Best SBI term insurance plans to secure your family future
Among the number of insurance companies at top places in India, SBI is one of the leading insurers to buy your SBI term plans. Praveen is in search of best term insurance plan. But with a number of popular insurance companies, he is unclear about which one to choose. Although LIC is very popular in India and known just for insurance plans, SBI is also taking a leading position in the insurance industry.
SBI Life Insurance offers several types of SBI protection plans, which give many good benefits and meet the expectations of every individual who seeks a term plan with complete protection and maximum benefits. Let’s understand in detail about the SBI term insurance.
SBI is quite popular in the banking sector. But, in addition, they are now also providing insurance services. The company offers various types of insurance policies, including term insurance, ULIP insurance, and other types of insurance policies. SBI Life is a joint venture between BNP Paribas Cardiff and the State Bank of India, which is the largest public banking sector in India.
SBI is currently offering 7 types of term plans with distinct features and benefits to offer. So let’s dive deep into the details about each term SBI life term plan that suits your expectations well.
Features of SBI Term Insurance Plans:
- Gives the best financial protection to the family when the policyholder demises during the policy are active.
- These plans give the policyholder a better death benefit, which implies that the sum assured payable to the beneficiary is best offered compared to other competitors.
- Similar to any other type of insurance term plan, SBI life term insurance does not offer maturity benefits if the policyholder demises after the policy expire.
- SBI term plans also come with the option to add riders with an additional premium payable.
- It is possible to avail your term plan both online and offline.
- All plans feature affordable premium amounts payable at your flexible payment mode.
- The premium paid is eligible for tax benefits under Section 80 C of the Income Tax Act, 1961.
7 Best SBI Life Term Insurance Plans
- SBI Saral Jeevan Bima: This is a pure-risk and non-linked individual life insurance plan. If you are looking for a standard term plan, then this is designed for you. It gives better security for your family in your absence. This term plan offers flexibility to pay the premium once or at regular term. The minimum entry age is 18 years, and the maximum is 65 years. The maximum sum assured for this plan is Rs. 25 lakhs. This plan provides you tax benefits under Income Tax Act 1961.
- SBI Life Poorna Suraksha: This is a non-linked term plan featuring an in-built critical illness cover. It comes with a premium waiver benefit on 36 critical illnesses. It features a fixed premium throughout the term of the policy and provides comprehensive insurance coverage against death. The sum assured is automatically adjusted between critical illness and life cover on every policy anniversary. It features a term period of maximum 30 years.
- SBI Life Smart Shield: This plan has a minimum entry age of 18 years and a maximum of 65 years. The maturity age is 70 years. The policy term period starts from 5 years to a maximum of 30 years. It has rider options like accidental death benefit, accidental permanent and total disability, and accelerated critical illness cover. However, it also offers surrender benefits for a single premium policy, and there is no survival benefit for this plan.
- SBI Life – Grameen Bima: The entry age of this plan is from 18 years to a maximum of 50 years. The minimum term period of this plan is 5 years, and the premium payment mode is only single. It offers benefits like death benefit equal to your chosen sum assured, and surrender benefit is provided from the second year of your policy term.
- SBI Life – Saral Swadhan+: The entry age for this plan is 18 years and maximum up to 55 years of age. The maturity period is a minimum of 28 years of your age to a maximum of 70 years and the term period is a minimum of 10 years to 15 years. This policy offers death benefits, maturity benefits, and paid-up value.
- SBI Life – eShield: This plan comes with an entry age of 18 years and a maximum of 65 years for the level cover with riders optional. The maturity age of this plan is 70 years. It has a sum assured limit of a minimum of 20 lacs and no maximum limits. It offers accidental death benefits, maturity benefits, and surrender benefits.
- SBI Life – Smart Swadhan Plus: This plan has an entry age of a minimum of 18 years and a maximum of 65 years, and the maturity age is 75 years. The term period of this plan is a minimum of 10 years to a maximum of 30 years. It offers death benefits, surrender benefits, and paid-up benefits.
All these SBI Life term Insurance plans also offer tax benefits under Section 80C. You can easily shop for these plans from insurance aggregator portals like iiflinsurance.com or the SBI Life insurance website. You can also try to contact the insurance agents of SBI Life to buy your term plan. However, the online options can give more possibilities to surf about the life plans available with SBI, compare them, and choose the right one you might want it. Besides, the online calculator available will also help you to calculate the premium quickly, sum assured, and term period. This will give you an idea about your eligibility and affordability.