A lot of us would have come across advertisements claiming to offer a cover of INR 1 crore by paying premiums as low as INR 500 a month or INR 16 a day. These advertisements are for term plans and no wonder they are getting popular. Not necessarily due to the INR 500 or INR 16 tags but due to the policy offerings.
A term insurance plan is one of the easiest insurance plans to understand. This life insurance policy provides you with cover in exchange for the premiums that you pay. Unlike other insurance plans, it does not indulge in any savings or investments. This allows insurers to keep the policy premiums down while offering high life cover.
While you are on the lookout to secure the future of your loved ones, the term plan in SBI is the right way to go. And here are some of the major reasons for the same.
- Term plans offer financial protection for your family in the unfortunate event of the death of the insured.
- SBI offers different term plans to suit your needs.
- Individuals leading a healthy lifestyle will have access to better benefits from SBI.
- The premiums that you pay towards the policy are tax-deductible under Section 80C and the proceeds of the plan are non-taxable under Section 10(10D).
- Should you opt for a larger sum assured, you can expect some rebates from SBI.
- The insurer offers different payout options. You can opt for a lump sum, monthly income, etc.
SBI Term Plans
While looking for a term plan in SBI, you will get access to the following plans. Depending on your needs, you can opt for the right plan from the following list.
SBI Life eIncome Shield Plan
This is a standard term insurance plan from SBI where the policy is available between 10 to 35 years. The plan allows for a minimum monthly payout of INR 25,000. The plan is available in two trims, the first is a level term plan where the sum assured remains the same. The second is an increasing term plan, where you can increase the sum assured with different milestones in life.
SBI Life Smart Shield Plan
SBI allows policyholders to choose from a host of riders along with Smart Shield term insurance plan. The minimum sum assured of the plan is INR 25 Lakhs and should you select larger sum assured, you can to receive rebates for the same. You can buy the plan either as level term insurance or increasing term insurance. In the later, you can increase the sum assured by 5% every year.
SBI Life eShield Plan
This term plan comes with the option of an additional death benefit. The minimum sum assured of the plan is INR 20 lakhs and you can opt for it till you are 70. Similar to the above two plans, you can buy sbi life eShield as level term insurance or increasing term insurance with or without additional accidental benefits.
SBI Life Saral Shield Plan
Saral Shield is another term plan in SBI repertoire. The minimum sum assured of the plan is INR 7.5 lakhs and the maximum at INR 24 lakhs. And the policy term ranges between 5 to 30 years.
SBI Life Grameen Plan
The last term plan in SBI is Grameen. The premium of the policy ranges between INR 300 and INR 2,000. And the sum assured of the plan ranges between INR 10,000 and INR 50,000.
One of the smartest ways to beat the uncertainty of life is to be prepared for the worst-case scenario. And a term insurance plan can help you achieve the same.
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