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SBI Life Insurance Company offers a variety of sum assured to fit the needs of people from all backgrounds. One such plan is the SBI 75 Lakh term insurance that allows people to ensure the financial stability of their loved ones in the event of their untimely death during the policy term. With these plans, you can secure a large life cover at affordable premiums.
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SBI 75 lakh term insurance is a term insurance plan that offers a death benefit of Rs. 75 lakh to your nominee in the event of your unfortunate death during the policy term. Your family can use the benefit amount to take care of their financial needs and liabilities, like the child’s rent, loans, or other monthly expenses.
Note: Know what is term plan first and then buy a term plan for your loved ones.
Term Plans
Let's see how SBI Life 75 Lakh term insurance works with an example:
Suppose Priya, who is the sole earner in her family, supports her parents financially. Priya decides to secure her family's future by purchasing SBI Life 75 Lakh term insurance. Unfortunately, in the third year of the policy, Priya unexpectedly passes away. Upon her death, the insurance company will provide her family with the sum assured of 75 lakhs. With this financial support, Priya's family can manage their expenses and any outstanding debts during this difficult time.
Here's why you might consider buying an SBI life 75 Lakh term insurance plan:
Large Cover at Low Cost: The SBI 75 lakh term insurance plan offers a large life cover at affordable premiums. You get financial protection for your loved ones without straining your budget.
Protection Against Various Risks: You can enhance your coverage by adding protection against critical illnesses, terminal illnesses, accidental death, total permanent disability due to accidents, and hospicare benefits. These additional features can be added to your SBI life insurance at reasonable extra costs.
Pay off Debts/Liabilities: In the unfortunate event of your demise, the payout from the policy can help your family settle outstanding loans such as home or car loans.
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
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Let us take a look at some of the benefits of buying SBI 75 lakh term insurance:
Affordable premiums: The premiums for an SBI term insurance are generally much more affordable than any other type of life insurance plan. The basic term plans in India start at just Rs. 473 per month.
Rider options: With term insurance plans, you can enhance the base coverage of your plans by adding the available riders, like critical and terminal illnesses, accidental death or disability riders, and hospicare riders, at nominal premiums.
Online Benefits: You can claim an online discount of 10% on term insurance plans and buy plans from the comfort of your home.
Payout Benefits: You can assess your family’s needs and select the most suitable payout options like monthly, increasing monthly, monthly+lump sum, or lump sum payout option.
Tax benefits: The government of India offers tax saving benefits on term insurance as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
Young individuals
Married couples
Parents with children
People with existing loans or debts
Self-employed individuals or business owners
Here is how you can buy SBI 75 lakh term insurance in India online:
Step 1: Go to Policybazaar's website and find the term insurance page
Step 2: Fill in your details like name, date of birth, phone number, and gender
Step 3: Click on "Check your Premium Now."
Step 4: Provide information about your education, income, smoking habits, and occupation.
Step 5: Choose the SBI 75 lakh term insurance plan that suits you best and proceed with the payment.
Note: Check out the best term life insurance 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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