Get best term insurance plans from top rated insurers, only on Coverfox!

SBI Term Insurance

SBI Term Insurance is an individual, non-participating, non-linked plan. It is customised especially to provide the best financial protection for your loved ones at an affordable cost. The plan can be purchased directly from the SBI Life Insurance website.

Awarded as ‘Life Insurance Company of the Year’ in 2016

In 2016, SBI Life Insurance was awarded as 'Life Insurance Company of the Year' and ‘Bancassurance Leader Life Insurance (Large Category)' at the Indian Insurance Awards. SBI Life has received AA rating by Standards and Poor's and offers both Individual and Group plans to cater different needs.

Benefits of Buying SBI Term Insurance Plans

  • Financial Protection- Provide financial protection to your family.
  • Term Plan Options - Different options as per the need.
  • Rewards - SBI rewards for living a healthy lifestyle.
  • Premiums - Flexibility in paying premiums.
  • Payouts - Offers the choice of Payout options.
  • Tax Benefits - Tax saving benefits under Section 80C and 10(10D).
  • Rebates - Premium discounts on larger sum assured.

Types of SBI Term Plan

SBI Insurance (SBI) offers different variants of Term insurance plan to provide financial protection against life's uncertainties.

Exclusions of SBI Term Insurance

Suicide Exclusion

If the life assured commits suicide within one year from the policy issue date or reinstatement date, the nominee will be entitled to 80% of the premiums paid, provided the policy is in force. After which, the policy will be void and no claim will be payable.

Exclusion for Accidental Death Benefit Death arising from or due to the consequences of or occurring during the events as specified below is not covered:

  • Infection
  • Drug Abuse
  • Self-inflicted injury
  • Criminal Acts
  • War or Civil Commotion
  • Aviation (other than as a passenger is not covered)
  • Dangerous sports and other activities

Claim Process of SBI Term Insurance

SBI Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed timelines laid down by IRDAI.

Following is the Claim Process:

1. Claim Intimation:

  • The nominee/claimant needs to intimate the insurance company by filing an online claim form.

    Send form to

    SBI Life Insurance Co. Ltd,

    8th Level, Seawoods Grand Central, Tower 2,

    Sector 40, Plot No.R-1, Seawoods, Nerul Node,

    Navi Mumbai- 400706

  • Intimate SBI Life branch on their Toll-Free number - 1800-22-9090

  • Email at claims@sbilife.co.in

2. Claim Assessment:

On receiving all the necessary documents, SBI Life will assess claim documents and the information provided by the proposal in the form.

3. Claim Approval process:

On the approval of Claim Claim Acceptance the nominee will receive a sum assured. For further process, at any time of claim process, you can also reach out to info@sbilife.co.in

4. Claim Documents:

List of Mandatory Documents:

  • Duly filled Claim Form
  • Original Policy Document
  • Original/Government officer Attested Death Certificate issued by the local authority
  • Claimant’s address proof
  • Claimant’s ID Proof
  • Claimant’s Bank Pass Book/Bank Statement/Cancelled Cheque

In addition to the standard documents there are other documents required under different case:

  • Hospital / Other treatment records
  • Photo Identification & address proof of the claimant
  • Post-mortem & chemical viscera report (if performed)
  • Physician's Statement
  • Police Report/F.I.R in case of unnatural death

SBI Term Insurance Review

SBI Life Insurance has been awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards, 2016. SBI Life stands out with SBI Bank Group has an unparalleled strength of 23,000 branches across the country. And BNP Paribas Cardif is one of the world leaders in creditor insurance. It has been received an AA rating from Standard & Poor’s. SBI Life offers quick and hassle-free claim process so that the family stays financially protected as promised.

FAQs on SBI Term Insurance

Why should I buy a SBI term insurance?

SBI Term Insurance plan is a pure term insurance plan offering sufficient financial protection for dependents in the family for a nominal cost. The plan is simple to understand and can be purchased online without much hassle. SBI Life Insurance has a good network of branches across India providing convenience service and reach for the customers. SBI Life Insurance also has a simple claim process and a healthy claim settlement ratio making it a good purchase for your financial security needs.

Does any SBI term plan cover maturity benefits?

Yes, SBI Life – Saral Swadhan+ term assurance plan offers maturity benefits in the form of return of premiums, alongside providing fixed life cover. The premium return rate can be 100% or 115% of premiums paid based on the term of the policy.

Can I change my nominee under SBI term insurance policy?

Absolutely, SBI gives the facility to change nomination under SBI term Insurance policy. All you have to do is submit the 'Change in Nomination Form' to nearest SBI life insurance branch. You can also send the nomination form to the following address "The Manager (Underwriting), SBI Life Insurance Co. Ltd., 2nd Floor, Kapas Bhavan, Plot No.3, Sector No. 10, CBD Belapur, Navi Mumbai - 400 614".

Which is the best risk cover plan offered by SBI term insurance?

SBI Life-eShield pure term insurance plan offers the best risk cover with huge coverage and long-term at a nominal cost.

Should I go for SBI term plan with return of premium?

The return of premiums term insurance plan has costlier premiums compared to a normal term insurance plan. You can compare both the plans as per your individual needs and then depending on your budget, you can make the decision which term insurance plan will be more beneficial for you.

Leave a rating!
3.3 (10 votes)