Top SBI Term Insurance Plans To Secure Your Family
Currently, SBI term insurance is one of the most popular term insurance policies that are available in the market. This policy is offered by the SBI Life Insurance Company, which is a joint venture between the State Bank of India and BNP Paribas Cardif.
As you might already know, the State Bank of India is India’s largest public sector bank, and BNP Paribas Cardif is a global investment company. SBI Life Insurance Company also won the ‘Life Insurance Company of the Year’ award in 2016 due to their term insurance policies.
As of now, the top SBI term insurance plans that one can find when looking for SBI term plans are:
- SBI Life – eShield
- SBI Life – Poorna Suraksha Plan
- SBI Life – Sampoorn Cancer Suraksha
- SBI Life – Smart Shield
- SBI Life – Saral Shield
- SBI Life – Smart Swadhan Plus
- SBI Life – Saral Swadhan +
- SBI Life – Grameen Bima
These policies also include family term insurance plans.
Features of SBI Term Insurance
Some key features of all SBI term insurance plans are mentioned in the list given below.
- In the event of the death of the policyholder, the entire family is still protected by the insurance provider
- Like most other term insurance plans, only a death benefit is provided. This means that the pre-decided sum insured value is payable to the beneficiary of the SBI term insurance plan on the death of the policyholder
- Just like other term plans, SBI term insurance policies do not include benefits like maturity plans. This means that no sum assured is paid to the policyholder or the nominee on the policyholder’s demise after the compilation of the policy tenure or if the insured outlives the term mentioned in the insurance plan
Beyond this, if you are not happy with the coverage that is provided by your term insurance plan, then you can choose to opt for additional riders in your policy.
Benefits of Purchasing SBI Term Insurance Plans
It goes without saying that several benefits are provided to an individual at the time of purchasing an SBI term insurance policy. Do you want to know what these benefits are? If yes, then go through the list of benefits that are mentioned below.
- Financial protection for yourself and your entire family
- Get the different term plan options for your needs
- Get rewards every year for living a healthy life
- Have the necessary flexibility in paying the premium amount
- Get different payout options
- Avail of tax-saving benefits under Section 80C and 10 (10D)
- Get larger sum insured options with several premium discounts available
SBI Term Insurance Plans
Till now we have talked about why you should buy a term insurance plan and the benefits and features of SBI term insurance plans. Now, let’s talk about the top term insurance plans provided by SBI Life Insurance Company. These top term insurance plans are:
SBI Life – eIncome Shield
SBI Life eIncome Shield is a non-participating and traditional income protection plan. With the help of this plan, an individual can protect the entire family’s monthly income flow in the event of an untimely death.
Within this plan, there is an option of monthly income payout or an annual increase in the payout. This helps in safeguarding the family from the loss of income. The minimum age of entry in this policy is 15 years and the maximum age of entry is 50 years.
SBI Life – Smart Shield
SBI Life – Smart Shield is a basic term life insurance plan that has been provided by SBI. The plan comes with optional riders, including accidental death rider, a total disability rider, permanent disability rider, and critic care 13 non-linked riders.
Under this policy, SBI Life Insurance Company will pay the sum insured amount to the nominee in the event of the untimely demise of the insured during the policy term. The best part about this plan is that it gives a lot of flexibility to the policyholder in terms of the premium amounts, payouts, and customizing the riders.
The minimum age of entry in this policy is 18 years and the maximum age of entry is 60 years. The policy term can vary from five years up to a total of 30 years. The maximum age of the insured should also be 65 years at the end of the policy term. The minimum sum insured limit is INR 25 lakh and there is no maximum sum insured limit.
SBI Life – eShield
SBI Life – eShield is a basic term life insurance plan that is provided by SBI Life Insurance Company. This plan comes with an optional accidental death benefit. This is a pure death benefit plan in which SBI Life Insurance Company will pay the sum insured amount to the nominee in the event of the death of the insured during the policy period.
The minimum age of entry for this plan is 18 years and the maximum age of entry is 65 years. The policy term for the insurance can range from a minimum of 5 years to a maximum of 30 years. Also, the sum insured value has a minimum limit of INR 20 lakh and there is no maximum sum insured value limit.
Exclusions of SBI Term Insurance
Apart from all this, you should also be familiar with the exclusions that are applicable under the SBI term insurance. Some of these common exclusions are:
If the life assured under the policy commits suicide within one year from the policy issue date or reinstatement date, then the nominee will be entitled to 80% of the premiums paid. This is only applicable if the policy is in force during that time. After that, the policy will become void and no claim will be payable.
Exclusions for Accidental Death Benefit
If death is arising from or due to the consequences of or occurring during the events that are mentioned below, then no coverage is provided in those circumstances.
- Drug abuse
- Criminal acts
- Self-inflicted injury
- Civil commotion
- Aviation, which is different from when one is a passenger
- Dangerous sports
- Dangerous activities