Is SBI Life Term Insurance Reliable?


Term insurance is a type of life insurance policy that ensures your family’s financial security in the wake of uncertainties. Unlike other insurance policies, term insurance is offered at a low cost and has many advantageous. It provides the customer with an option to convert their term insurance into a permanent life insurance policy, regardless of the health condition of the policy holder.
There are various insurance companies in India, offering term insurance policies to individuals. Some of the top insurance companies that provide term life insurance policies are SBI, Aegon, Bajaj Allianz, Bharti AXA, Birla Sun Life, HDFC, MAX, ICICI Prudential, Aviva, Reliance and PND Met Life. These companies provide a platform for customers to secure their families and be worry-free if anything happens to them in the future.
SBI Life Term Insurance is one of best term insurance policy you could opt for. It has not only been performing at the top level with great consistency but also offers efficient administration services. SBI has been awarded as the Life Insurance Company of the Year in 2016.
SBI Life Term Insurance Plan is a genuine non-linked policy that gives customers the service of a term life insurance at a minimal cost. The policy is very fundamental and can be easily understood. It can also be brought online without any nuisance. It has a simple claim process to and is a good buy for your family’s monetary safety. You can purchase this policy directly from the SBI life insurance website. SBI also has many branches spread across the country, so in case it is more convenient for you to visit the branch and purchase a policy, you can do so with ease.
 SBI Life Term Insurance Plans: SBI has 5 such term insurance plans to provide the best products to a wide range of customers. All the characteristics mentioned below will convince you why SBI Term Insurance is reliable.
1)      Grameen
Being a micro-insurance term plan, this SBI Life Term Insurance policy offers coverage to those that are socially-deprived and belong to economically below poverty line.
Features
·         Age: The age of the customer must be between minimum 18 years and maximum 50 years.
·         Policy Term: 5 years, the insured can be maximum of 70 years of age at the termination of the policy.
·         Premium cost: Minimum Rs. 300 and maximum Rs. 2000.
·         Premium Paying Term: Single pay.
·         Sum Assured: Minimum Rs. 10, 000 and maximum Rs. 50, 000.

Additional Benefits:
·         Tax Benefits: The premiums and dividends are tax deductible as per the Income Tax Act 1961 under section 80C and 10(10D).
·         Death Benefit: During the policy term, in case the insurer dies, then the nominee receives the sum that was assured.
·         Surrender Benefit: This is available from the 2nd year onwards.


2)       Saral Shield
Owing to its name, this SBI Life Term Insurance policy is a simple life insurance plan. It offers some payout options as well as riders, that you may add optionally.

Features
·         Age: Minimum age must be 18 years and maximum 60 years.
·         Policy Term: Minimum 5 years and maximum 30 years.
·         Sum Assured: Starting at 7. 5 Lakh, the maximum sum assured is 25 Lakhs.
·         Premium Paying Term: For Level Term Assurance- single pay or regular pay and
 for decreasing term assurance- single pay.
·         Payment Flexibility: Monthly, quarterly, half-yearly and yearly.
·         Tax Benefits: Premiums and pay-outs are eligible for tax deductions, as per Section 80C and 10(10D) of the Income Tax Act 1961.
·         Surrender Value: This is available only when you opt for single pay.
·         Death Benefit: During the term of the policy, in the event of an unexpected death of the insured, his/her nominee will receive the entire initial amount of sum that was assured.
Additional Benefits:
Riders
Accidental Death Benefit Rider- The minimal rider benefit is Rs. 25, 000 to a maximum of Rs.25 lakhs. SBI offers to pay rider sum assured along with the basic term assure to the beneficiary.

Accidental Total and Permanent Disability Rider- This rider is of the same limit as above mentioned. If the insured is faced with any disability as a result of the accident, SBI offers to pay a rider sum assured additional to the basic term assured.

3)      eShield
A simple death-benefit policy providing financial stability to the nominee if the insured expires.

Features
·         Age: Minimum 18 years and maximum 65 years of age.
·         Policy Term: Minimum 5 years and maximum 30 years, depending upon the cover.
·         Sum Assured: Minimum 20 Lakh and maximum no limit.
·         Premium Paying Term: Regular pay.
·         Paying Flexibility: Annually.
·         Two Plan Offers: Level Term Insurance and Increasing Term Insurance.
·         Death Benefit: The sum assured initially is given to nominee if insurer dies during the term of the policy.  
·         Tax Benefits: Benefits from Section 80C and 10(10D).

Additional Benefits
An Optional Accidental Death Benefit Feature and Accidental Death Benefit Rider.

4)       Smart Shield
This is a much more convenient plan as it has more options for payments, riders and premiums.
Features

·         Age: Minimum 18 years of age and maximum 60 years.
·         Policy Term: Begins at 5 years up to maximum 30 years.
·         Sum Assured: Starting at Rs 25 Lakh, there is no maximum limit.
·         Premium Paying Terms: Regular pay or single pay.
·         Flexibility in Payment Options: Annually, semi-annually, quarterly and monthly.
·         Two Plan Offers: Level Term Insurance and Increasing Term Insurance @5%.
·         Death Benefit: sum assured with a definite annual income or with an increasing annual income @5%.
·         Tax Benefit: According to Section 80C and 10(10D).
·         Surrender Value: Available only under Single Premium Pay.

Additional Benefits
Customize your SBI Life Term Insurance with Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Critical Illness Rider.

5)      eIncome Shield
A traditional and simple coverage policy for your family. This SBI Life Term plan truly acts as a shield of security to your family’s financial requirements and offers discounts on large sums assured.

Features
·         Age: 18 years to 50 years.
·         Policy Term: Minimum 10 and maximum 35 years.
·         Premium Paying Term: Regular.
·         Payment options: Monthly or annually.
·         Offers Two Plans: Level Term Insurance and Increasing Term Insurance.
·         Death Benefit: Choice from lump sum benefit or monthly income benefit.
·         Tax Benefits: Premiums and other payments are eligible for tax deductions, as per Section 80C and 10(10D) of the Income Tax Act 1961.
·          
As described above through all the types of SBI Life Term Policies, it is evident that SBI Life term insurances do have a lot to offer to customers. So many benefits make it worth it. The financial protection, rebates, tax benefits, payment options as well as riders offered by SBI make it so much safer for the customer to find all his requirements in one place. This proves its reliability in every possible way. Customers can thus be guaranteed of their well-being and be stress-free from the worries of future uncertainties.

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