SBI Life Term Insurance Calculator
SBI Life Term Insurance Calculator
A joint venture between the State Bank of India (SBI) and BNP Paribas (a French multinational bank and financial services company), SBI Life Insurance Company is a leading insurer in the insurance sector. The company started its operations in the year 2001 with five core values – ambition, innovation, excellence, dynamism, and trustworthiness.
With an aim to provide best-in-class services, SBI Life Insurance offers a range of comprehensive life insurance plans, including term plans, ULIPs, child plans, retirement plans, and savings plans at affordable costs. SBI also offers SBI Term Insurance Calculator to enable policy seekers to opt for the right life insurance based on their requirements and affordability.
Benefits of SBI Life Term Insurance Premium Calculator
- Comparison of various term plans at one go: You can compare different features and benefits of term plans offered by SBI at one go by using the SBI Life Term Insurance Calculator.
- Free online tool: The SBI Life Term insurance premium calculator is a free-of-cost online tool and simple. You don’t need to submit any document, and within a short span of time, you get details about various term insurance policies, which makes policy buying easier.
- Right Premium Amount: The SBI Life Insurance calculator helps you know the right premium amount based on your eligibility. Knowing the premium amount to be paid can help you opt for the right term insurance plan based on your affordability and needs.
- Choosing the right plan: By comparing different term plans using the SBI Life term insurance calculator, you can select the right term plan with the highest possible cover amount that matches your needs.
SBI Life Term Insurance Plans
- SBI Life- eShield
- SBI Life – Smart Shield
- SBI Life – Saral Jeevan Bima
- SBI Life -Poorna Suraksha
- SBI Life -Smart Swadhan Plus
- SBI Life -Saral Swadhan+
- SBI Life – Grameen Bima
Below are the details about term insurance plans offered by SBI Life:
1. SBI Life e-Shield: This term plan is an individual, non-participating, non-linked term life insurance that provides financial security during the sudden demise of the policyholder. It comprises of two benefits – Increasing cover and Level cover and several other benefits like financial assistance in case of terminal illness, premium discounts for non-smokers, and multiple premium payout options.
2. SBI Life Smart Shield: The SBI Life Smart Shield plan is a pure protection plan that provides financial security to the insured’s loved ones in the absence of the policyholder. It offers discounts on high sum assured and rewards if maintained a healthy lifestyle. This term plan also offers flexibility to customize the plan by adding riders such as accidental total and permanent disability cover and accidental death cover.
3. SBI Life Saral Jeevan Bima: SBI Life Saral Jeevan Bima plan is a standardized term insurance plan offering a substantial life cover at a reasonable price. It provides financial security to the life assured’s family members in case of their sudden demise. SBI Life Saral Jeevan Bima is also known as pure protection plan as it only offers a death benefit to the policy beneficiary in case of the policyholder’s demise during the policy term.
4. SBI Life Poorna Suraksha: This term insurance plan is a non-participating pure risk premium plan that provides comprehensive coverage against policyholder death. It comes with an inbuilt critical illness cover and automatically balances life cover and critical illness cover on every policy anniversary.
5. SBI Life Smart Swadhan Plus: SBI Life Smart Swadhan Plus plan is a non-participating term plan with a return of premium. This term plan is backed with various attractive features and benefits such as rebates on high sum assured, tax benefits under Section 80C of the Income Tax Act, and flexible premium payment options (regular premium, single premium, and limited premium). However, it does not offer any additional rider benefits.
6. SBI Life Saral Swadhan+: This term plans also offer life cover along with the return of premium benefit option. In case of the insured’s demise within the policy term, the family member receives the death benefit, and on maturity, the premiums paid are refunded to the insured.
7. SBI Life Grameen Bima: SBI Life Grameen Bima is a microinsurance term plan, providing life cover to the insured’s family in case of the policyholder’s demise within the policy tenure.
Benefits of SBI Life Term Insurance Plans
SBI Life Insurance is counted among the leading insurance providers in India. It offers a variety of term insurance plans to fulfill the different needs of every individual.
- Affordable Premiums: The 7 term insurance plans by SBI Life are carefully designed to fit in everyone’s pocket. All the plans provide comprehensive protection at reasonable premium rates.
- High Claim Settlement Ratio: SBI Life Insurance boast a high claim settlement ratio of 94.52% in the FY 2019-20, which depicts it as a credible insurance partner to rely on for a hassle-free claim process.
- Customer-centric approach: SBI Life Insurance focuses on customer satisfaction by offering varied term plan options at nominal cost. It has a strong customer service team that strives towards providing every possible solution to every customer’s queries.
- Financial back-up: SBI Life term insurance plans provide financial protection to the life assured’s family in case of his or her sudden demise within the policy term. These plans act as a financial cushion during unprecedented times.
What will happen if I miss the due date of paying premiums?
In case you missed the due date for paying the SBI Life Insurance policy premium, the insurance provider offers a grace period of 15 days for monthly premium payments and 30 days for yearly, half-yearly, and quarterly premium payments.
What is the minimum entry age for the SBI Life Term Insurance plan?
The minimum entry age is 18 years to purchase SBI Life term insurance plans.
What are the tax benefits available with SBI Life insurance plans?
SBI Life Insurance plans are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
What are the different riders available under SBI Life Term Insurance Plans?
SBI Life Term Insurance plans offer Accidental Death Benefit Cover, Critical Illness Cover, and Permanent Disability Cover.
What are the documents needed to process SBI Life Term insurance plans?
Age proof, identity proof, address proof, and income proof are the essential documents required to buy SBI Life Term Insurance plans which include PAN card, Voter Id card, Aadhaar card, Form 16, salary slips, to name a few.