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Term insurance is considered as the best option to ensure the future welfare of your family members. As our life is so uncertain, we can never predict what can happen in the coming future. To ensure your family is able to deal with any type of financial crunch and maintain a good lifestyle and daily expenses, you must go for term insurance.
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In a nutshell, all those who have dependent children and parents need a term insurance plan. This type of plan provides a bigger cover at lower costs.
Term insurance offers financial security to the beneficiary of the policyholder for a definite time period. In the unfortunate event of sudden demise of insured within the tenure of the policy, the nominee can claim for the death benefit amount from the insurance provider. The sum assured amount offered by the policy could be received as a one-time lump sum amount or in small monthly installments, whichever is convenient for the beneficiary.
Term insurance takes care of unforeseen responsibilities as well as liabilities. The lump sum amount paid as death benefit help in meeting your family’s debt and foster financial stability. Term insurance is crucial for everyone and especially the main earning member of the family. The term insurance plan offers flexible plan choices. According to your suitability you can choose – the preferred amount of sum assured, regular or single premium payment options, policy tenure, and additional protection cover. Certain term insurance plans also come with survival benefits; these plans are called Term return of premium plans (TROP). It is quite popular among individuals who want to seek the dual benefit of life cover as well as savings. Though the premium for TROP plans is on the higher end but you can be rest assured that the amount of premium you pay will come back to you at the end of the policy term.
In India, term insurance plans by SBI are considered basic, cost-effective and convenient to buy. SBI term insurance offers array of product and services that secure your family’s monetary future at nominal expense. Contrary to other insurers, SBI life offers term plans with pocket-friendly premiums.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
SBI term insurance offers several policies catering to its customer requirements. SBI Life Poorna Suraksha term plan is a non-participating plan covering 36 critical illnesses. This unique term plan offers critical illness cover, which makes it a thoughtfully created insurance product. Children can gift this plan to their elderly parents, providing an all-inclusive life insurance solution. SBI Life introduced the Poorna Suraksha plan aiming at the concept of ‘reverse parenting’. Most people become vulnerable to ill health as they grow old and it becomes extremely difficult to meet the treatment costs linked with critical illnesses. Hence, it becomes vital to ensure the health of your elderly guardians. The premium payment amount of the policy ranges from s minimum Rs.3000 and maximum INR 9, 32,000. For half-yearly, premium minimum amount is INR1500 and maximum amount is INR 4, 75,000. For monthly premium, minimum amount is INR250 and maximum amount is INR80, 000.
Helps to secure the health of your elderly parents.
Offers double benefit of term insurance plus critical illness cover.
Fixed amount of premium to be paid throughout the policy’s tenure.
Premium waiver in case of diagnosis of critical illness mentioned in the policy certificate.
The critical illness cover amount is only payable if the insured survives for 15 days after the diagnosis of the listed critical illness.
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This plan will help you maintain a balance between your critical illness and life in an affordable manner. During various phases of your life cycle, your needs keeps on varying along with your growing age. Also, as you grow older, you are burdened with additional responsibilities. Below are discussed few points for your understanding:
Increasing insurance – The amount of cover offered by Poorna Surkasha plan is re-evaluated every year and balanced according to your financial requirements. You can manage the increase in coverage in a methodical manner to minimize any irrelevant and unnecessary expenses.
Lump Sum Payout – If you are detected with any critical illness, it gets extremely important for you to have ample cash in-hand for bearing the treatment costs. This plan offers coverage for 36 kinds of critical illnesses. When you will have sufficient cash to support your illness, it will be much easier to focus on your work or child’s education without any worries.
Fixed Premium – SBI Poorna Suraksha offers the unique advantage that premium remains same despite the increase in cover amount.
Sum Assured – The cover amount or sum assured is a balance between life insurance and critical illness components. The assured sum gets adjusted every year. In case your parents are detected suffering from any critical illness listed in the policy certificate, a lump sum amount will be paid and you won’t have to pay any future premiums.
No Stress of the Treatment Cost – You need to shell a hefty amount from your pockets for availing healthcare services. Even though you have a handsome salary and your parents are employed, it gets extremely difficult to meet the treatment costs associated with any critical ailment. By opting for SBI Poorna Suraksha plan, you can gift a stress-free life and quality healthcare to your loving parents.
As per this plan, premium payable is eligible for tax rebate under section 80C of IT Act.
Major critical illness covered are mentioned below
First Heart Attack
Cancer of specified severity
Major organ transplant
Open Heart Replacement
Coronary Artery Bypass
Kidney failure requiring regular dialysis
Stroke
Permanent paralysis of limbs
Coma of specified severity
Brain Tumor
Deafness
Blindness
End Stage Lung Failure
Major Head Trauma
End Stage Liver failure
Loss of Speech
Primary pulmonary hypertension
Alzheimer’s disease
Third Degree Burns
Aplastic Anemia
Remaining 16 critical illnesses are mentioned in the company’s brochure. In Financial year 2017, SBI Life’s claim settlement ratio was 96%. It’s ranked the sixth insurance company in terms of high claim settlement ratio. SBI Insurance’s claim settlement ratio has been varying in the range of 89% - 96% over the last few years.
This is a basic SBI term insurance plan, which offers an added accidental death rider. SBI life insurance will pay the legal heir or nominee the sum assured in the unfortunate event of sudden demise of the policyholder during the duration of the policy.
For level cover, minimum age required is 18 years with or without the accidental death benefit rider while the maximum age limit is 65 years.
For increasing cover, minimum age is 18 years with or without the accidental death cover benefit while the maximum age limit is 60 years.
Tenure of policy for the level cover is maximum 30 years, either with or without accidental death cover.
Tenure of policy for the increasing cover is at least 10 years and utmost 30 years either with or without accidental death rider.
The policyholder’s maturity age or maximum age should be 70 years during the closure of the plan.
The minimum amount of sum assured is INR 20 Lakh, and there is no upper limit for sum assured amount.
Level Term Insurance (with or without) Rider for Accidental Death – In this option, the sum assured remains unchanged throughout the tenure of the policy.
Increasing Term Assurance (with or without) Rider for Accidental Death – In this plan option, the principal sum assured goes on rising at the rate of 10% post the completion of each fifth policy year with no increase in the premium payable amount.
In addition to the intrinsic accidental death cover, the insured can also choose an accidental death rider. In the event of sudden demise of the insured due to unfortunate accident, the nominee will receive the basic sum assured plus the additional rider cover amount.
In-built benefit of accelerated terminal illness
Rewards the insured person with low premium if he/she is a non-smoker
You can opt for this plan through easy online processing
Get a second and more reliable medical opinion from a team of health experts
Tax Benefits : As per this policy, the premium as well as the payouts are tax-exempted under Section 10(10D) and 80C of the Indian IT Act, 1961.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
With the detailed and elaborate discussion on the benefits and features of both SBI eShield and Poorna Surakhsha plans, now it’s time for you to decide which plan will suit you the best. If you want to show gratitude to your parents for all their hard work and dedication then go for the comprehensive SBI Life Poorna Suraksha plan. However, if you want to provide your family or dependants financial security in case of any possible eventuality then opt for SBI Life eShield. Both the plans will not dishearten you and are designed to cater to your unique needs.
Suicide Exclusion - If the policyholder commits suicide within 1 year od date of issue of policy or date of reinstatement, the nominee will receive 80% of the paid premium amount, subjected to the condition that the policy is active. After this, the policy will become void and no one can make any claims.
Exclusion for Accidental Death Rider- In case of death arising from the below specified events, no payment is made:
Infection
War or Civil Commotion
Drug Abuse
Criminal Acts
Self-inflicted injury
Aviation (unless you are a passenger is not included)
Dangerous sports and other activities
SBI Life Insurance has over 850 branches across India with a customer base of more than 2 crores. More than INR72,000 crore claims have been settled till date. SBI is India’s leading insurance company. It’s a joint venture between State bank of India, India’s largest public sector bank and BNP Paribas Cardiff, a major global insurance provider. With around 198 overseas offices in about 37 nations, SBI is actually an Indian multi-national company.
When an investor commits to an insurance plan, you are bound to develop a disciplined saving practice. A regimented saving habit will help you meet several financial goals over the long term, through various stages of life. During your youth, when you are free from any family responsibilities, purchasing a life insurance policy is the best thing to do as it has several advantages. When you are young, energetic, and healthy, investing in life insurance will assure a stress-free retirement life at affordable premiums. Hence, when you begin saving early, you make significant savings on premium amount in the long run.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
SBI Life offers different plans as per your needs:
Single
Save little, save more
Lower debt
Enhance Savings
Married Without Kids
Wealth creation
Financial Planning Over Long Term
Covering Liabilities
Married with Kids
Prepare for Child’s Education
Discover Retirement Goals
Cover Against Any Liability
Independent with Kids
Prepare for Your Child’s Wedding
Cover Any Liability
Retirement Planning
Approaching Retirement
Long Term Income Planning
Consider Annuity
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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