SBI term insurance plans are the most sought after and prominent choices in the country. The protection plans by SBI Life are designed to offer financial security and relief to the family members of the policyholder in case of unforeseen and unfortunate events.

SBI Life Insurance Company Overview:

SBI Life Insurance Company laid its foundation stone in the year 2001 and is a joint venture of BNP Paribas Cardif and the State Bank of India.

Both of these are prominent service providers in the financial sphere of the country. State Bank of India is the largest state-owned banking and financial services company in India. In addition to that, BNP Paribas is a French multinational bank and financial services company with its headquarters in Paris.

While State bank of India holds about 74% of the total capital, BNP Paribas Cardif holds about 26%.

Together they have successfully transformed the insurance sphere in India by becoming one of the significant players in the insurance sector as on date.

The products offered by SBI Life Insurance Company are versatile enough to cater to the needs of every Indian and come loaded with expertise and reliability of the State Bank of India.

SBI Life Insurance Company Highlights:

Claims paid till dateOver Rs. 66,000 Crore
No. of PolicyholdersMore than 2 Crore
Claim Settlement Ratio96.69 percent
Solvency Ratio2.04 (for the end of Quarter March 2017)
Grievances Solved Percentage99.98 percent
Group Death Claims98.95 percent
Claims Rejected Percentage0.85 percent
Number of Branches across India837

SBI Term Insurance Plans

SBI life provides nine Term Insurance plans that offer tax benefits alongside insurance. SBI term plan is available online as well as offline. One can avail these plans from various marketing channels including bancassurance channel, brokers, agents, etc.

Best SBI Term Insurance plans

PlanPolicy TermEntry Age (Min – Max)Maturity AgeSum Assured (Min – Max)
SBI Life – eShield5-30 years18 – 65 years (level cover)
60 years (increasing cover)
75 years (level cover)
70 years (increasing cover)
Rs. 35 Lakh – No limit
SBI Life – Saral Shield5-30 years (depending on undertaking)18 – 60 years65 yearsRs. 7.5 Lakh – Rs. 24 Lakh
SBI Life – Smart Shield5-30 years18 – 60 years65 yearsRs. 25 Lakh (in multiples of 1 Lakh) – No limit
SBI Life – eIncome Shield10-35 years18 – 50 years60 years
SBI Life – Smart Swadhan Plus10-30 years18 – 65 years75 yearsRs. 5 Lakh – No limit
SBI Life – Saral Swadhan Plus10/15 years18 – 65 years75 yearsRs. 5 Lakh – No limit
SBI Life Grameen Bima5 years18 – 50 yearsN/ARs. 10,000 –  Rs. 50,000^
SBI Life – Sampoorna Cancer Surakha5-30 years6 – 17 years (child)
18 – 65 years (adult)
75 yearsRs. 10 Lakh – Rs. 50 Lakh
SBI Life – Poorna Suraksha10/15/20/25/30 years18 – 65 years75 yearsRs. 20 Lakh – Rs. 2.5 Crore

SBI Life eShield Term Insurance Plan

In this world nothing is sure and any mishappenings can occur at anywhere anytime. However, by opting for this SBI term plan you can provide financial stability to your family in times of such uncertainties.

SBI Life eShield  is a non-linked, non-participating and purely online SBI term insurance plan. All individuals who have knowledge of technology can easily access this plan to get high protection coverage at reasonable pricing. This SBI life term plan has two types of structure which can benefit the policy holder.

  1. Level Cover – In this option, the sum assured will be same throughout the policy tenure.
  2. Increasing Cover –This plan option offered by SBI term insurance increases the sum assured to cover the increasing risk and responsibility of the life assured.

This SBI term insurance plan also covers terminal illnesses and therefore, the life assured does not have to purchase it separately.

SBI eShield Term Plan Benefits & Features

Benefits of Level Cover

The benefits provided under ‘Level Cover’ plan option offered by this SBI term insurance policy are –

  1. Sum assured will remain same till the end of the policy tenure.
  2. Terminal illness benefit is covered.
  3. If life assured has been diagnosed with a terminal illness or suffers from any eventuality, her/his nominee will receive the sum assured for whichever happens earlier. After paying the sum assured, the policy will be terminated and all benefits will cease.

Benefits of Increasing cover

The benefits provided under ‘Increasing Cover’ plan option offered by this SBI term insurance policy are –

  1. The amount of sum assured will increase after a period of 5 years at a rate of 10 percent.
  2. If any mishappening happens with life assured, the nominee will get sum assured effective at that time. This sum assured will be the value increased at the rate of 10 percent applicable before the death of policy holder.
  3. There will be no change in the amount of premium for the entire term of this SBI term insurance plan.
  4. If life assured has been diagnosed with a terminal illness or suffers from any eventuality, her/his nominee will receive the sum assured for whichever happens earlier. After paying the sum assured, the policy will be terminated and all benefits will cease.

Death Benefit

On the death of the life assured, the nominee will receive the death pay-out depending upon the structure chosen by the policyholder at the time of buying the policy. However, the SBI term insurance plan should be in force at the time of the death of policyholder and all the premiums should have been paid.

Maturity Benefit

On maturity of this SBI life term plan, no benefit will be given to the policy holder.

Highlights of Terminal Illness Benefit

  • If the policy holder is being diagnosed with any of the listed terminal illness in the policy document, the policyholder will get sum assured and policy will get terminated.
  • This benefit of terminal illness will be provided to the life assured only when all the payment of premium has been made by them on regular basis.
  • The terminal illness payout will be provided in case the death of the policyholder is being expected within a span of 180 days. This needs to be confirmed in written by any two medical practitioners who have specialization in the particular illness.

Again, these medical practitioners need to be registered under the Indian Medical Association. However, SBI Life still has the rights to assess it independently.

  • AIDS is not covered under terminal illness.

Mode of Payment

The premium could be paid as per the insured’s convenience in either monthly, half yearly or yearly mode. But, there will be frequency loading charges on the premium paid in half yearly and monthly modes.

For half-yearly payment mode which will be 51 percent of the total premium paid annually. For monthly payment mode, it will be 8.5 percent of the total premium paid annually.

Medical Second Opinion:

Under this feature of SBI term insurance, the life assured can take second opinion of doctors. This service can be taken by all the policyholder except in the following conditions –

  • The policyholder haven’t received any diagnosis
  • The policyholder has not been examined by a treating physician within last 1 year
  • The policyholder has a life-threatening or any other acute condition
  • The policyholder needs to undergo physical evaluation

Maintaining healthy rewards

Non-smoker individuals will be provided with discount on the premium in this SBI term insurance plan (SBI eShield).

Surrender Benefit

If this SBI Life term plan is surrendered, no benefit will be paid to the policyholder.

eShield SBI term Insurance – Riders

The riders can be taken with the base SBI Life term plan by paying a nominal cost.

  1. Accidental Death Benefit Rider – The amount same as that of the sum assured will be given to the nominee if the life assured dies in a period of 120 days from her/his accident. This will be paid only when the SBI term insurance plan is there in force and all premiums are paid at the time of death.
  2. Accidental Total and Permanent Disability Benefit Rider – The amount equal to sum assured will be given to the life assured if there is permanent and total disability due to an accident. But, the policy should be in force.

The sum assured for the rider should be same or lower to the sum assured of the main policy.

The sum assured for the Accidental Death Benefit Rider and Accidental Total and permanent disability benefit rider for all the policies with SBI term insurance should be more than Rs 50 lakh.

Important points to know related to riders:

  1. These riders can be opted with both Increasing cover and Level Cover.
  2. Benefits of riders will not change if the policyholder chooses the Increasing cover.
  3. Premium taken together of every rider cannot exceed 30 percent of the premium of base policy.
  4. If there is a difference in the rider policy as that of base policy, the benefits of rider policy will be ceased once it gets over. SBI Life term plan will get continued without the benefits of rider till the maturity of policy or death of the policy holder, whichever happens first.
  5. The riders can be cancelled by giving notice in writing before 2 months of any due date of her/his SBI term plan.

SBI Life – Saral Shield Term Plan

SBI Saral Shield from SBI Life term insurance allows the policyholders to protect their family and loved ones in case of the policyholders’ untimely death. It provides financial security to the life assureds’ family at a nominal price.

Plans Option under Saral Shield SBI Life Term Plan

  1. Level Term – In this option, if the policyholder meets with any uncertainty, her/his sum assured will be given to the nominee.
  1. Decreasing Term (Protecting Loan) – While taking a loan, it’s almost decided by the policyholder on how to repay it. However, in case of any eventuality occurred to the policyholder, the burden of the loan is shifted to her/his family.

This SBI life term plan lets the policyholder’s family to pay off the remaining loan balance.

  1. Decreasing Term (Family Income Protecting) – In this plan option offered by this SBI term plan (Saral Shield), the amount chosen as sum assured by the policy holder will be given as monthly income for the term chosen. So, after the demise of life assured family members will still get the income on monthly basis.

Payment of Premium

The premium could be paid as a lump sum or as a single premium. It can also be paid regularly in yearly, half yearly, quarterly and monthly frequencies. There is a minimum SBI term plan premium which needs to be paid for this policy.

Type of PremiumMinimum amount
Single Premium10000
Yearly2000
Half Yearly1100
Quarterly600
Monthly250

Discounts on Premium

The life assured who opts for the higher sum assured will be given a discount on the premium. Again, if the applicant is a woman, additional 3 percent discount will be given in Level term assurance.

Sum Assured more than 15 lakhLevel Term AssuranceDecreasing Term Assurance
Premium paid regularlyRs 0.30 on per Rs 1000 sum assuredNot applicable
Premium paid singleRs 0.95 on per Rs 1000 sum assuredRs 0.95 on per Rs 1000 sum assured

 Surrender Benefits

The benefit of surrender will be available with life assured from the second year of this SBI term insurance plan. The surrender amount is paid as per the plan option chosen –

  1. Level Term Assurance – Single paid premium (without taxes) * 75 percent * Term outstanding for maturity / Total term of the plan
  2. Decreasing Term Assurance (Protecting the loan amount ) – Single paid premium (without taxes) * 75 percent * (Term outstanding for maturity / Total term of the plan) * (Sum assured which is effective on surrendering the policies/ Sum assured initially)
  3. Decreasing Term Assurance (Protecting for income of family ) – Single paid premium (without taxes) * 75 percent * (Term outstanding for maturity / Total term of the plan) * (Income monthly * term left outstanding / Sum assured initially)

Saral Shield SBI Term Insurance Plan – Riders

To further protect your family, there are different riders such as –

  1. Accidental Death Benefit
  2. Accidental Total and Permanent Disability Benefit

These benefits will be available for the insurance seeker who is able to fulfil the given criteria:

Age at Entry18 – 60 years
Maturity age65 years
Term of the riderIt will be the same or less than the term of base policy.
Sum assuredRs 25,000 to 24,00,000

The total sum assured should not be more than Rs 50 lakhs for any of the riders taken individually from SBI Life Insurance.

Smart Shield – SBI Life Term Plan

This SBI life term plan is a non-participating traditional plan which helps the policyholders to secure the future of their families and cater to their financial requirements in the need of hour.

Plan Options under Smart Shield SBI Term Insurance

Level Term Assurance

In this plan option offered by SBI term insurance, the family of life assured will get a particular amount as sum assured as chosen by the policy holder. The policy holder needs to take the amount as decided by keeping in mind all the requirements of the family.

Increasing Term Assurance

In this plan option offered by SBI term insurance, the sum assured increases at the rate of 5 percent gradually every year. The policyholder needs to pay a small amount for the increased insurance.

There are various factors which affect an individual’s savings. With time, the financial responsibilities of an individual keep on increasing. Therefore, if any insured wants to secure her/his family from increasing inflation, this SBI Life term plan option should be her/his first option. With this feature, the insured does not have to buy another policy to further secure their family from rising prices. 

Smart Shield SBI Term Plan – Features & Benefits

Reward to non-smoker

Those people who are non-smoker will get discounted premium under this SBI term insurance plan. 

Death Benefit

In case of any mishappening with the policyholder, the nominee will get the sum assured as per the plan opted for. In case of the level term plan option, a fixed sum assured will be given to the nominee. In increasing term, the effective sum assured as on death date will be given to the nominee.

Sum assuredRebate on premium
50 to 90 lakh10 %
1 to 4.99 crore25 %
5 crore and more30 %

Maturity Benefit

No benefits will be paid on maturity of this SBI term insurance plan to the policyholder.

Rebate for large sum assured

If the sum assured opted for the large sum assured, they will get

The discount of 5 to 6.5 percent is given to the following –

  1. Employees
  2. Retired employees
  3. Holders of VRS
  4. Minor children and spouses of BNP PARIBAS and its subsidiaries, SBI Life Insurance, SBI (State bank of India) and its subsidiaries.

Surrender Benefit

This SBI term insurance policy can be surrendered only in the case of single premium.

Level Term Assurance – It will be calculated on the basis of:

Single paid premium * 75 percent * Term outstanding for maturity / Total term

Increasing Term Assurance – Calculation is made on the basis of:

Single paid premium * 80 percent * (Term outstanding for maturity / Total term) * (Effective sum assured average at the time of surrender and effective sum assured at maturity time/ Average of the initial sum assured and effective sum assured at maturity time)

In case of regular premium, there will be no surrender benefit for this SBI term insurance policy.

Payment of Premium

The payment could be done as a Single Premium where  the total premium for the full term of the policy is paid by the policyholder. If the policyholder opts for the Regular premium plan, the payment could be done on yearly, half yearly, quarterly or monthly mode.

If opting for payment frequencies such as half yearly, quarterly or monthly, there  will be a frequency loading charge which needs to be paid as 51 percent, 26 percent and 8 percent, respectively (on the annual premium paid in the aforementioned 3 options).

There are some minimum charges that need to be paid for different premiums such as:

Type of PremiumMinimum amount
Single Premium11000
Yearly3000
Half Yearly1500
Quarterly750
Monthly300

The premium amount will be decided on the sum assured as taken by the policyholder and her/his current age while buying the SBI life term insurance policy.

Smart Shield SBI Term Insurance – Riders

RiderEntry AgeMaturity AgeTerm of policySum assured
Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider18 – 60 years70 years5 – 30 years (cannot be greater than base policy term)Rs 25,000 – 50,00,000/-
Critical Care 13 Non linked rider18 – 55 years64 yearsRenewal after every 5 years till the term of the base policy and if a term of base policy left is less than that of 5 years then it could not be renewedRs 25,000 – 20,00,000/-

The sum assured of all the riders taken should not exceed this maximum amount under all the policies of SBI Life term Insurance.

Highlights of Riders for SBI Life Smart Shield Term Plan

  • These riders are available under both of Increasing Term and Level Term assurance.
  • Premium of both Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider should not be above 30 percent of basic term plan premium. The cost of all riders if taken together should not exceed 100 percent of the base term plan premium.
  • If the base policy term period ends or is terminated, riders cannot able to continue and all its benefits will cease over there.
  • A premium of rider will be charged for that period for which it is used.
  • Cancellation of rider could be done on any due date of the policy.

SBI Life – eIncome Shield Term Plan

SBI Life eIncome Shield term plan specifically helps the policyholders’ to get regular so that they live comfortably. There is also an option to increase the amount of monthly income in the normal course of life which helps them taking care of additional responsibilities easily.

Benefit Under eIncome Shield SBI Term Insurance

Option A: After the death of the life assured, the nominee of SBI term insurance plan will receive a regular monthly income.

Option B: Under this plan option, the monthly income received by the nominee will increase by 3 percent on every anniversary of policy and will be same throughout that year. Again, next year it will increase by another 3 percent.

Option C: If the SBI term insurance policyholder meets with some mishappening, the nominee will receive monthly income which will keep on increasing by 5 percent every year and remain same throughout the particular year.

Option D: If anything uncertain happens to the life assured, the nominee will get the income on monthly basis and on each anniversary date of policy it will increase by 10 percent and will remain same till next increase.

The benefit option needs to be chosen at the time of purchasing this SBI Life term insurance policy and once it was taken it could not be changed.

eIncome Shield SBI Term Plan – Benefits & Features

Death Benefit of Lump sum

An amount which is same as that of 12 times to the income on monthly basis is paid instantly. This payment will be done as per the option of receiving benefit is chosen for the eIncome SBI term insurance plan.

Death Benefit of monthly income

The payment of income on monthly basis will be paid for the period of policy term left. This will start from the month in which the life assured died. Payment will be done on monthly basis, based on the benefit option chosen at the time of buying the policy.

In the SBI term insurance policies where the payment for monthly income is less than 4 years, the payment will continue even after the policy term ends till 48 monthly income is given.

Rebate on large sum assured

More is the sum assured chosen, more the discount will be offered on the premium –

Sum assuredDiscount in Premium
Less than Rs 1 croreNil
Rs 100,00,000 to Rs 1,99,99,99916 %
Rs 2 crore and above20 %

 Payment of Premium

The SBI term insurance plan premium can be paid in yearly and monthly mode only. The monthly mode of payment will have 8.9 percent of the annual premium. But, the policy holder has to pay 3 months payment of monthly premium in advance.

Maturity Benefit

On maturity of these SBI life term plans, no benefit will be given to the policy holder.

SBI Life – Smart Swadhan Plus Term Plan

Smart Swadhan Plus SBI Term Plan helps in making the insurance holders assured about the safety of their loved ones after their death. In case, the policyholder survives the policy tenure, the amount invested will be returned.

Smart Swadhan Plus SBI Term Insurance – Benefits

Benefit of Life cover

In case, the policyholder meets with any uncertainty, the company will pay the cover amount to the nominee.

Maturity Benefit

If the policy holder survives, 100 percent of the total basic premium paid will be given on maturity or end of policy term in a lump sum.

Payment of Premium

The Premium could be paid in a single installment or on regular basis like annually, half yearly, quarterly, and monthly. In the regular mode of payment there will be loading charges levied on the policyholders such as 52 percent of annual premium will be charged for half yearly mode, 26.50 percent of annual premium will be charged for quarterly mode and 8.9 52 percent of annual premium will be charged for monthly mode. The minimum premium needed to be paid:

Type of PremiumMinimum amountMaximum
Single Premium21000No limit
Yearly2300No limit
Half Yearly1200No limit
Quarterly650No limit
Monthly250No limit

Surrender Benefit

This SBI term insurance plan can be surrendered at any time if the premium is paid in a single installment.

Premium to be paid in Regular Premium payment (RP) and Limited Premium Payment term (LPPT) – If the policy is surrendered under these plans and the premium has been paid regularly for 2 years in LPPT plan, 5 and 3 years in case of LPPT plan and 10 & 15 in case of RP.

  • Death benefit on paid up – The sum assured will get reduced on the basis of premium paid in the policies. In case of unfortunate demise of the policyholder during the policy term, the nominee will get the reduced sum assured based on the premium paid.
  • Maturity benefit on paid up – The maturity benefit on the paid up premium will be reduced as per the premium paid which is around 100 percent of the premium paid in the policy.

This SBI Life policy can be surrendered by the policy holder before the maturity to get the value of surrender. On surrendering the policy, the policyholder will receive either the special surrender value on non-guaranteed or the guaranteed surrender value, whichever has a higher value.

Policy termPercentage of Premium paid
Single PremiumLPPT 5LPPT 10LPPT 15RP Plan
1st Year70 Percent0 Percent0 Percent0 Percent0 Percent
2nd Year70 Percent30 Percent0 Percent0 Percent0 Percent
3rd Year70 Percent40 Percent35 Percent33 Percent30 Percent
4th to 6th year90 Percent60 Percent55 Percent53 Percent50 Percent
7th year90 Percent65 Percent60 Percent58 Percent55 Percent
8th to 3rd last year of policy90 Percent75 Percent70 Percent68 Percent65 Percent
Last 2 policy years90 Percent90 Percent85 Percent83 Percent78 Percent

Rebate on Higher sum assured

There will be a discount if the sum assured is of higher value

Sum AssuredRebate per thousand on Sum Assured
Single PremiumLPPT 5LPPT 10LPPT 15RP Plan
750,000 < 10,00,0002.000.450.400.300.30
10,00,000 < 15,00,0004.001.100.800.600.60
15,00,000 < 25,00,0006.001.751.201.000.90
25,00,000 < 35,00,0007.502.201.501.251.20
35,00,000 < 50,00,0008.252.401.701.401.30
More than = 50,00,0008.902.601.851.501.40

Saral Swadhan Plus – SBI Life Term Plan

It is a SBI life term insurance policy which is non-linked and non-participating in nature. This SBI Life term plan also provides a return of the premium when the policy gets matured. Under this plan the sum assured will remain the same for a whole term and on maturity, the policy holder gets the benefit.

Saral Swadhan Plus SBI Term Insurance – Benefits & Features

Death Benefit

If the life assured meets with an unexpected mishappening, the nominee will get the sum assured in a lump sum.

Maturity Benefit

If the policy holder survives till the end of the term of policy, the policy holder will get 100 percent of the paid premium for the term of 10 years and 115 percent of the paid premium for the term of 15 years.

Surrender Benefit

This SBI term insurance policy could be surrendered if the first 3 premium of the policy has been paid. The value of surrender will be given as –

  • The surrender value which is guaranteed or surrender value which is non- guaranteed, the higher will be given to the policyholder.
  • Under the Insurance Act 1938 in Section 113, the guaranteed surrender value will be given, depending on:
Year of Surrender10 years term of policy15 years term of policy
1st and 2nd yearNilNil
3rd year30 percent30  percent
4th to 7th year50 percent50  percent
8th to 10th year60 percent60  percent
Onward from 11th year —65  percent

 Paid up Value:

  1. The policy will lapse if the payment is not done within the grace period
  2. There will be reduced benefits under the lapsed SBI term insurance policy.

Benefit on Death – In the lapsed policy, the number of premiums paid will determine the value of sum assured as it will get reduced. The policy will be there with the reduced sum assured.

Benefit on Maturity – For the policy term of 10 years and 15 years it will be 100 percent and 115 percent, respectively for the premium paid.

Payment of Premium

The premium will be paid on annual basis only.

Grameen Bima – SBI Life Term Plan

In case of unfortunate mishappening, Grameen Bima – SBI Life Term plan helps in providing financial security to the members of the family. This SBI term insurance plan is available at a very nominal cost.

Grameen Bima SBI Term Insurance Plan – Benefits

Death Benefit

In case of, any unfortunate mishappening occurred to the life assured, the sum assured will be given to nominee as a lump sum.

Maturity Benefit

No benefit will be given upon maturity of this SBI Life term insurance policy.

Benefit on surrender

In this SBI term policy, surrender option is allowed from the second year. It is calculated on the basis of –

  1. Single paid premium (taxes not included) * 50 percent * Unexpired term of policy / Total term
  2. There will be no benefit of surrendering the policy in last year of the term.

Sampoorn Cancer Suraksha – SBI Life Term plan

With the increase in a number of people suffering from cancer nowadays, it has become a concern among people.  However, the good thing is that the treatment of cancer is possible now due to increased advancement in the medical field.

The treatment of cancer requires a huge amount; with the SBI Life term insurance policy. Sampoorn Cancer Suraksha, the life assured can save its family from the financial burden of treatment due to cancer and can save the life without any burden.

This SBI term insurance policy can benefit the individuals on the diagnosis of cancer or other critical illnesses who don’t have any health insurance. There are 3 benefit structures in this SBI term insurance plan –

Standard Sampoorn Cancer Suraksha –SBI Term insurance Plan

Cancer at Minor Stage

If the policyholder is diagnosed with Early Stage Cancer or CIS (Carcinoma in Situ), around 30 percent will be paid from sum assured on the diagnosis.

Both CIS and Early stage cancer can be claimed once in a term of the policy. The maximum sum assured which can be paid for both is 60 percent of the amount from sum assured.
For the next 5 years, the premium will not be taken from the date of diagnosis of cancer. This waiver will be available only on the first claim for minor stage and not with any other claim for cancer.

Cancer at the Major Stage

If the diagnosis has been done for the cancer of Major stage, all the amount of sum assured will be deducted if any amount is paid during minor stage diagnosis.
In this, there is an option to convert 40 percent of sum assured into income on monthly basis for a period of 3 years and rest of the amount in lump sum. The income on monthly basis will get 1.2 percent of the sum assured. This payment is guaranteed and even after the death of a life assured (if it happens before completing 36 months) will be given.

Classic Sampoorn Cancer Suraksha –SBI Term insurance Plan

Cancer at Minor Stage

 Upon diagnosis of CIS (Carcinoma in Situ) or Early Stage Cancer, the policyholder will receive 30% of the sum assured. The policy holder can claim for both CIS and Early Stage Cancer during the term of the policy. In both of the cases, maximum amount given will be only 60 percent of the sum assured. After detection of cancer, all the unpaid premium will be waived off.

Cancer at the Major Stage

In this SBI term insurance policy, if the life assured is diagnosed with Cancer at the major stage, full sum assured will be given after deducting any amount paid in the minor stage diagnosis. The life assured has the option to get the monthly income for 3 years with 40 percent of sum assured.
The benefit of monthly income will be 1.20 percent of sum assured left for the benefit taken on monthly income. Even if the life assured dies due to the diagnosed critical illness, still the monthly income benefit will be provided to her/his nominee till 36 months. It does not matter if the policy is active or terminated.
From the diagnosis of cancer, all the premium will be waived off for the policy.

Cancer at an Advanced Stage

If life assured is diagnosed with cancer at an advanced stage, 150 percent of the sum assured will be paid to the policyholder or life assured. The amount which is paid earlier will be deducted from the final payment.

Enhanced Sampoorn Cancer Suraksha –SBI Term Insurance Plan

Cancer at the Minor Stage

If the life assured is diagnosed with CIS or Early Stage Cancer, an amount of 30 percent from the sum assured will be given. After a diagnosis of Cancer, all the future premium payment will be waived off.

Cancer at Major Stage

If the diagnosis is made for the major stage,  entire 100 percent sum assured will be paid and if any payment has been received in the minor stage, that amount will be deducted. On diagnosis, the payment of premium will be waived off.
There is an option of converting 40 percent sum assured into a benefit of monthly income at 1.20 percent of sum assured for a period of 36 months. This payment is guaranteed and even after the demise of life assured or termination of policy, it will be paid off.

Cancer at an Advance Stage

As cancer at an advanced stage is diagnosed, 150 percent sum assured will be paid off.

Reset Benefit of Sum Assured

After taking the benefit of Minor stage or major stage cancer benefit, In a period of 3 years if there is no diagnosis made further for the Cancer, the amount equal to sum assured can be renewed. This is possible if the life assured has taken proper treatment for cancer such as radiotherapy, chemotherapy or any other treatment necessary for it.
This benefit will not be available to the life assured who had taken the benefit of advanced stage cancer. The renewed sum assured can be used for cancer of any type again, even though it reoccurrence of the same cancer. This renewal is only applicable for  once in the term of policy.

SBI Sampoorn Cancer Suraksha Term plan – Benefits & Features

Second opinion for medical treatment

It is always best to have a second opinion before undergoing a medical treatment. In this SBI term plan, life assured can have the services from Mediguide India. So the life assured who are suffering from cancer will get a diagnosis of cancer and evaluation before they undergo the treatment.

Death Benefit

In this SBI Life term plan, there is no death benefit available.

Maturity Benefit

There is no benefit given under this SBI term insurance policy on maturity.

Surrender Benefit

After the surrender of this SBI term insurance policy, there is no benefit which is left to be paid.

Payment of premium

The payment of premium can be done on monthly, quarterly, half yearly and annual basis. But, there are loading charges that can be applied to a mode of payment other than annual mode as in monthly 8.5 percent of the premium paid on annual basis, quarterly 26 percent of the premium paid on annual basis and half yearly 51 percent of the premium paid on annual basis.

Premiums will be fixed only for a period of 5 years and after every 5 years, it will be reviewed. The premium will be revised on the basis of performance of this SBI term insurance policy. A time period of around 30 days will be given to pay the premium which is revised. If a premium is not paid then the policy will get lapse.

Period of Survival

It is necessary for the life assured to be alive for at least 5 days to get the amount of sum assured. This date will be calculated from the diagnosis of cancer at a minor, major and advanced stage.

Period of waiting

The claims will not be taken if brought within a period of 180 days from the inception date of this SBI life term insurance policy or from the date of its renewal, whichever comes later.

Rebate for more sum assured

As more amount taken as sum assured there will be more of discount:

Sum assuredPer thousand rebate on sum assured
10 to 24 lakhNil
25 to 39 lakh0.12 Rs
40 to 50 lakh0.20 Rs

Exclusion of Benefits

There will be no benefit given to the life assured in case of following conditions–

  1. Cancer from HIV or AIDS.
  2. Pre-existing Cancer even the CIS (Carcinoma in Situ)
  3. Diseases occurred due to chemical, biological or Nuclear contamination
  4. If the symptoms are seen or diagnosed in the waiting period.

Poorna Suraksha – SBI Life Term Plan

Under this SBI Life term insurance plan, balance is made between the cover of life and critical illness. With increasing age, the critical illness cover increases without any increase in the premium amount and the life cover will decrease.

Poorna Suraksha SBI Term Insurance Plan – Benefits & Features

Rebalance of Life stage

The balance of both sum assured and critical illness cover is maintained in this plan. As the age of life assured increases, the sum assured decreases and increase will be there in a cover of Critical Illness.

When there will be a start of policy the division between life cover and a cover of critical illness will be on the basis of 80 to 20 ratio. The amount increased in the cover of critical illness will be same as reduced from life cover. It happens as per the table below –

Term of Policy

Per year change in Cover of Critical illness

10

15 %

15

10%

20

7.5 %

25

6 %

30

5 %

The total of both the cover for critical illness and life cover will be the same during the entire tenure of SBI term insurance plan. The change will occur on the date of renewal every year by the same percent for the whole policy tenure.

Death Benefit

If the life assured meets with an unexpected mishappening, the sum assured under life cover effective in that year will be given to the nominee. After giving the sum assured to the nominee, this policy gets terminated.

Maturity Benefit

As the plan attains its maturity, all the benefits will be ceased.

Surrender Benefit

This SBI term insurance policy does not have any surrender benefit.

Critical illness benefit

The life assured will get the sum assured meant for critical illness at the time of diagnosis. After giving the critical illness sum assured amount, this benefit will be ceased. There are around 36 diseases that are covered under this policy. Here’s a look into the list of diseases–

  1. Specified severity of Cancer
  2. Specified severity of heart attack – Myocardial infarction
  3. Repair of heart valves or open heart
  4. Kidney failure which required dialysis on a regular basis
  5. Transplant of bone marrow or major organ
  6. Coronary Artery Bypass Graft (Open, keyhole or minimally invasive or Robotic Cardiac CABG
  7. Multiple Sclerosis having continuing symptoms
  8. Stroke results in enduring symptoms
  9. Specified severity of Coma
  10. Paralysis of limbs permanently
  11. Disease of Motor neuron having symptoms permanently
  12. Benign brain tumor
  13. Blindness
  14. Deafness
  15. Lung failure at end stage
  16. Liver failure at end stage
  17. Loss of speech
  18. Loss of Limbs
  19. Major head trauma
  20. Primary pulmonary hypertension (idiopathic)
  21. Burns of third degree
  22. Disease of Alzheimer’s
  23. Aplastic Anaemia
  24. Medullary Cystic Kidney Disease
  25. Disease of Parkinson’s
  26. Lupus Nephritis having SLE (Systemic Lupus Erythematosus)
  27. Apallic Syndrome
  28. Aorta major surgery
  29. Surgery of Brain
  30. Fulminant Viral Hepatitis
  31. Cardiomyopathy
  32. Muscular dystrophy
  33. Poliomyelitis
  34. Pneumonectomy
  35. Rheumatoid Arthritis severe
  36. Progressive Scleroderma

Critical illness survival period

The critical illness sum assured will be paid to the life within 14 days of survival after the diagnosis has been confirmed by the doctor. In case, the life assured dies within a period of 14 days, the critical illness sum assured will be ceased..

Critical illness waiting period

There is a 90 days waiting period from the date of initiation of policy or reinstatement of policy. The life assured will not receive any amount during the waiting period.

Waiver of premium benefit

If the life assured has opted for the benefit of critical illness, all the payment to be done of premiums will be waived off from the date on which diagnosis has been done. For the rest of the policy term, policy benefits will be same and continue till the end of policy term. The sum assured for life cover is stagnant till the end.

Maturity Benefit

On reaching the end of this SBI term insurance policy term, there is no benefit of maturity be given.

Payment of Premium

The payment of premium can be done on annual, half yearly and monthly basis. For both half yearly and monthly basis, there will be loading charges 5.1% and 8.5% per annum, respectively. The premium will remain same till the end of policy. With an increase or decrease in sum assured of life cover and critical illness, it will not affect the price of the premium.

Rebate for higher sum assured

The life assured who will take the maximum sum assured will get discount in the SBI term plan premium. This facility is available in all the frequencies of premium payment.

Sum AssuredRebate on sum assured per thousand
Rs. 20 lakh to 50 lakhNil
Rs. 50 lakh to 1 crore10 %
Rs 1 Crore to 2.5 crores15 %

Rebate for staff

The rebate of around 6 percent will be given on the premium to the following:

  1. Employees
  2. Retired employees
  3. Holders of VRS
  4. Minor children and spouses of BNP PARIBAS and its subsidiaries, SBI Life Insurance, SBI (State bank of India) and its subsidiaries.

Riders of SBI Life Insurance:

SBI Life Insurance comes with various riders. They are:

SBI Term Insurance – Accidental Death Benefit Linked Rider:

If the policyholder dies due to an accident, the sum assured along with the basic term insured will be paid to the nominated beneficiary. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25,000.

SBI Term Insurance – Accidental Death Benefit Rider:

If the insured dies due to an accident, the basic term assured along with the sum assured is paid to the nominated beneficiary. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25,000.

SBI Term Insurance – Critical Illness Non-Linked Benefit Rider:

Thirteen major critical ailments, including Cancer, Kidney Failure, Major Burns, First Heart Attack of mentioned severity, Open Chest CABG, Major Organ Transplant, Paralysis etc. are covered under this rider. The maximum rider benefit is Rs. 5 Lakh and the minimum is Rs. 25,000.

SBI Term Insurance – Accidental Permanent and Total Disability Rider:

If the policyholder faces disability due to an accident, the nominated beneficiary will get the sum assured along with the basic term insured. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25,000.

SBI Term Insurance – Preferred Term Rider:

The death of the policyholder is covered under this rider. Preferred Term Rider by SBI Life is an add-on life cover to the insured’s base cover. The maximum rider benefit is Rs. 50 Lakh and the minimum is Rs. 25, 000.

Exclusions of SBI Term Insurance:

Although SBI term insurance policy covers its policyholder for various unforeseen events, there are certain exclusions in SBI Term insurance. They are:

Exclusions for Accidental Death Benefits:

Demise caused due to the following circumstances:

  • Drug Abuse
  • Infection
  • Criminal Acts
  • Self-inflicted injury
  • Aviation
  • A Civil commotion or war

Suicide Exclusions:

If the policyholder commits suicide within a year from the issue or reinstatement date of the SBI term insurance policy, the nominated beneficiary is entitled to 80 percent of the total paid premiums, subject to the policy is in force.

SBI Life Insurance – Claim Process:

SBI Term Insurance promises to offer the benefits at the earliest to the nominated beneficiary and within the set timelines that are laid down by the IRDA of India.

The claim process of SBI Term Insurance plan is as follows:

Intimation of Claim:

  • The nominated beneficiary has to intimate the insurer by filing an online claim form.
  • The beneficiary has to send this form to SBI Life Insurance office located in Navi Mumbai.
  • Inform the insurance provider, i.e. SBI Life on the toll-free number – 1800-22-9090
  • The claimant can also intimate the insurer by sending an email at claims@sbilife.co[dot]in

Assessment of Claims:

The company will assess the claim documents, once the necessary documents are received. SBI Life Insurance will also assess the information given by the proposal in the form.

Approval Process of Claim:

The nominated beneficiary will get a sum insured on the approval of the Claim Acceptance. The nominee can get hold of the officials at any time of claim procedure at info@sbilife.co[dot]in.

List of Mandatory Claim Documents:

  1. Properly filled the Claim form
  2. Nominated beneficiary’s proof of address.
  3. Original Copy of the Policy Document
  4. Nominated beneficiary’s proof of identity
  5. Nominee’s Bank Statement/Bank Pass Book/Cancelled Cheque
  6. Death Certificate of the insured (issued by the local authority) – original or attested by Government Officer

Apart from the aforementioned documents, the claimant has to present the following documents under different scenario:

  • Proof of address and photo ID of the nominated beneficiary
  • A Statement issued by the Physician
  • Hospital records or other treatment records
  • FIR/Police report in event of the unnatural demise
  • Chemical Viscera and post-mortem report (if performed)

SBI Life Insurance – Claim Settlement Ratio:

SBI Life being one of the prominent life insurance providers in India holds one of the best Claim Settlement Ratios in the insurance sector. The CSR for the financial year 2016-17 is as follows:

Claims ReceivedClaims ApprovedCSR
176101702796.69%

 

SBI Life Insurance – Interesting Facts:

  • State Bank Group features hold a position in the Fortune Global 500 list of the biggest corporations in the world.
  • The Agency Channels of SBI Life Insurance Company comprises of more than 80,000 Insurance Advisors.
  • It has a unique multi-distribution model, which includes retail agency, bancassurance, institutional alliance, etc.
  • SBI was awarded as the “Life Insurance Company of the Year” in the year 2016.

How to Check SBI Term Insurance Policy Status?

An insured can check the status of their SBI Term Insurance Policy via SMS or Online.

In order to check the policy status via SMS, the policyholder has to send an SMS stating:

POLSTATUS<Policy Number> and send it to 9250001848 or 56161

If the insured wants to check the policy status of SBI Term Life Plan online, he/she can follow the steps given below:

  • Login to SBI Life e-portal with the respective credentials, i.e. Login ID and Password.
  • Hit the ‘View Policy’ tab.
  • Choose the policy number.
  • The SBI Policy status will be displayed on the screen with relevant details like premium amount, renewal date, etc.

SBI Term Insurance – FAQ’s

Q1. How to make payment of premiums for the SBI term insurance plans?

There are 10 modes of premium payment available, that let you pay the SBI Term Insurance premium. These are listed below:

  1. Direct remittance at the branch of SBI Life by post or courier
  2. Mandate – Electronic Clearing Service (ECS)
  3. Direct debit
  4. Standing instructions on the credit card
  5. Online payments
  6. Through the State Bank Group ATMs
  7. Payment via VisaBillPay.com
  8. Paying the premium online through the official website of SBI Life
  9. SI-EFT for the account holders of the State Bank and its associate banks
  10. Payment via Point of Sale (POS) channels at the selected SBI Life branches
  11. Payment via easy access mobile application
  12. Payment of premium in cash at the authorized collection centers
  13. NACH (National Automated Clearing House)
    NACH is a recently launched service, which works on the same principle as the ECS’s that requires filling a form and registering before you avail the facility.

Q2. How to check the policy status of the SBI term insurance plan?

To check the status of your SBI term insurance policy online, log into the e-portal.

You have to put in details like your policy number, date of birth (DOB) and customer ID.

The policy details together with its status are showed on the next screen.

Q3.What is the process of policy renewal for the SBI Life term insurance plans?

You can renew your SBI Life Term Insurance policy using the following modes:

  • Through SBI Branch
  • Online (After logging into the account of the policyholder, hit the ‘Renew Policy’ button to proceed with the premium payment.)
  • Through SMSBy Cash

Instead, you can also renew the SBI term insurance policy by making use of the kiosk in SBI ATM and selecting the policy renewal option.

Q4. Can the SBI term insurance be revived in case the policy lapses?

Yes, the policyholder can revive the SBI term policy even after it lapses. The following procedure is to be followed:

  • Within 6 months of first unpaid premiums: If the unpaid premium arrears along with interest are paid by the policyholder, then the term plan is reinstated without any medical check-up.
  • After 6 months of first unpaid premiums: If all the remaining arrears of premium along with the interest, then the insurance provider can reinstate the policy on the submission of relevant proof of good health.

Q5. What is the procedure to cancel SBI life term insurance policy?

The policyholder can cancel the SBI term insurance plan just by submitting the filled surrender form together with the necessary documents at any SBI branch in his/her city. Once the insurer receives and verifies the documents, the term plan is deemed cancelled based on the bank account records. The insurer calculates the premium refund on the NAV pertaining to the current market rate if the policy is submitted before 3:00 PM, otherwise, the next day’s NAV is applicable.