SBI offers various SBI Life term insurance plans to provide financial security to individuals and their families. Term insurance is a type of life insurance that provides a death benefit to the nominee if the insured person passes away during the policy term. SBI offers different term insurance plans to cater to the diverse needs of its customers.
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SBI Life Term Insurance Plans
SBI offers different term insurance plans to cater to the diverse needs of its customers. Here are some of the term plan of SBI.
| SBI Life term Insurance Plans | Key Features | Special Feature | Annual Premium range |
| SBI Life eShield Next | 1. Financial protection 2.Enhance your coverage with riders | Three Plan Option Two rider option Better Half Benefit Option Death Benefit Payment Mode | Rs.3,600 onwards Entry Age – 18 Years onwards |
| SBI Life Smart Shield | 1. pure term plan 2.financial protection | Choices of two plan options Protection at an affordable premium riders are available | Rs.3,000 onwards Entry Age – 18 Years onwards |
| SBI Life Saral Jeevan Bima: | Pure Risk Premium Product. | Standard term plan with simple terms and conditions Multiple payment Options | Rs 1,415 to Rs 1,01,025 maximum Coverage – 25 lac Entry Age – 18 Years onwards |
| SBI Life Grameen Bima: | pure term, micro-insurance plan | Protection at affordable premium No medical examination required | Rs.300 to 2,000 Entry Age – 18 Years onwards |
Understanding term insurance and its benefits
Term plan or Term insurance is a type of life insurance policy which provides pure risk protection to the policy holder at a comparative lower prices.
Since Term insurance is a pure risk cover plan, it does not provide any maturity benefit to you.
How to choose Term Insurance Plan of SBI
It’s essential to carefully evaluate your insurance needs, compare different term plans, and choose one that suits your requirements and budget.
Additionally, consider factors such as the policy term, coverage amount, premium payment frequency, and any additional riders that may be relevant to you.
Make sure to read the policy terms and conditions, and consult with a financial advisor or SBI insurance representative if you have any questions or need assistance in choosing the right term insurance plan.
SBI Life Saral Jeevan Bima Benefits
SBI Saral Jeevan Bima is a simple pure risk cover plan with simple terms and conditions. However, you can buy maximum coverage of 25 lac only.
Maturity benefit
There is No survival benefit or No maturity Benefit under the plan. No rider is available under the plan.
Death Benefit:
On death of the life assured during the policy term the nominee/beneficiary will receive the Sum assured on death, in lump sum which is:
- For Regular & Limited Premium payment policies, it is Highest of
A. 10 times the Annualized premium
B. 105% of all premiums paid as on the date of death
C. Basic Sum Assured - For Single premium policies, it is Higher of
A. 125% of Single premium
B. Basic Sum Assured
- On death of the life assured due to other than accident, during the waiting period, the nominee/beneficiary will receive the Death Benefit, which is equal to 100% of all the premiums paid, excluding taxes, if any.
| Minimum Sum Assured | Rs.5,00,000/- |
| Maximum Sum Assured | Rs.25,00,000/- |
| Minimum Policy Term | Regular Premium -5-40 Years Limited Period 5 Year – 10-40 years Limited Period 10 Year – 15-40 years Single Premium -5-40 Years |
| Minimum Age at entry | 18 years |
| Maximum Age at entry | 60 years ( For POSP) 65 years ( other Channels) |
| Maximum Maturity Age | 65/70 years |
| Mode of installment premium payment | Single Premium or Regular Premium (Yearly / Half-yearly / Monthly) |
| Premium Frequency Loading | Half-Yearly: 51.00% of annual premium Monthly: 8.50% of annual premium |
SBI Life Smart Shield
SBI Life Smart Shield is a term insurance plan that increases with your growing aspirations.
Key Features :
- Pure term plan that offers option of Level Term Assurance and Increasing Term Assurance
- Enhance your coverage through two rider options at a nominal cost
- Protect your family’s financial future against an eventuality along with Tax Benefits
| Minimum Sum Assured | Rs.25,00,000/- |
| Maximum Sum Assured | No limit |
| Minimum Policy Term | 5 years |
| Maximum Policy Term | 80 years minus entry age |
| Minimum Age at entry | 18 years |
| Maximum Age at entry | 60 years |
| Maximum Maturity Age | 80 years |
| Plan Options | Level Term Assurance Increasing Term Assurance |
| Mode of installment premium payment | Single Premium or Regular Premium (Yearly / Half-yearly / Quarterly / Monthly) |
| Premium Frequency Loading | Half-Yearly: 51.00% of annual premium Quarterly: 26.00% of annual premium Monthly: 8.50% of annual premium |
Maturity benefit
There is No survival benefit or No maturity Benefit under the plan. No rider is available under the plan.
Death Claim
In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.
- Level Term Assurance: Sum Assured opted.
- Increasing Term Assurance @ 5% Simple p.a.: Sum Assured increased at simple 5% per annum.
Riders
- SBI Life – Accidental Death Benefit Rider (UIN: 111B015V03)
In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit. - SBI Life – Accidental Total and Permanent Disability Benefit Rider (UIN: 111B016V03)
In case of total Permanent Disability rider sum assured is paid.
Note: The rider Sum Assured cannot be more than the basic Sum Assured. These riders are available with both Level Term Assurance and Increasing Term Assurance Plan Options. The riders will have a level cover even if they are opted with the Increasing Term Assurance.
Tax Benefits
Policyholder is eligible for tax deduction U/S 80C.
SBI Life E Shield Next
SBI Life E shield next is a pure term insurance plan from SBI Life.This plan provides high coverage at affordable premiums. It offers the flexibility to choose between two plan options – Level Term Assurance and Increasing Term Assurance. The increasing term assurance option provides a growing sum assured to match the increasing financial responsibilities over the years.
| Minimum Sum Assured | For Online (through Company’s website) and Web aggregator channel: Rs. 50,00,000 For other distribution channel: Rs 75,00,000 |
| Maximum Sum Assured | For Non-Smoker Lives: No limit For Smoker Lives: Rs. 99,00,000 |
| Minimum Policy Term | 5 years |
| Maximum Policy Term | WHOLE LIFE PLAN – 7,10,15,20 and 25 years OTHER THAN WHOLE LIFE PLAN For Single Premium: One time at Policy inception For Regular Premium: Same as Policy Term For Limited Premium: 5,7,10,15,20,25 years and (Policy Term less 5 years) |
| Minimum Age at entry | For Whole Life: 45 years For Other than Whole Life: 18 years |
| Maximum Age at entry | For Level Cover, Increasing Cover Benefit & Level Cover with Future Proofing Benefit: Single Premium & LPPT: 65 year Regular Premium: 60 years For Better Half Benefit: 55 years |
| Maximum Maturity Age | Single Premium 85 years Regular Premium: 85 years LPPT: Whole Life: 100 years Other than Whole Life: 85 years |
| Plan Options | Level Cover Assurance Increasing Cover Assurance Level Cover with Future Proofing Benefit |
| Mode of installment premium payment | Single Premium or Regular Premium (Yearly / Half-yearly / Monthly) |
| Premium Frequency Loading | Half-Yearly: 51.00% of annual premium Monthly: 8.50% of annual premium |
SBI Life E Shield Next is also a term insurance plan with enhanced features such as
- Choice of 3 Plan Options – Level Cover, Increasing Cover & Level Cover with Future Proofing Benefit to suit your protection needs
- Options to customize the plan to meet your requirements
- Death Benefit Payment Mode
- Better Half Benefit Option
- Life cover upto 100 years (Whole life) or 85 years (other than Whole Life)
- Terminal Illness Benefit available under all Plan options
- Option to Pay premium – Only once or for limited period or entire policy term
- Additional coverage through two Rider options
Maturity benefit
There is No survival benefit or No maturity Benefit under the plan. No rider is available under the plan.
Death Claim
In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.
- For Regular & Limited Premium payment policies, it is Highest of
A. 10 times the Annualized premium
B. 105% of all premiums paid
C. Basic Sum Assured - For Single premium policies, it is Higher of
A. 125% of Single premium
B. Basic Sum Assured
Terminal illness benefit
- In case life assured is diagnosed with terminal illness before attainment of 80 years (during the policy term) , an amount equal to sum assured will be paid subject to maximum of Rs. 2,00,00,000 (for in-force policies).
- If the sum promised is greater than the amount paid for the terminal illness benefit after the claim has been settled, the remaining death benefit will be paid if the policy is still in effect. In such cases the policyholder is required to pay the reduced premium for the balance death benefit to keep the policy in force.
- The Terminal benefit shall be payable in any one of the following death benefit payment mode as opted under the plan at the policy inception
- Lump sum
- Monthly installments
- Lump sum plus Monthly installments
Riders
- SBI Life – Accidental Death Benefit Rider (UIN: 111B015V03)
In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit. - SBI Life – Accidental Total and Permanent Disability Benefit Rider (UIN: 111B016V03)
In case of total Permanent Disability rider sum assured is paid.
Note: The rider Sum Assured cannot be more than the basic Sum Assured. These riders are available with both Level Term Assurance and Increasing Term Assurance Plan Options. The riders will have a level cover even if they are opted with the Increasing Term Assurance.
Tax Benefits
Policyholder can claim deduction U/S 80C.
Conclusion
SBI Life has segmented term insurance plans on the basis of investor requirements. SBI Life Saral Jeevan Bima is a simple term insurance policy offering sum assured ( life cover) in range of 5-25 lac. SBI Life Smart Shield plan life cover ranges from 25 lac and above with level sum assure and increasing sum assure options and riders.
Whereas SBI Life e shield next have multiple functionalities such as 3 plan options, riders, better half life insurance and death claim in instalments. Additionally SBI e shield next offer life coverage from 50 lac and above.
SBI Life Grameen Bima is a micro insurance Pure risk Premium product which offers Protection at an affordable premium with No medical examination required and easy Enrolment through simple processes.
