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SBI Life Insurance, one of the leading insurer offers a comprehensive range of protection-oriented plans catering to the varied customer needs. SBI term plans provides adequate coverage to policyholder’s family at a low premium rate. The customer can use SBI Term insurance premium calculator to calculate the premium rate of policy. Let us learn more about the SBI Term Insurance Premium Calculator and how to use it.
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Note: Know more about what is term insurance first before reading this article.
SBI term insurance calculator 2024 is an online tool that helps you calculate the premium rate that you have to pay for your SBI term insurance plan. A premium amount depends on number of factors such as the age, lifestyle habits, income, smoking habits of the policyholder, life cover chosen, and the other factors.
Below are some reasons why someone should use the SBI Term Insurance Calculator:
SBI term insurance premium calculator is an online tool easily available for you to use free of cost.
The SBI term plan calculator facilitates evaluating and calculating the premium of a policy quickly and accurately.
You can use the SBI Term Insurance Premium calculator to compare the plans available online. Then, they can opt for the plan that is the most suitable.
You can also use the SBI term plan calculator 2024 to determine the coverage amount required to protect the family’s financial future.
Term Plans
You can easily use the SBI term plan calculator online in the following ways:
Step 1: Visit the SBI Term Insurance Premium Calculator 2024 page
Step 2: Enter information like the age, gender, life cover required, cover till age, and tobacco consumption habits
Step 3: The lowest premium payable for your profile will be displayed on the screen
Step 4: Click on ‘Check Your Premium’ to see the available plans
Step 5: Select the most suitable plan and proceed to pay
The details of your purchase will be sent to you via email.
With the help of the SBI Term Insurance Premium calculator, you can easily calculate the exact amount of insurance coverage needed to meet family’s financial goals. It offers several benefits, which are as follows:
The premium calculator helps to evaluate the approximate premium rate of the policy ion a simple and hassle-free way.
SBI term insurance premium calculators provide instant results, making it a hassle-free process.
With the help of SBI term insurance calculators, you can compare the quotes of various term plans and choose the suitable plan that has a lower premium rate. SBI term plan calculators 2024 are handy tools and user-friendly
This online tool helps to evaluate the amount of coverage one will need to secure their family’s future.
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Anybody who uses the SBI Term Insurance calculator would need the following information:
Age or Date of Birth
Life Cover Required
Cover Till Age
Gender
Smoking Habits
Policy Term
Premium Payment Term
Let us take a look at the benefits of buying SBI Term Insurance Policy:
High Cover at Affordable Rates: Term insurance is the simplest form of life insurance that offers the most affordable premium rates. You should note that the earlier you buy term insurance, the lower its premium will be.
Family’s Financial Security: Your dependents will receive a lump sum amount if you suffer an untimely demise during the policy term. The lump-sum amount thus received may help them take care of their financial needs and liabilities.
Pay off Loans and Debts: If you have existing loans or liabilities, like the EMI of your car, a new home, or a personal loan you might have borrowed. In case of your absence, the burden of trying to pay off the debt might fall on family members. Thus, the death benefit of a term plan may help your family pay off the remaining loan.
Death benefit and multiple payout options - Choosing to receive the death benefit in monthly income may act as an income replacement in your absence. You can choose for the death benefit to be paid in a lump sum, monthly income, increasing monthly income, or lump sum + monthly income.
Add Riders for Enhanced Cover - You can increase the base coverage of the plan by adding riders at nominal premiums. You can go through the list of available riders, add the relevant riders, and pay the additional premium along with the base premiums.
Coverage of Critical Illness - With the critical illness cover, you will receive the rider sum assured on the diagnosis of a critical illness covered under the plan.
Income Tax Benefits - You can claim term insurance tax benefits under Section 80C on the premiums paid and Section 10(10D)on the benefits received of Income Tax Act 1961.
Tax benefit is subject to changes in tax laws. Standard T&C apply.
SBI Term Insurance policy premium rates may vary depending on the type of applicants and depend on the different types of insurances. Generally, the premium rates can vary as which depends on the following factors:
Applicant's age - If the applicant is quite young, then there is a chance that they would be getting low premium rates as compared to the older applicants since younger applicants have a higher life expectancy.
Gender - Premium rates also depend on gender. Women get lower premium rates as compared to men due to their longer life expectancy.
Sum Assured - The higher your sum assured, the lower your premium will be.
Policy tenure - For policy tenure, people with higher premium payment terms get low rates of premium.
Applicant's Occupation - The occupation of the applicant also plays an important role in deciding their premium rates. Some risk jobs like pilots, mining, firefighters, and others might get higher premium rates than others.
Expenses covered - For this section, refer to the policy documents carefully or the term plan brochure online to learn expenses in detail.
Note: Check out the term life insurance in India and choose one that suits your requirements.
Ans. The SBI Term insurance calculator has the following features available:
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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