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SBI Term Insurance for 1 Crore is a term plan that provides a sum assured of Rs.1 Crore. This sum assured is paid as a death benefit to the nominee/beneficiary/family in case of the policyholder’s death. It is a right sum assured amount that can help the family-run household expenses or pursue higher education or meet other life goals. The premium rates for SBI 1 Crore term insurance plan are affordable, which makes this the right choice among the policy buyers.
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Following are some factors that make 1 crore term insurance a must-have plan:
High Cover at Low Premium Rates: SBI Term plans are economical because they provide a single death benefit and no other components of saving. An SBI 1 Cr Term insurance plan can be easily availed for as low as Rs.449.
Secure Your Family From Loans, Liabilities, and Debts: Having an SBI Term Insurance plan makes it easier to receive a loan in case of an eventuality. The payout from a term insurance plan can help in repaying the loan and keep your loved ones stress-free from the debt in case you are not around.
Investment at Early Ages: By Investing in an SBI 1 Crore Term Insurance Plan at an early age, you can get good life cover at low premium rates than an investment at later ages. Also, you can save more taxes.
Get Comprehensive Cover: This plan offers comprehensive cover that makes sure that the policyholder and his/her family are financially secured.
Whole Life Cover: A SBI 1 Crore Term Insurance Plan offers comprehensive cover for your lifetime or till the time premium amounts are paid. This makes sure that you and your loved ones are financially safe to fulfilling all their life goals.
Tax Benefits: The premium amount paid for an SBI Term plan and the death payout received are exempted from tax under 80C and 10(10D) of the ITA, 1961.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
Young aged individuals i.e., between 25-35 years of age
Breadwinners of family
Individuals having education loans or home loan
Let’s understand this with help of an example:
Anup is a young, healthy individual 25 years old who invests in an SBI Term Insurance for 1 Crore. The below table illustrates the Finances of Anup:
| Age of Anup | 25 Years |
| Yearly Income | 6 Lakhs |
| Personal Expenses of Anup | 4 Lakhs |
| Current Term Plan Cover | 1 Crore |
| Investment + Personal Savings | 2 Lakhs |
*No home loan is availed and no such family members are dependent on him.
**No child education expenses
Although, he does not need a term plan as per the calculations. Anup is smart enough to invest in a term insurance plan at an early age to get low premium rates and high coverages and to get prepared in case of an eventuality.
As discussed in the table, 1 Cr term insurance plan sounds like a good amount of cover and sufficient for him. However, for young persons, this is a safe investment to get the best benefits at later stages of life.
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SBI e-Shield Next is a new protection plan which has been specifically designed to meet present needs and also take care of the changing responsibilities. Thus, it is a perfect solution for boosting financial immunity and safeguarding your loved ones in today’s world.
Pocket-Friendly Premiums: SBI term insurance for 1 crore offers a sum assured of the said amount at pocket-friendly premiums. It is advisable to buy a term plan as early as possible to enjoy lower premium costs.
Customization: Customize the plan to meet customer’s needs through:
Better Half Benefit Option
Death Benefit Payment Mode
Terminal Illness Benefit: You can avail the benefit of the terminal illness rider at no extra premium. If you get diagnosed with a terminal illness, the amount equal to the death benefit will be paid to your nominee before your insurer terminates the policy.
Note: For this, your beneficiary must submit reports from an Indian Medical Association-recognized doctor to your insurer to avail of this benefit. *Standard terms and conditions apply*
Online Facility: Strong internet connection and a smart device is required to enjoy the quick online services of the SBI life insurance company. You can access your policy details and pay premiums hassle-free online.
Tax Deductions: You can avail of tax benefits on premiums paid for your term insurance policy under section 80C of the Income Tax Act 1961.
*Tax benefit is subject to changes in tax laws*
Flexibility: The policy offers flexibility on the payment of premiums. You can choose to pay premiums either monthly, quarterly, or annually as per your convenience.
Riders: Comprehensive coverage through 2 rider options such as SBI Life- Accidental Total & Permanent Disability Benefit Rider and SBI Life- Accidental Death Benefit Rider.
| Plan Options |
|
| Entry Age | 18 years to 65 years |
| Maturity Age | 100 years |
| Sum Assured | Minimum: 50 Lakhs Maximum: No Limit |
| Premium Payment Mode | Single/Yearly/Half-yearly/Monthly |
| Policy Term (in years) | 5 years to 100 less entry age |
Step 1: Go to the SBI 1 Crore Term Insurance Form
Step 2: Fill in the basic details such as Name, Date of Birth, and Contact Number and click on ‘View Plans’
Step 3: Answer the questions about smoking or chewing habits, annual income, occupation type, educational qualification, and language
Step 4: After submitting all the details, a list of all available 1 Crore term insurance plans will be displayed
Step 5: Select SBI Life Insurance and check for the plan details
Step 6: Proceed to Buy, if they match your requirements
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
You must consider the following factors before buying an SBI term insurance plan for 1 crore:
Rider Options: Adding riders to your base plan will enhance the overall coverage and provide extra benefits. SBI term insurance for 1 crore offers in-built accelerated terminal illnesses benefit. Moreover, you can add other riders by paying an extra premium to enjoy its benefits.
Claim Settlement Ratio (CSR): Before buying a term plan for a significantly large cover amount, you must consider the claim settlement ratio. The higher the ratio, the easier it is to settle claims. You can check the report to find a claim settlement ratio of any insurer. Currently, SBI life insurance has a 93.09% CSR ratio.
Offered Life Cover: If you are planning to buy SBI term insurance for 1 crore, you need to consider the inflation effect, current income, debt, and plans to determine premiums. It is advisable to go for a sum assured that is 10 times higher than your current annual income.
Policy Tenure: The policy period is also equally significant to make the final decision. The earlier you plan; the maximum years you can choose for policy tenure. Maximum policy tenure comes at pocket-friendly premiums as compared to the short-term policy period.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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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