SBI Term Insurance FAQs
Claim Settlement Ratio | 93.09% |
Customer Care | 9:00 AM to 9:00 PM |
Death Benefit Paid For | 212,57 Policies |
Inception | 2001 |
Presence | 825 offices |
Total Death Benefit Paid | 810.71 Crore |
Term Life Insurance Premium Calculator
Gender
- Male
- Female
Date of Birth
Do you smoke or chew tobacco?
- Yes
- No
Choose required coverage to secure your family’s future
Best SBI Term Insurance Plans
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.7%
- Revised Zero Cost Benefit
- Terminal Illness
- Cover Continuance Benefit
- Insta-Payment on Claim Intimation
- Nominee's Choice payout
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.2%
- Waiver of Premium on Disability
- Terminal Illness
- Life Stage Benefit
- Special Exit Benefit
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.4%
- Terminal illness
- Special Exit - Option to get your premiums back
- Renewability Option
Benefit
How will SBI Life term insurance premium calculation be affected by smokers?
Smoking is hazardous to health. It increases the risk of developing throat or lung cancer. So, regular smokers have to pay a higher premium as compared to non-smokers.
What happens if I am unable to pay the premium on the due date?
If you are unable to make the premium payment on the due date, the insurance company offers you a grace period of 15 days for monthly premium payments and 30 days quarterly, half yearly or yearly premium payments.
Does SBI Life offer a free-look period for term insurance plans?
Yes, SBI offers a free-look period of 15 days from the date of policy issuance, under which the insured can choose to cancel or return the policy to the insurance company if he/she is not satisfied with the policy.
Where can I apply for an SBI Life term insurance claim?
You can visit the nearest SBI Life Insurance branch to apply for a claim or you can easily log on to SBI Life Insurance’s website by entering your policy number and password to apply for a claim online.
Claim Settement
What are the tax benefits available under SBI Life Term insurance plans?
Tax deduction under Section 80C and Section 10(10D) is available under SBI Life Term insurance plans. Tax deductions and exemptions are subject to change from time to time.
Who is entitled to receive the sum assured in the case of policyholder death?
The nominee, beneficiary, or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the policyholder in the proposal form.
What is the Claim Settlement Ratio of SBI Life insurance?
The claim settlement ratio of SBI Life insurance was 94.52% in FY 2019-20.
Will SBI Life Term Insurance plans provide coverage outside India while traveling?
Yes, SBI Life term insurance plans provide coverage outside India while traveling subject to terms and conditions.
Over View
What is the grace period under SBI Life Term plans?
According to the regulations, a grace period of 30 days is allowed from the premium due date under the SBI Life Term plans.
Can a loan be taken under the SBI Life Term Insurance Plans?
No, loan against term insurance policy is not available under SBI Life term insurance plans.
What is the minimum age to purchase an SBI Life Term Insurance plan?
A person who is 18 years or above is eligible to purchase SBI Life term insurance plans
What documents are required for SBI Life Term insurance plans policy processing?
PAN Card is a mandatory document for buying SBI Life Term insurance. Other documents required for term life policy documents are age proof, identity proof, address proof, and income proof.
Plans
Can I pay the premium in any other currency?
No, all quotations and charts are in Indian Rupees, premiums are only accepted in INR.
What is the toll-free customer care number of SBI Life Insurance?
The 24x7 toll-free number of SBI Life Insurance is 1800 267 9090. The timings of this helpline number are 9:00 A.M to 9:00 P.M everyday.
What is the Claim Settlement Ratio of SBI Life Insurance?
SBI Life featured an impressive claim settlement ratio of 95.03% in 2018-2019.
Can I add riders to my policy even after I have purchased it?
Yes, you can add a rider to your term insurance plan anytime during the policy term.
Premium Calculator
Do SBI Life Term Insurance plans offer Tax Exemptions?
Yes, SBI Life Term Insurance offers tax exemptions under section 80C, section 80D, and section 10(10D) of the taxation law subject to terms and conditions.
What is the right time to buy a SBI Life Term Insurance plan?
The right time to buy the SBI Life Term Insurance plan is as early as possible. With the increasing age, the higher would be the term plan premium. The minimum age you can purchase a SBI Life Term Insurance plan is 18 years.
What are the different factors that will affect my SBI Life Term insurance premiums?
Your SBI Life term insurance premium amount will be based on your Gender, Age, Occupation, Pre-Existing disease, and Cover-up to which age.
How will my Age affect my SBI Life term insurance premium?
Age is an important factor in deciding the premium. As the age increases, and so is the term insurance premium.
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