About SBI Term Insurance Plans
SBI Life Insurance is a most trusted Private life insurance company which provides various life insurance covers for customer needs and provides protection to insured family even after death of policyholder. SBI awarded as Most Coveted Outlook money awards 2014 for “Best Private Life Insurance Provider“.
SBI term insurance plan is a protection plan which provides protection to your family. SBI term insurance plan is specially designed for an individuals who is dependent on others needs to take this term insurance plan in order to avoid financial problems. SBI term insurance plan provides insurance cover at low-cost which provides protection and financial stability in case of unfortunate death of policyholder. This term insurance provides only Death benefits. SBI term insurance plan provides Additional death benefit rider cover options.
SBI term insurance plans provides Online mode and Offline mode but Online mode insurance cover is cheaper than Offline mode insurance cover. Offline mode insurance cover is more than Online mode due to share of third person. However, offline mode is also cheaper cost compared to other insurance covers. While choosing the SBI term insurance plan covers, it’s better to choose for maximum period of policy term cover. Under this term Insurance plans almost all kinds of death are covered. In term insurance cover option, only some exclusions such as death through natural calamities and suicidal death are covered after 12 months of the policy.
Benefits of SBI Term Insurance Plans
- Provides death benefits.
- Instant Life term insurance cover.
- Provides low premium.
- Regular and Single payment options are available.
- SBI term plans are available in both online and offline modes.
- Tax benefits are available under Section 80CCC. For more information regarding Tax Benefits, visit www.taxqueries.in.
- Additional Rider benefits are available.
Example of SBI Term Insurance Plan
Suppose a person aged 40 years had opted for SBI term insurance cover option for policy term of 20 years and the person buys a term insurance plan for Rs. 30,00,000. In case of unfortunate death of policyholder, the nominee will receive the sum assured Rs. 30,00,000. So it is a basic life insurance cover plan which pays only in case of death of policyholder and no maturity benefits are provided for this type of cover options.
- Death Benefit – Rs. 30,00,000
- Maturity Benefit – Nil.
SBI Term Insurance Plans
Various SBI term insurance plans are briefly explained below
SBI Life Smart Shield Plan: SBI Life Smart Shield Plan is a pure term insurance plan which provides insurance cover option at low premiums. Rebates on premiums are also provided under this Insurance cover option. SBI Life Smart Shield Plan provides Accidental death benefit riders. For more details please refer the below link.
SBI Life Saral Shield Plan: SBI Life Saral shield plan is a non-participating pure term insurance plan which provides policy cover at affordable cost. Special Premium discounts are available for women and Rebates are available for large sum assured. Tax Benefits are also available under this SBI Life Saral shield insurance cover option. For more details please refer the below link.
SBI Life eShield Plan: SBI Life eShield plan is an Individual, Non-linked pure term insurance plan which provides security for your family at low premium cover. Additional benefits and accidental death benefit riders are available under this SBI Life eShield cover option. Tax Benefits are also available under section 80C. For more details please refer the below link.
SBI life Grameen Bima plan: SBI life Grameen Bima plan is a pure term micro insurance plan which provides life insurance cover at low-cost. Policy term is fixed for 5 years. Tax benefits are available under this SBI life Grameen Bima plan. For more details please refer the below link.