SBI Group Term Insurance Plan Benefits Features Details Reviews

SBI Group Term Insurance Plan – SBI’s term plans are a popular and highly sought-after option. In the unfortunate event of a policyholder’s death, these protection plans are designed to provide financial relief and security to the policyholder’s family. In addition to death benefits, the term plans from SBI include riders that provide additional protection, such as accidental death benefits.

Pure risk plans, the SBI Term Insurance Plans only provide death benefits in the event of the unfortunate death of the life assured. The eShield Next is one of SBI Life’s term plans with the most benefits and more coverage for different life stages. In addition, the SBI Life term plans include additional riders that increase coverage in the event of a death or disability by accident. However, these plans do not provide any advantages for maturity or survival.

SBI Group Term Insurance Plan

Looking to protect your life and financial future? SBI Group has you covered! The term insurance plan offered by SBI Group is one of the most comprehensive and affordable plans available. It includes insurance coverage for a wide range of events, from accidental death to total and permanent disability. Plus, it’s easy to get started – just complete an application form and we’ll do the rest. So what are you waiting for? Apply today!

As previously stated, SBI General Insurance caters to a diverse customer base with a comprehensive selection of non-life insurance products. The company offers health insurance as one of its main offerings. SBI General Insurance provides a wide range of affordable and customizable health insurance plans to meet the individual, family, and group needs.

SBI Group Term Insurance Plan

SBI Group Term Insurance Plan India 2022 Details

Name Of Article SBI Group Term Insurance Plan in India 2022
SBI Group Term Insurance Plan Click Here
Category Insurance
Official Website Click Also

About SBI Group Term Insurance Plan

In 2010, State Bank of India, India’s largest multinational public sector bank, and Insurance Australia Group (IAG), an Australian multinational insurance company, merged to form SBI General Insurance Company. SBI General Insurance Company combines domestic values with international expertise. For the retail customer segment, the company provides a wide range of general insurance products, including automobile insurance, health insurance, personal accident insurance, travel insurance, and home insurance.

In addition to specialized plans for a rural customer base, the company offers a variety of non-life insurance products for the corporate market, including fire insurance, marine insurance, aviation insurance, and liability insurance, among others. The company has branches and satellite offices across the country in the majority of cities, as well as State Bank of India branches in every corner of the country.

Types of SBI Term Plan

If you’re looking for a term plan that fits your individual needs, then you’re in the right place. In this article, we’ll discuss the different types of SBI term plans, and how they can benefit you. We’ll also highlight the features and benefits of each plan, so that you can choose the right one for your needs. So whether you’re new to SBI or just want to tweak your current plan, read on to learn more!

Read Also:-Max Term Insurance for Coronavirus 

SBI Life – eIncome Shield

SBI offers a pure term insurance plan called the SBI Life eIncome Shield Plan. a conventional, non-participating plan for protecting one’s income. In the event of an untimely death, you can safeguard your family’s monthly income with the assistance of eIncome Shield. Your family will be protected from losing their income if they have the choice of receiving a monthly income payout or an annual increase in payout.

Features

  • The age limit is 50, and the minimum is 18.
  • The length of the policy can be anywhere from 10 to 35 years.
  • At the end of the policy term, the insured should be at least 60 years old.
  • The payout for the minimum monthly income is Rs.25,000.
  • Regular pay is the term that pays premiums.
  • the option to pay premiums monthly or annually (only through ECS).
  • Discounts on Term Assurances with a Large Sum Assured Level – The sum assured remains constant throughout the policy term.
  • Increasing the Term Assurance: As your responsibilities grow, you can increase the Sum Assured.This plan gives you three options:
  • increase by 3%, 5%, or 10%; you can choose the option that best suits your needs.
  • The chosen one gets the total guaranteed on account of an unfavorable end of a safeguarded during the strategy term.
  • Option for Death Benefit Payment: The Death Benefit can be paid out in one of the following ways:
  • Lump Sum Benefit: SBI will immediately pay the nominee a lump sum that is 12 times the life insured’s monthly income.
  • After the life insured passes away, SBI will provide the nominee with a monthly income starting in the next policy month.For the next four
  • years (48 months), SBI will continue to pay the nominee’s monthly income installments.

Eligibility Criteria

CRITERIA ELIGIBILITY
Minimum age at entry 18 years
Maximum age at entry 50 years
Maturity age Maximum of 60 years
Policy term Minimum of 10 years and maximum of 35 years
Premium payment term Based on the policy term
Monthly income Minimum of Rs.25,000 and no limits on the maximum
Monthly income payout term A minimum of 48 months/1 year from the date of death

SBI Life – Smart Shield

SBI’s basic term-life insurance policy comes with “optional Riders.”**Accidental Death Rider, Total and Permanent Rider, and Criti Care 13 Non-Linked Rider** are all options. In the event of the insured’s untimely death during the policy term, SBI will pay the nominee the Sum Assured. When it comes to premiums, payouts, and customizing with riders, this plan has a lot more flexibility.

Features

  • The age limit is 60, and the minimum is 18.
  • The length of a policy can be anywhere from five years to up to thirty years.At the end of the policy term, the insured should be 65 years old.
  • The guaranteed minimum is Rs.25 Lakh, and the maximum amount that can be guaranteed is unlimited.
  • Whether the term for paying the premium is regular or single.
  • ability to pay premiums on a single or regular basis (yearly, quarterly, monthly, or half-yearly).
  • Rebates on the High Guaranteed Sum.
  • Provide two plans: Level Term Assurance, which guarantees a fixed sum for the duration of the policy.
  • Increasing Term Assurance by 5% – Each year, the effective sum assured rises by 5%. The sum assured is paid to the nominee in the event of an insured’s untimely death during the policy term.
  • Optional Death Benefit Payment: Sum Assured with a Fixed Annual Income Sum Assured with a 5% Annual Increase

Riders

Utilize riders to personalize your SBI Term Plan. The base policy’s scope is expanded by riders.

SBI Life – Accidental Death Benefit Rider

SBI will compensate the nominee for the rider sum assured in addition to the basic term assured in the event of the life insured’s accidental death.The maximum rider benefit is Rs. 50 lakh, and the minimum rider benefit is Rs. 25,000.

SBI Life – Accidental Total and Permanent Disability Rider

SBI will compensate the nominee for the rider sum assured in addition to the basic term assured in the event of the life insured’s disability as a result of the accident. The maximum rider benefit is Rs. 50 lakh, and the minimum rider benefit is Rs. 25,000.

Eligibility Criteria

PARAMETERS CRITERIA FOR ELIGIBILITY
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 70 years
Plan options to choose from Decreasing Term Assurance – For family income
Decreasing Term Assurance – For loan repayment
Increasing Term Assurance
Level Term Assurance

SBI Life – eShield

With an optional **Accidental Death Benefit**, this is SBI Life’s basic term life insurance plan. It is only a plan for death benefits. If the insured passes away during the policy period, SBI will pay the nominee the Sum Assured.

Features

  • In the case of Level Coverage with Two Accidental Death Benefit, the minimum age is 18 years old, and the maximum age is 65.
  • In the case of Increasing Coverage with Two Accidental Death Benefit, the minimum age is 18 and the maximum age is 60.
  • In the event of Level Coverage with No Accidental Death Benefit, the policy term is between five and thirty years.
  • In the event of an increasing coverage with no accidental death benefit, the policy term must be between 10 and 30 years.
  • At the end of the policy term, the insured should be 70 years old.
  • The guaranteed minimum is Rs.20 Lakh, and the maximum amount that can be guaranteed is unlimited.
  • Regular pay is the term that pays premiums.
  • Flexibility in premium payment—yearly
  • Provide two plans: Level Term Assurance with Two Accidental Death Riders, in which the sum assured is fixed throughout the policy’s duration.
  • Increasing Term Assurance with Two Accidental Death Rider: After every fifth policy year, the basic sum assured rises at a rate of 10% simple interest without an increase in premium.

Inbuilt Rider SBI Life – Accidental Death Benefit Rider

SBI will compensate the nominee for the rider sum assured in addition to the basic term assured in the event of the life insured’s accidental death. The rider benefit will be the same as the Basic Sum Assured but up to Rs. 50 lakh, whichever is less.

Eligibility Criteria

PARAMETER CRITERIA FOR ELIGIBILITY
Minimum Entry Age 18 years (Level cover and level cover with accidental death benefit: 65 years; Increasing cover and increasing cover with accidental death benefit: 60 years)
Maximum Entry Age 70 years
Plan Term Min: 5 years (Level cover and level cover with accidental death benefit) & 10 years (Increasing cover and increasing cover with accidental death benefit) Max: 30 years
Sum assured Min: Rs. 20,00,000; Max: No limit
Premiums Min: Rs. 3,500; Max: No limit

SBI Life – Saral Shield

A basic Term life plan with numerous payout choices – Level Term Confirmation and Diminishing Term Confirmation (Credit Security/Family Pay Insurance. SBI Life offers two discretionary riders – Coincidental Demise Advantage and All out Long-lasting Handicap, that you can add to this arrangement.

Features

  • The age limit is 60, and the minimum is 18.
  • The policy’s term ranges from five to thirty years.
  • At the end of the policy term, the insured should be 65 years old.
  • The guaranteed minimum is Rs.7.5 Lakh, with a maximum of 24 Lakh.
  • Single pay or regular pay is the premium-paying term for Level Term Assurance.
  • Single payment is the premium-paying term for Decreasing Term Assurance.
  • Flexibility in premium payments—yearly, half-yearly, quarterly, and monthly—only for Level Term Assurance.
  • Death Benefit: In the event of an insured person’s untimely death during the policy term, the nominee receives the sum assured that was selected at the time of the policy.
  • Level Term Assurance: In the event of the unfortunate death of the life insured during the policy period, the nominee receives the assured sum.
  • Decreasing Term Assurance (Loan Protection): You can only get this if you’ve borrowed money. You can select coverage based on the loan amount and interest rate. In the event of the life insured’s death, the nominee receives the outstanding loan amount.
  • Family Income Protection with Decreasing Term Assurance: The assured amount will be paid out in monthly installments. The nominee receives monthly payments of the divided sum assured over the term.

Riders

SBI will compensate the nominee for the rider sum assured in addition to the basic term assured in the event of the life insured’s accidental death. The maximum rider benefit is Rs. 24 lakh, and the minimum rider benefit is Rs. 25,000.

SBI Life – Accidental Total and Permanent Disability Rider

SBI will compensate the nominee for the rider sum assured in addition to the basic term assured in the event of the life insured’s disability as a result of the accident. The maximum rider benefit is Rs. 24 lakh, and the minimum rider benefit is Rs. 25,000.

Eligibility Criteria

PARAMETER CRITERIA FOR ELIGIBILITY
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Maturity Age 65 years
Policy Term Min: 5 years; Max: 30 years
Sum Assured Min: Rs. 7,50,000; Max: Rs. 24,00,000

 

                                                                                             Also Read-ICICI Term Insurance Plan Benefits

Exclusions of SBI Term Insurance

Suicide Exclusion
As long as the policy is in effect, the nominee will be entitled to 80% of the premiums paid if the life insured takes their own life within one year of the policy’s issue or reinstatement date. After that, there will be no claim and the policy will be null and void.

Exclusion for Accidental Death Benefit

It is not covered for death that occurs as a result of the following events or their consequences:

  • 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 providing the nominee with benefits as soon as possible and within the timeframes established by IRDAI. The Claim Procedure is as follows:

Claim Intimation:

  • By submitting an online claim form, the nominee or claimant must notify the insurance company.
    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 [email protected]

Assessment:

On getting every one of the essential reports, SBI Life will evaluate guarantee archives and the data given by the proposition in the structure.

Approval process:

The nominee will receive a sum assured once the Claim Claim Acceptance is approved.
You can also contact [email protected] at any stage of the claim process for additional instructions.

Documents:

List of Mandatory Documents:

  • Completed Claim Form Original Policy Document Original/Death Certificate attested by the government issued by the
  • local authority Proof of the claimant’s address Proof of the claimant’s identification
  • Proof of the 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

At the 2016 Indian Insurance Awards, SBI Life Insurance was named “Life Insurance Company of the Year” and “Bancassurance Leader Life Insurance (Large Category).”With SBI Bank Group’s unparalleled strength of 23,000 nationwide branches, life stands out. Additionally, the BNP Paribas Card is a global leader in creditor insurance. Standard & Poor’s has given it a rating of AA. In order to keep the family financially secure, SBI Life provides a simple and quick claim process.

Related Posts-

Max Term Insurance for Coronavirus Plan

ndiaFirst Life Insurance Premium Calculator Plan

Tata AIA Term Insurance Reviews 

Leave a Comment