decreasing Term Assurance (Protection of Family Income): Single Premium |
|
Amount of Premium | Mode | Amount (INR) |
Annually | 2000 | |
Bi-Annually | 1100 | |
Quarterly | 600 | |
Monthly | 250 | |
Single-Premium | 10000 |
This SBI Term Insurance 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:
Eligibility:
Entry Age- Minimum | 18 years | ||
Entry Age- Maximum | 65 years | ||
Maturity Age | Maximum 75 years | ||
Policy Tenure | Minimum of 10 years Maximum 30 years |
||
Premium Paying Tenure (Years) | Single Premium, 5 /10 /15 | ||
Sum Insured | Minimum – INR 5 Lakhs Maximum- No Limit |
||
Policy Term | 10 years to 30 years | ||
Premium Amount | Premium Mode | Minimum (INR) | Maximum (INR) |
Annually | 2300 | Zero Limit for all | |
Bi-Annually | 1200 | ||
Single | 21000 | ||
Quarterly | 650 | ||
Monthly | 250 |
SBI Term Insurance Plan is the best in the industry and hence you can choose as per your requirements and lead a tension-free life. No need for you to worry about the financial crisis that your family might face in your absence. Choose the plan wisely and stay safe!
You can pay the SBI Term Insurance Premium online on the official website of the insurer. All it takes is a few steps shown below.
Upon the payment of premium, you will get an online receipt of the same. Keep it as the reference for future purposes.
You can pay the premium using any of these modes – credit card standing instruction, automatic payment from bank account and by adding SBI Life as biller using the net banking facility of your bank. Let’s read about each of these below.
You can set auto pay instructions on the bank account too by which the premium amount gets debited automatically from the same on the due date. Here are the steps you need to take to get the automatic payment activated on your bank account.
Even if you don’t have the net banking of SBI, you can pay the premium online. Use the net banking of your bank to add SBI Life as the biller by going to the BillPay section. So, before the due date, you will be intimated about the same on your email ID and via SMS. You could thus keep the required amount in your bank account for successful payment.
If you fail to pay the premium on the due date, you still have a grace period of up to 30 days to do so. In case you could not pay even during that period, the policy will lapse and its benefits will cease to exist. However, you could revive the plan afterward by paying the unpaid premium plus some charges. If you have a lapsed SBI life insurance policy, you can revive it online too. Just visit the official website of the insurer and do the following things to ensure the same.