SBI Group Term Insurance Plan Benefits Features Details Reviews

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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

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

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

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

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

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.

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