SBI Life Term Insurance Plans
State Bank of India (SBI), is a leading public sector bank in India that offers various types of products or services to customers. SBI life insurance provides plans with a joint-venture between State Bank of India & BNP Paribas Cardif, which aims to cater to insurance buyers’ needs.
Founded in March 2001, SBI Life insurance offers different plans for individuals to get high protection from financial losses. The company’s primary objective is to provide life insurance policies and long-term care for clients at affordable rates.
Essential facts about SBI Life insurance
- The company has an authorized capital of Rs. 20.0 billion and a paid-up capital of Rs. 10.0 billion.
- It touched over 4.30 lakh direct beneficiaries in the year 2020-21.
- SBI Life has a claim settlement ratio of 94.52% as per (IRDA report 19-20).
- The company has a productive individual agent network of about 170,096 agents and 57 corporate agents.
Why opt for SBI Life term insurance plans?
- Offers more financial protection to a policyholder’s family in case of accidental death and critical illness
- Flexible payment options for policyholders after choosing a term insurance plan
- Tax benefits for policyholders
- SBI life insurance offers premium discounts on the larger sum assured, allowing a policyholder to save more money
- Add-on riders with basic insurance term insurance plans
- A variety of term plan options for policyholders
- Easily available online
- Affordable prices
Types of plans offered by SBI term insurance
- SBI Life eShield Term Plan: This policy offers coverage with two options, and one can choose the right one accordingly. They include level cover benefit & increasing cover benefit, which helps to gain more advantages. Moreover, a policyholder can get a second medical opinion when it comes to diagnosis and treatment plans. However, the plan doesn’t provide any maturity benefit for policyholders. In addition, the rider coverage offers claims for accidental death and accidental total & permanent disability.
- SBI Life Smart Shield Term Plan: It is a unique SBI life term insurance plan that offers two coverage options for policyholders. Therefore, a new policy buyer should know the differences between them in detail before investing money. This will help a lot to get protection for loans and a family to ensure peace of mind in life.
- SBI Life Grameen Bima Plan: This plan is for the rural class, which aims at satisfying their welfare and insurance needs. A policyholder can choose his/her premium amount, and SBI will determine the coverage based on it. On the other hand, a medical check-up is not required for this plan.
- SBI Life Smart Swadhan Plus Plan: It is a non-linked and non-participating traditional term insurance plan that offers guaranteed benefits to ensure protection from a policyholder’s sudden demise. The minimum sum assured by the plan is Rs. 500,000, and one can choose the policy ranging from 10 to 30 years. At the same time, the plan has no additional rider benefits.
To know more about SBI Life Insurance plans, customers can visit iiflinsurance.com.