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SBI life insurance company is an Indian insurance provider offering life insurance plans for people from all walks of life. Their comprehensive life insurance plans can be used to protect the financial future of your loved ones, create wealth over time, and save on taxes. Let us see the SBI life insurance policy details that you need to know before purchasing a life insurance policy from SBI.
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There are various ways in which you can benefit from an SBI life insurance plan. Let s take a look at some of these benefits:
Secure Future
You can secure your family’s future with a life insurance policy as the plan will provide your family with a death benefit in case of your untimely death within the policy term.
Create Wealth
You can create a corpus in the long run with the investment portion of the life insurance plans offered by the SBI life insurance company.
Tax Benefits
You can save up to Rs. 1.5 Lacs on the premiums you pay for your SBI life insurance plans under section 80C and receive the insurance payout tax-free under section 10(10D).
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You can access SBI life insurance policy details online and offline. Here is a list of all the SBI life insurance policy details you need to know before purchasing a life insurance plan from SBI.
Free Look Period
SBI life insurance plans offer a free look period of 15 days in case of offline policies and 30 days in case of online policies, during which you can go through the policy documents and return/cancel the policy if you are unsatisfied with the policy T&Cs.
Add-On Riders
You can include various riders in your base plan to increase the coverage of the plan. The available riders are critical illness benefit rider, accidental death benefit rider, permanent or partial disability benefit rider, income replacement benefit rider, and waiver of premiums rider.
Premium Payment Tenure
Various SBI life insurance plans offer the customers the option to choose a premium payment term that is payable once i.e., single premium, payable throughout the policy term i.e., regular premiums, or payable for a limited amount of time i.e., limited premium.
Premium Payment Frequency
You can also choose to pay your premiums on the frequency best suitable for you. You can pay the premiums on a monthly, quarterly, bi-annual, or annual basis.
Grace Period
The grace period is the additional period offered after the end of the premium due date. Most insurers offer a grace period of 15 days on monthly premiums and 30 days for all the other premium frequencies available.
Policy Lapse:
In case you haven't paid the premium for your policy even within the grace period your life insurance policy will lapse. This is only applicable in cases of limited and regular premium policies.
Policy Revival:
SBI life insurance allows its customers to receive its lapsed policy for a period of two years after the end of the last grace period. If the policyholder does not revive their lapsed policy during the revival period, the policy will be canceled and no benefits will be payable.
Reduced Paid-up:
In the reduced paid-up option of the life insurance plan, your plan’s death benefit will be reduced as per the premiums you have already paid toward keeping the policy active. This way you won't have to pay any additional premiums and still be covered under the policy benefits.
You can follow the steps below to purchase the SBI life insurance plan most suitable for you:
Step 1: Go to the company’s life insurance page
Step 2: Fill in the required details like name, gender, phone number, and email ID
Step 3: Click on ‘View Plans’ to see the available plans
Step 4: Submit the details about your smoking habits, educational background, occupation type, and annual income
Step 5: Select the most suitable plan and proceed to pay
†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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