SBI Life Term Plans

Benefits of SBI Life Term Insurance Plans

Here is a list of all the benefits that you can avail of with an SBI term insurance plan:

• Death Benefits: SBI term insurance plans provide the nominee with a death benefit in case of the policyholder’s death during the policy term. The family of the policyholder can use this amount to take care of their financial struggles in the absence of the main income earner.

• Maturity Benefits: Some SBI life term insurance plans provide the policyholder with a return of all the premiums paid throughout the policy tenure on survival of the policy. The policyholder can use this amount to secure his/her retirement, fulfil any financial goals, or leave a financial legacy for their kids.

• Whole Life Cover: Various term insurance plans are available in the whole life cover option, through which the policyholder can secure the future of their loved ones for their whole life (till 99 or 100 years of age). The premiums for the whole life cover option can be paid within the limited premium payment term.

• Rider Benefits: Some important term insurance riders are offered with SBI term insurance plans that you can include in your base term plan at nominal premium rates. The most commonly available riders are terminal illness riders, critical illness riders, accidental death riders, and accidental total and permanent disability riders.

• Tax Benefits: The term insurance tax benefits under sections 80C and 10(10D) can be claimed as per the prevailing tax laws under SBI life term insurance plans.

Features of SBI Life Term Insurance Plans

• Affordable Premiums: Term insurance plans are the most affordable types of life insurance offering large life cover. With SBI term plans, you can secure your family for a long tenure at really low premiums.

• Plan Options: SBI life term insurance plans offer several life cover options within their plans, like level and increasing covers, for the customer to choose a plan type that fits their needs.

• Flexible Premium Payment Options: The policyholders can pay the premiums for their SBI term insurance plans online or offline based on their preference for the whole policy term, limited premium payment term, or pay in a single lump sum.

• Liability Protection: The family of the policyholder can use the death benefit payout to take care of any remaining loans and debts in the absence of the policyholder. 

Who Should Buy SBI Term Insurance Plans

Let us take a look at who should buy the SBI life term insurance plans:

• Married individuals

• Single People

• Taxpayers

• Retirees

• Working women

• People with kids

• People who have loans and debts

How To Buy SBI Life Term Insurance Plans Online

Here is how you can buy term plan online from the comfort of your home in just a few clicks:

• Step 1: Go to the term insurance page

• Step 2: Write in your name, date of birth, gender, and mobile number in the form

• Step 3: Fill in the smoking habits, educational qualifications, occupation types, and annual income

• Step 4: Select the most suitable plan and proceed to pay

Documents Required for Buying SBI Term Insurance Plan 

The important documents that should be kept handy while purchasing SBI term plans are:

• Age proof- Aadhaar card, passport, rental agreement, etc.

• Identity proof- Aadhaar card, PAN card, passport, license.

• Age proof- Birth certificate, Aadhaar card, Matriculation certificate

• Latest medical report.

• Income proof- Income Tax Return, salary slip.

Factors to Keep in Mind Before Buying SBI Term Insurance Plans

Let us take a look at all the factors you should keep in mind while buying SBI life term insurance plans:

• Claim Settlement Ratio: The term insurance claim settlement ratio is the number of claims settled by the company in a year to the number of total claims received. You should always buy term plan from a company with a consistent CSR of more than 95%, as it increases the chances of your family’s claim settlement in your absence.

• Solvency Ratio: The solvency ratio of a company gives us an insight into the company’s capability of settling all the active cases. As per the IRDAI mandate, a company should maintain a solvency ratio of 1.5 or 150% at all times.

• Customer Reviews: Always make sure to go through the company’s reviews to see the SBI term insurance customer care experience with the company. You should always buy term plan from a company with good and positive customer reviews.

• Policy T&Cs: Before buying an SBI life term insurance, you should go through the policy documents to get a better understanding of the policy’s T&Cs. See what is covered and not covered under the plan to avoid any future confusion during the claim process.

• Payout Options: Several SBI term insurance plans provide the option of choosing the suitable payout option for the death benefit payout with a lump sum, monthly instalments, and a combination of both.

SBI Term Insurance Plans - FAQs