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TERM INSURANCE

Top SBI Term Insurance Plans To Secure Your Family

Joan Mathews Joan Mathews 26 December 2019

SBI Life offers a range of term insurance policies that vary on the basis of their features and benefits. Read this article to find out what are some of the popular term insurance products offered by SBI Life.

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In this day and age, having a life insurance policy is most essential. When you consider how quickly the cost of living is rising, the loss of an income-earning individual can leave the family in a financial turmoil. To prevent such an instance from arising, it is advised to have a safety net - in the form of insurance - in place. Term insurance (a type of life insurance) is among the most preferred options for insurance among people seeking high cover at low premiums. As it does not have a cash value, its rates are lesser when compared with other life insurance products.

SBI Life - one of the leading life insurance providers in India - offers a range of term insurance policies to customers. These policies are tailored to provide financial security to the loved ones of the life assured, in the event of his or her demise during the policy period. While the term plans offer only death benefits, policyholders can enhance their coverage by attaching riders (optional) to their base plan. Here is a look at some of the popular term insurance policies offered by SBI Life Insurance.

1.SBI Life – eShield: This is an individual, non-linked, non-participating online pure term plan. It offers two benefit structures - increasing cover benefit and level cover benefit. Accelerated Terminal Illness benefit is inbuilt under both the structures.

Who can buy?

Age at entryMinimum: 18 years
Maximum:
Level Cover - 65 years
Increasing Cover - 60 years
Age at maturity
80 years for Level Cover Benefit
75 years for Increasing Cover Benefit
Sum assuredMinimum: Rs. 35 lakhsMaximum: No limit

2. SBI Life – Poorna Suraksha: This is a non-linked term insurance plan with inbuilt critical illness cover. For rendering more effective protection, the policy auto-rebalances life and critical illness cover as one grows older. The premiums shall be waived in case the individual is diagnosed with a critical illness.

Who can buy?

Age at entryMinimum: 18 yearsMinimum: 18 years
Age at maturityMaximum: 75 years
Sum assuredMinimum: Rs. 20 lakhsMaximum: Rs. 2.5 crores

3. SBI Life - eIncome Shield: This is an online traditional, pure term, income protection plan that provides security of regular monthly income for the life assured’s dependents. The monthly income increases each year at simple interest rate, on the basis of the benefit option chosen. The plan factors in the need for increase in income benefit as living expenses rise.

Who can buy?

Age at entryMinimum: 18 yearsMaximum: 50 years
Age at maturityMaximum: 60 years
Monthly incomeMinimum: Rs. 25,000 per monthMaximum: No limit

4. SBI Life - Smart Shield: This is a traditional non-participating pure term insurance plan. It comes with two plan options - level term assurance and increasing term assurance. The riders that can be attached to the base plan include SBI Life - Accidental Death Benefit Rider, SBI Life - Accidental Total and Permanent Disability Benefit Rider and SBI Life - Criti Care 13 Non-Linked Rider.

Who can buy?

Age at entryMinimum: 18 yearsMaximum: 60 years
Age at maturityMaximum: 80 years
Sum assuredMinimum: Rs. 25 lakhs Maximum: No limit

5. SBI Life - Saral Shield: This is a traditional non-participating pure term insurance plan. It comes with three plan options - level term assurance, decreasing term assurance (loan protection) and decreasing term assurance (family income protection). The riders that can be attached to the base plan include SBI Life - Accidental Death Benefit Rider and SBI Life - Accidental Total and Permanent Disability Benefit Rider.

Who can buy?

Age at entryMinimum: 18 yearsMaximum: 60 years
Age at maturityMaximum: 65 years
Sum assuredMinimum: Rs. 7.5 lakhsMaximum: Rs. 24 lakhs

(Note - The details of the above-mentioned term insurance products have been sourced from the official website of SBI Life Insurance.)

Conclusion

Term insurance policies of SBI Life provide financial security to the family of the policyholder in the event of the individual's demise. By availing an insurance cover, the individual is essentially ensuring that any financial obligation, like home loan or education loan, is not passed on to the family members. Instead, the policy proceeds can be used to clear any pending debts. SBI Life offers comprehensive insurance coverage at affordable premium rates. Individuals seeking to secure their loved ones are recommended to consider including the company’s term insurance to their portfolio.

Joan Mathews
Written by Joan Mathews
Joan has over 4 years of experience writing for the BFSI industry. She enjoys watching mystery TV series, listening to 80s classics and spending time with her furbabies.