Term Insurance 6511 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.

Term Insurance

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Types of SBI Term Insurance Plans

  1. SBI Life eShield
  2. SBI Life Poorna Suraksha
  3. SBI Life Smart Shield
  4. SBI Life Saral Shield
  5. SBI Life Smart Swadhan Plus

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

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 Increasing Cover Benefit through an in-built Accelerated Terminal Illness. Benefit and two-rider benefits for all-inclusive insurance coverage
  3. Easy to apply online

Eligibility:

Minimum Entry Age18 years
Maximum Entry AgeLevel Cover- 65 years
Increasing Cover- 60 years
Maturity AgeLevel Cover- 80 years
Increasing Cover- 75 years
Policy period MinimumLevel Cover- 5 years
Increasing Cover- 10 years
Policy period MaximumLevel Cover- 80 years
Increasing Cover- 75 years
Sum InsuredMinimum -Rs 35 Lakhs
Maximum - No Limit
Amount of PremiumMode of PaymentMinimum Amount (INR)Maximum Amount
(INR)
Annually2779None for all
Bi-Annually1418
Quarterly723
Monthly237

SBI Life Poorna Suraksha

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:

  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- Maximum65 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 PremiumMode of PaymentMinimum (INR)Maximum (INR)
Monthly25080000
Bi-Annually150047500
Annually3000932000

SBI Life Smart Shield

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:

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

Eligibility:

Entry Age- Minimum18 years
Entry Age- Maximum60 years
Maturity AgeMaximum 80 years
Two BenefitsLevel Cover and Increasing Cover
Policy tenureMinimum -5 years
Maximum – Less than 80 years at the entry age
Sum InsuredMinimum – INR 25 Lakhs
Maximum- Zero Limit
Amount of PremiumFrequencyMinimum (INR)Maximum (INR)
Annually3000As per Underwriting Rule
Bi-Annually1500
Quarterly750
Monthly300

SBI Life Saral Shield

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:

  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. Choice 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 TenureFor 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 PremiumModeAmount (INR)
Annually2000
Bi-Annually1100
Quarterly600
Monthly250
Single-Premium10000

SBI Life Smart Swadhan Plus

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:

  1. Compensation of 100% return of the basic premium at maturity
  2. Payment of Sum Insured to the beneficiary upon the death of the policyholder
  3. Choice of premium payment term – regular premium, single premium or limited premium
  4. Availability of 5 types of premium paying terms which are:
    1. Single Premium-SP
    2. Regular Premium-RP
    3. Limited Premium Payment Term- LPPT-5
    4. Limited Premium Payment Term- LPPT-10
    5. 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 Term10 years to 30 years
Premium AmountPremium ModeMinimum (INR)Maximum (INR)
Annually2300Zero Limit for all
Bi-Annually1200
Single21000
Quarterly650
Monthly250

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!

SBI Term Insurance Premium Payment Online

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.

  • Go to the official website of SBI Life Insurance
  • Click on ‘Pay Premium Online’
  • Enter your Policy Number, Date of Birth, Mobile Number and email ID
  • Click on the ‘Submit’ button
  • You will get redirected to a page wherein the applicable premium amount will appear along with the payment options – Net banking, debit/credit card, wallets, etc.
  • Choose the option you want to pay the premium with

Upon the payment of premium, you will get an online receipt of the same. Keep it as the reference for future purposes.

Premium Payment via Other Modes

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. 

Credit Card Standing Instruction

  • Visit the official website of SBI Life Insurance
  • Click on Easy Renewal Payment Options
  • Enter your policy number, date of birth, mobile number and email ID
  • Click on the ‘Submit’ button
  • Set auto pay on the credit card you wish to by mentioning its number and other details
  • Once the auto pay is activated, you will receive an intimation via SMS or email
  • With that, the premium amount will get debited automatically from your credit card on the due date

Set Auto Pay Instruction on Bank Account

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. 

  • Go to the official website of SBI Life Insurance
  • Click on ‘Easy Renewal Payment Options’
  • Enter your Policy Number and click on ‘Generate OTP’
  • Mention your bank account details afterward to get the automatic payment activated on the same
  • Once done successfully, you will be intimated of the same via SMS or email
  • On the due date, the payment will get debited automatically from the bank account

Addition of SBI Life as a Biller

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. 

How to Revive a Lapsed SBI Term Insurance Plan Online?

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.

  • Click on Revive Lapsed Policy Online
  • Enter your policy number, mobile number and email ID (optional)
  • Click on ‘Submit’
  • Revival quotation will appear on your screen
  • If you quoted amount for reviving the policy seems good and affordable, go for it and get the plan revived to protect the financial interests of your dependents in your absence

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