SBI Term Insurance

Term insurance ensures financial protection for your loved ones during uncertain times. Therefore, it is crucial to buy a plan that provides comprehensive protection at an economical price. SBI Life Term Insurance is a leading insurance company that provides a wide variety of term plans. Read on to find out the details!

Key Features of SBI Life Term Insurance

Benefits of the SBI Term Insurance Plan

SBI Life Term Insurance Plans are good options to financially secure the future of our families. Here are some more benefits of investing in SBI Life term plans:

• Affordable Premium: Term insurance plans aim to provide financial assistance to your family. However, purchasing a term plan with a high premium can shiver your present financial situation. SBI Life term insurance policies are available at affordable premiums. This means you can ensure protection without bothering your current financial expenses.
• High Sum Assured: The inflation rate is rising continuously. Therefore, it is important to plan the future for our loved ones keeping this factor in mind. High-sum assured term insurance plans would be an ideal choice to secure your family against any mishaps.
• Enhanced Coverage: SBI Life allows its customers to customize their term insurance plans. The policyholders can buy riders with their standard term plans to get extra benefits. However, you might have to pay an additional premium to buy riders.
• Hassle-Free Claims: SBI Life provides a quick and easy claim settlement process to its policyholders. You can either claim your term insurance plan online through the website or offline by visiting the company’s branch office.
• Tax Benefits: SBI Term Life Insurance policyholders are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

SBI Life Term Insurance Premium Calculator

SBI Life term insurance premium calculator allows policyholders to determine an estimate of the premium for their term insurance policy. To use this online tool, policyholders can visit the official website of InsuranceDekho. Fill out your personal details like gender, occupation, medical history, number of dependents, and more to calculate the premium for your SBI Life Term Plan.

Types of SBI Term Insurance Plans 2023

SBI Life Insurance Company provides a wide range of term insurance plans. You can compare these plans on the basis of sum assured, entry age, maturity age, policy tenure, and many other factors. Find a detailed list of SBI term plans in the table below:

Riders Available Under SBI Term Insurance Plans

Riders are add-on benefits that term insurance companies offer along with a standard term plan. The policyholders can customize their plan and purchase riders by paying an extra premium. Read on to find out about the term insurance riders that you can buy with your plan:

• Accidental Death Benefit Rider: If the policyholder dies due to an accident, the nominees of term life insurance will get additional coverage along with an assured coverage amount.
• Accidental Total and Permanent Disability Benefit Rider: Under this rider benefit, the policyholder is eligible to receive an extra sum assured if he or she met with an accident that resulted in total or permanent disability.
• Return of Premium Benefit: Generally, term insurance plans do not provide maturity benefits to their policyholders. However, if you purchase a return of premium benefit rider.

Factors Affecting SBI Life Term Insurance Premium

SBI Life Term Insurance premiums are influenced by certain factors. Some of these factors include

• Age: Term life insurance premiums at younger ages are low. However, if you purchase a term plan in your 30s or 40s, you might have to pay a higher premium.
• Medical History: Your past medical conditions impact the premium for your term insurance plan. If you are diagnosed with a critical illness or suffer from pre-existing disease, you might have to pay a higher premium.
• Policy Tenure: One of the important factors that affect the premium for your term plan is the policy tenure. Select the policy tenure that ensures financial protection for your loved ones.
• Occupation: Individuals involved in high-risk professions might have to pay a high premium. However, if you deal in a low-risk profession such as teaching, then you may have to pay a lower premium.
• Lifestyle Habits: Lifestyle habits like smoking, drinking alcohol, or any other intoxicated substance might affect your term insurance premium. If you adopt these lifestyle habits, you might have to pay a high premium.

Tips to Buy the Best Term Insurance Plan

When purchasing a term insurance plan, it is crucial to compare different options and select the one that best suits your needs. Here are a few tips for buying the best term life insurance:

• Take your dependents into account. Make sure you buy the appropriate sum-assured term plan to protect the financial needs of your loved ones.
• Consider your existing finances and liabilities while selecting the right term insurance plan.
• Select a term insurance company with a high claim settlement ratio. This will ensure both emotional and financial peace of mind for your family after your unfortunate demise.
• Compare different term life insurance plans on the basis of riders offered by the company. Riders enhance the coverage of your term plans.

Inclusions and Exclusions Under SBI Life Term Insurance Plans

SBI Life Term Insurance plans only provide coverage for the natural and accidental deaths of policyholders. Therefore, there are some exclusions for which the insurer will not pay a death benefit to the nominee. Some types of death that are not covered under SBI term plans are highlighted below:

• Death due to self-inflicted injuries
• Pre-existing condition or critical illness death
• Death due to the influence of alcoholic substances
• The death happened due to a natural calamity
• Any criminal activity resulting in death is not covered

Process to Buy SBI Term Insurance Plans

SBI Life is one of the best life insurance companies in India. In addition to providing the best plans, the company provides a seamless purchasing experience for its customers. Anyone who wants to buy SBI term plans online can follow the below-mentioned steps:

• Visit the official website of “InsuranceDekho.”
• Click on the term insurance product section at the top.
• Select a term plan that you want to purchase. Click the “Buy Now” button.
• Fill in the relevant information like date of birth, gender, and others.
• Click on the “Calculate Premium” button.
• Select the plan variant that best suits your needs.
• Add-on riders if available with your plan.
• Hit the “get quote” button.
• The final premium amount will be displayed on your screen.
• Click on the “Buy Now” button.
• Make a premium payment online to complete the purchase of your SBI Life Term Insurance Plan.

Documents Required to Buy SBI Term Insurance Plans

The following are the documents that you will require to buy the SBI Term Insurance Plans:

• Age proof
• Identity proof
• Income proof
• Latest medical reports
• Address proof
• Bank details

Why Purchase SBI Life Term Insurance Online?

From purchasing day-to-day consumables to buying future security, you can do everything online. Term insurance companies like SBI Life Insurance offer an online purchasing process to their policyholders. There are many reasons to purchase SBI Life Term Plans online. Some of them are enlisted below:

• Easy Process: Individuals above 18 years of age can purchase term insurance plans online with ease. All you need to do is fill out some personal information and upload the documents to secure the future financial needs of your family.
• Quick Issuance: You can buy term insurance plan online quickly and hassle-free. You can get insured and secure your loved ones within a few minutes.
• Minimal Documentation: SBI Life Term Plans can be bought online conveniently from the comfort of your home. The policyholders do not have to indulge in tedious and lengthy documentation processes to buy a term insurance plan.
• Hassle-free Comparison: SBI Life offers a variety of term life insurance plans. Policyholders can easily compare the features of different plans online.

SBI Term Insurance Plans Claim Settlement Process

SBI Life Term Insurance provides cashless and reimbursement claim settlement options to its policyholders. In the cashless claim settlement process, the policyholder can visit any network hospital to avail of cashless treatment. However, in the reimbursement claim settlement process, the policyholders can visit any hospital of their choice and get treatment. In this case, you might have to pay treatment expenses out of your own pocket.

Here’s a detailed guide to the SBI Life Insurance Plans claim settlement process:

Documents Required To Claim SBI Life Term Insurance

• Duly filled and signed claim intimation form
• Identity proof and address proof of the nominee
• SBI Life Term Plan policy document
• Death certificate issued by the registered municipal authority
• 3 months' bank statement of the nominee
• Cancelled cheque
• Hospital records
• FIR copy (in case of accidental claims)
• Post-mortem report (if happened)

Steps You Should Follow To Claim SBI Life Term Insurance

• Visit the branch office of SBI Life or go to the maturity section on the company’s website.
• Fill out the online claim and inform the company about your claim request.
• Attach all the necessary documents and submit the claim form to the insurer.
• The company will verify all the documents submitted by you.
• Once the above process is completed, the company will either settle or reject your claim request.