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SBI Term Insurance

SBI Life Insurance Co Ltd is a joint venture. The alliance formed by State Bank of India (SBI) and BNP Paribas Cardif S.A.(BNP Paribas Cardif).In which SBI owns 70.1% of the total capital and BNP Paribas Cardif holds 26%, and 1.95% by Value Line Pte. Ltd, MacRitchie Investments Pte. Ltd each.

SBI Life Insurance has an authorised capital of Rs.2,000 crore.

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 SBI Term Insurance

  • 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. Plans offered:

  • SBI eIncome Shield
  • SBI Smart Shield
  • SBI eShield
  • SBI Saral Shield
  • SBI Grameen Bima

SBI Life - eIncome Shield

SBI offers eIncome Shield, a pure Term Insurance. A non-participating, traditional income protection plan. With the help of eIncome Shield you protect your family’s monthly income flow, on the event of unfortunate untimely death. An option of monthly income payout or annual increase in payout safeguards your family against the loss of the income.

Features

  • The minimum age is 18 years, and maximum age is 50.
  • Policy Term is minimum 10 years to upto 35 years. The maximum age of insured should be of 60 years at the end of policy term.
  • The minimum monthly income as payout is Rs. 25,000
  • The premium paying term - Regular pay.
  • Flexibility in paying premiums - Monthly (only by ECS) or Annually.
  • Discounts on Large Sum Assured
  • Offer two plans -
    • Level Term Assurance - The sum assured remains fixed for the entire policy term.
    • Increasing Term Assurance - You have an option to increase sum assured as your responsibilities increase. There are three options under this plan - increase by 3%, increase by 5%, and 10%, you can choose the variant of increase as per your needs.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit Payout option - The Death Benefit can be chosen from the following options:
    • Lump Sum Benefit - SBI will immediately pay the nominee Lump Sum amount equal to the 12 times of then the monthly income of the life insured.
    • Monthly Income Benefit - SBI will pay monthly income to the nominee from the next policy month after the death of the life insured. SBI will continue to pay the nominee monthly income installments for 4 years (48 months).
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
  • No Survival Benefit.
  • No Paid Up Value.

SBI Life - Smart Shield

This is the basic term-life insurance plan by SBI with optional Riders. You can opt for Accidental Death Rider, Total and Permanent Rider, Criti Care 13 Non-Linked Rider. SBI will pay the Sum Assured to the nominee in the event of the untimely demise of the insured during the policy term. This plan has much more flexibility when it comes to premiums, payouts and customizing with riders.

Features

  • The minimum age is 18 years, and maximum age is 60.
  • Policy Term can vary from 5 years to upto 30 years. The maximum age of insured should be of 65 years at the end of policy term.
  • The minimum sum assured is Rs. 25 Lakh and there is no limit for the maximum sum assured.
  • The premium paying term - Single Premium or Regular Premium.
  • Flexibility in paying premiums - Single or Regular (Yearly/Half-yearly/Quarterly/Monthly).
  • Rebates on Large Sum Assured.
  • Offer two plans -
    • Level Term Assurance - The sum assured remains fixed for the entire policy term.
    • Increasing Term Assurance @5% - The effective sum assured increases by 5% per annum
  • The sum assured is given to the nominee in case of an untimely demise of an insured during the policy term.
  • Death Benefit Payout option -
    • Sum assured with fixed annual income
    • Sum Assured with increasing annual income @ 5% p.a.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
  • Surrender Value - Available under the policy, when opted only for Single Premium pay.
  • No Survival Benefit.

Riders

Customize your SBI Term Plan with Riders. Riders help to widen the scope of the base policy.

SBI Life - Accidental Death Benefit Rider

In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.

SBI Life - Accidental Total and Permanent Disability Rider

In the case of disability to the life insured caused due to the accident, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.

Critical Illness Rider

It covers 13 major critical illnesses, including First Heart Attack of specified severity, Cancer, Open Chest CABG,Kidney Failure, Major Burns,Paralysis, Major Organ Transplant,etc. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.

Note: The maximum rider sum assured cannot be more than the basic term sum assured

SBI eShield

This is the basic term-life insurance plan by SBI Life with an optional Accidental Death Benefit. It is a pure death benefit plan. SBI will pay the Sum Assured to the nominee in the event of the death of the insured during the policy period.

Features

  • The minimum age in case of Level Cover w/wo Accidental Death Benefit is 18 years, and maximum age is 65.
  • The minimum age in case of Increasing Cover w/wo Accidental Death Benefit is 18 years, and maximum age is 60.
  • Policy Term in case of a Level Cover w/wo Accidental Death Benefit is minimum 5 years and maximum 30 years.
  • Policy Term in case of a Increasing Cover w/wo Accidental Death Benefit is minimum 10 years and maximum 30 years.
  • The maximum age of insured should be of 70 years at the end of policy term.
  • The minimum sum assured is Rs. 20 Lakh and there is no limit for the maximum sum assured.
  • The premium paying term - Regular pay.
  • Flexibility in paying premiums - Yearly.
  • Offer two plans -
    • Level Term Assurance w/wo Accidental Death Rider - The sum assured remains fixed for the entire policy term.
    • Increasing Term Assurance w/wo Accidental Death Rider - The basic sum assured increases at the rate of 10% simple interest after every 5th policy year without increase in the premium.
  • An optional Accidental Death Benefit feature. In case of an accidental death, SBI Life will pay an additional rider benefit sum assured in addition to the effective sum assured to the nominee.
  • The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Death Benefit - The sum assured as chosen at the time of policy is given to the nominee in case of an untimely demise of an insured during the policy term.
    • Level Term Assurance - The fixed sum assured is given to the nominee, in case of an unfortunate death of the life insured during the policy period in a lump sum amount.
    • Increasing Term Assurance - The basic sum assured with an increased rate of 10% simple interest after every 5th policy year will be given to the nominee. In case of with an additional accidental rider, the rider benefit are paid, but there is no increase in the rider benefit.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
  • No Survival Benefit.
  • No Surrender Benefit/Paid Up Value.

Inbuilt Rider SBI Life - Accidental Death Benefit Rider

In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The rider benefit will be equal to the Basic Sum Assured and subject to the maximum of Rs.50 Lakh, whichever is lower

SBI Life - Saral Shield

A simple Term life plan with multiple payout options - Level Term Assurance and Decreasing Term Assurance (Loan Protection / Family Income Protection. SBI Life offers two optional riders - Accidental Death Benefit and Total Permanent Disability, that you can add in this plan.

Features

  • The minimum age is 18 years, and maximum age is 60.
  • Policy Term is minimum 5 years and maximum 30 years.
  • The maximum age of insured should be of 65 years at the end of policy term.
  • The minimum sum assured is Rs. 7.5 Lakh, and maximum is Rs.24 Lakh.
  • The premium paying term for Level Term Assurance - Single pay or Regular pay.
  • The premium paying term for Decreasing Term Assurance - Single pay.
  • Flexibility in paying premiums (only for Level Term Assurance) - Yearly, Half-yearly, Quarterly, Monthly.
  • Death Benefit - The sum assured as chosen at the time of policy is given to the nominee in case of an untimely demise of an insured during the policy term.
    • Level Term Assurance - The sum assured is given to the nominee, in case of an unfortunate death of the life insured during the policy period.
    • Decreasing Term Assurance (Loan Protection) - This is only available if you have taken loan. Depending on the loan amount and interest rate, you can opt the coverage, and in case of an unfortunate event of death of the life insured, the outstanding loan amount is paid to the nominee.
    • Decreasing Term Assurance (Family Income Protection) - the sum assured will given as monthly income installments. The sum assured divided over the term is paid to the nominee as monthly installments.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
  • Surrender Value - Available under the policy, when opted only for Single Premium pay.
    • No Maturity Benefit.
    • No Survival Benefit.

Riders

SBI Life - Accidental Death Benefit Rider

In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.24 Lakh.

SBI Life - Accidental Total and Permanent Disability Rider

In the case of disability to the life insured caused due to the accident, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.24 Lakh.

SBI Life Grameen

This is micro-insurance Term plan. This plan is designed to provide the life cover to socially deprived and economically below poverty line.

Features

  • The minimum age is 18 years, and maximum age is 50.
  • Policy Term is 5 years. The maximum age of insured should be of 70 years at the end of policy term.
  • The premium paying term - Single pay.
  • Premium - The minimum premium Rs.300 and maximum Rs.2000.
  • Sum assured - The minimum sum assured is Rs. 10,000 and maximum is Rs. 50,000*
Age BandSum Assured
18 - 3960 times Total premium paid
40 - 4440 times Total premium paid
45 - 5025 times Total premium paid

Note: Aggregate Sum Assured under this plan will be capped at Rs. 50,000 for each life.

  • Death Benefit - The nominee receives the sum assured in the case of an untimely demise of an insured during the policy term.
  • Tax Benefits as per the Section 80C and 10(10D) under the Income Tax Act, for premiums and the payouts.
  • Surrender Benefit from 2nd year onwards.

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:

Claim Intimation:

  • The nominee/claimant needs to intimate the insurance company by filing a 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

Claim Assessment: On receiving all the necessary documents, SBI Life will asses claim documents and the information provided by the proposal in the form.

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

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

Review of SBI Term Insurance

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.

FAQ’s on SBI Term Insurance

Why should I buy a Term Insurance?

Term insurance is a life cover. With Term Insurance, you can provide financial protection to your family in case of any unprecedented event. This way your family and loved ones stay financially protected. If you have dependents and if you are a Breadwinner, Single parent with a child, Homeowner with a house loan, or Business owner with loan or debt, you must opt a term insurance

How do I reduce the cost of insurance?

You can opt these ways to ensure you get the best and low cost term insurance:

  • Buy at an early stage
  • Live a healthy lifestyle as non-smokers get rebates
  • Insurer for a long period (term)
  • Pay premiums annually

I see No Maturity Benefit in any of these plans?

Term Insurance is pure death benefit plan. This is a risk coverage against the pre-mature death. If you are breadwinner of the family, and take a term insurance, it will aid your family with money due to the loss of the income as passing away you. This a pure insurance with no maturity or survival benefit. Thus, term insurance are the low cost investment and family protection plan.

Can I change my nominee?

Yes. You need to fill up the Change in nomination form and submit to the Central Processing Centre or to the nearest SBI Life branch.

Will my family/nominee receive the sum assured immediately after my death?

SBI Life ensures the sum assured/benefit are paid as per the IRDA timelines, thus you are requested to follow claim process. Usually, the nominee receives the benefit within 3 months, provided all necessary documents are cleared.