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. SBI Life Insurance is the largest state-owned banking and financial services company in India. In addition, BNP Paribas is a French multinational bank and a financial services company with its headquarters in Paris.
While SBI Life 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.
|Claims paid till date|
Over Rs. 66,000 Crore
|No. of Policyholders|
More than 2 Crore
|Claim Settlement Ratio|
2.04 (for the end of Quarter March 2017)
|Grievances Solved Percentage|
|Group Death Claims||98.95 percent|
|Claims Rejected Percentage||0.85 percent|
|Number of Branches across India||837|
SBI Term Insurance Plans
SBI life provides nine Term Insurance plans, which 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.
Given below are the SBI Term Insurance plans offered by the company:
|Plan||Policy Term||Entry Age (Min – Max)||Maturity Age||Sum Assured (Min – Max)|
|SBI Life – eShield||5-30 years||18 – 65 years (level cover)|
60 years (increasing cover)
|75 years (level cover)|
70 years (increasing cover)
|Rs. 35 Lakh – No limit|
|SBI Life – Saral Shield||5-30 years (depending on undertaking)||18 – 60 years||65 years||Rs. 7.5 Lakh – Rs. 24 Lakh|
|SBI Life – Smart Shield||5-30 years||18 – 60 years||65 years||Rs. 25 Lakh (in multiples of 1 Lakh) – No limit|
|SBI Life – eIncome Shield||10-35 years||18 – 50 years||60 years|
|SBI Life – Smart Swadhan Plus||10-30 years||18 – 65 years||75 years||Rs. 5 Lakh – No limit|
|SBI Life – Saral Swadhan Plus||10/15 years||18 – 65 years||75 years||Rs. 5 Lakh – No limit|
|SBI Life Grameen Bima||5 years||18 – 50 years||N/A||Rs. 10,000 – Rs. 50,000^|
|SBI Life – Sampoorna Cancer Surakha||5-30 years||6 – 17 years (child)|
18 – 65 years (adult)
|75 years||Rs. 10 Lakh – Rs. 50 Lakh|
|SBI Life – Poorna Suraksha||10/15/20/25/30 years||18 – 65 years||75 years||Rs. 20 Lakh – Rs. 2.5 Crore|
SBI Life – eShield Term Insurance Plan
In this world nothing is sure and any mishappening could happen anytime when a person has never thought of it. But we can only protect our family by giving them financial stability in the times of such uncertainties.
SBI Life eShield term insurance plan which is non-linked, non-participating and purely online. All individuals or today’s youth who have knowledge of technology, can access this plan to get high protection coverage at a reasonable cost. This SBI life term plan has two types of structure which could benefit policy holder.
- Level Cover – In this option, the sum assured will be same all through the years of the policy.
- Increasing Cover – In this option, the sum assured increases with time. As the responsibility of a person increases with time, similarly the sum assured increases to cover that risk of protecting the family.
This SBI term insurance plan also covers terminal illnesses and life assured do not have to purchase it separately.
eShield SBI Term Insurance – Benefits & Features
Benefit of Level Cover
The benefits provided under this SBI term insurance plan are –
- Sum assured will be same till the end term of the policy.
- Terminal illness benefit is covered.
- If life assured has been diagnosed with a terminal illness or faced any uncertain mishappening, the 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 amount of sum assured will increase after a period of 5 years at a rate of 10 percent.
- If any mishappening happens with life assured then the nominee will get sum assured effective at that time. This sum assured will be same as that increased by 10 percent last time which is before the death of policy holder.
- There will be no change in the amount of premium for the entire term of the particular SBI term insurance plan.
- If life assured suffers from a terminal illness or have some uncertainty or whichever happens earlier, sum assured will be given. After giving the sum assured the policy will get terminated.
On the death of the life assured, the nominee will get the amount of sum assured as per the structure adopted by them. But this SBI term insurance plan should be in force at the time of the death of policy holder and all the premiums should have been paid.
On maturity of this SBI life term plan, no benefit will be given to the policy holder.
Benefit of Terminal Illness
- If the policy holder is being diagnosed with the listed terminal illness, 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 regularly.
- The benefit of terminal illness will be provided in case of death is being expected within a span of 180 days. These need to be confirmed in written by any two medical practitioners who had specialization in that illness. Again, these medical practitioners need to be registered under the Indian Medical Association and should have approval through Company. 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 premium as on half yearly 51 percent of the premium paid in yearly mode and on monthly 8.5 percent needs to be paid for a yearly mode.
Second Opinion on Medical:
Under this feature, the life assured could take the second opinion of doctors. There are various best doctors associated with SBI Life that help you make the right decision for treatment to be taken for good health. This service could be taken by any of the policy holders except –
- There was no diagnosis of illness for life assured.
- From the last 12 months, the life assured had not been seen by a physician who is treating.
- The disease if life threatening or having acute conditions to the life assured.
- If the requirement is there to evaluate the life assured.
Maintaining healthy rewards
Discount on the premium will be provided to a non-smoker in this SBI term insurance plan.
If this SBI Life term plan is surrendered, no benefit is to be paid.
eShield SBI term Insurance – Riders
The rider could be taken with the base SBI Life term policy by paying a nominal cost such as –
- Accidental Death Benefit Rider – The amount same as that of sum assured will be given to the nominee if the life assured dies in a period of 120 days due to an 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.
- Accidental Total and permanent disability benefit rider – The amount equal to sum assured will be given to 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 the SBI Life Insurance should be exceeding more than 50 lakh.
Important points to know for riders
- These riders could opt with both Increasing cover and Level Cover.
- Benefits of riders will not change if the policy holder chooses the Increasing cover.
- Premium taken together of every rider could not exceed 30 percent of the premium of base policy.
- If there is a difference in the rider policy as that of base policy then benefits of rider policy will be ceased once it gets over. The SBI Life term plan will get continued without the benefits of rider till the maturity of policy or death of policy holder, whichever happens first.
- A premium of rider will be taken for that period in which it is valid.
- The riders can be canceled by giving notice in writing before 2 months of any due date of her/his SBI term plan.
SBI Life – Saral Shield Term Plan
Those who earn to make their family live a comfortable life have many dreams for their loved ones. For this, they work hard to get the dream become true but with this, we take additional liabilities on us. After the death, this entire burden goes on the family members. Hence, to protect one’s family and loved ones in case of her/his untimely death, Saral Shield SBI Life term insurance has provided the financial security for the family at a nominal price.
Plans Option Under Saral Shield SBI Life Term Plan
- Assurance in Level Term – In this if the policy holder meets with any uncertainty then the amount assured will be given to the nominee. After considering all the requirements of the family policy holder can choose the sum assured so that with this amount they would like a normal and comfortable life.
- Assurance in Decreasing Term (Protecting Loan) – There are many big loans which are taken in our life time to have a comfortable life such as a loan for the house. While taking loan almost it is decided that how to repay it and in case the person who takes the loan met with mishappening then it will be difficult for the family members to repay it.With this SBI life term plan as the loan decreases as decided the amount of term plan also changes and in case of uncertainty the balance amount of loan will be paid off from this. So the family member could enjoy the assets made without worrying of repayment of a loan.
- Assurance in Decreasing Term (Family Income Protecting) – In this, the amount chosen as sum assured by the policy holder will be given as monthly income for the term chosen by them. So after the demise of life assured family members still get the income on monthly basis.
Payment of Premium
The premium could be paid in a lump sum as a single premium and it could also be paid regularly in yearly, half yearly, quarterly and monthly frequencies. There will be a minimum SBI term plan premium which needs to be paid for this policy.
|Type of Premium||Minimum amount|
Discounts on Premium
The life assured who opt for the higher sum assured will be given a discount on the premium and women is the life assured then additional 3 percent will be given a discount on the plan option of Level term assurance.
|Sum Assured more than 15 lakh||Level Term Assurance||Decreasing Term Assurance|
|Premium paid regularly||Rs 0.30 on per Rs 1000 sum assured||Not applicable|
|Premium paid single||Rs 0.95 on per Rs 1000 sum assured||Rs 0.95 on per Rs 1000 sum assured|
The benefit of surrender will be available with life assured from the second year of your SBI term insurance plan. The surrender amount is paid as per the plan opted –
- Level Term Assurance – Single paid premium (without taxes) * 75 percent * Term outstanding for maturity / Total term of the plan
- 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)
- 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 Sheild SBI Term Insurance Plan – Riders
To further protect the family there are different riders such as –
- Accidental Death Benefit
- Accidental Total and Permanent Disability Benefit
These benefits will be available for the insurance seeker who is able to fulfill the given criteria:
|Age at Entry||18 – 60 years|
|Maturity age||65 years|
|Term of the rider||It will be the same or less than the term of base policy.|
|Sum assured||Rs 25,000 to 24,00,000|
The total sum assured should not be more than Rs 50 lakhs in any of the riders for the policies taken individually from SBI Life Insurance.
SBI Life – Smart Shield Term Plan
In this world, unforeseen circumstances could happen to anyone and anytime. So there is a requirement of the person who supports their family to have such a policy which gives them the option to safeguard their family when they were not around. This SBI life term plan is a non-participating traditional plan which helps in catering to the needs of insurance to the maximum.
Plan Options Under Smart Shield SBI Term Insurance
- Level Term Assurance
In this the family of life assured will get a particular amount as sum assured as taken 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 SBI term insurance policy, the sum assured increases at the rate of 5 percent gradually with every year. The policy holder needs to pay a small amount for the increased insurance.
There are various factors which affect the future and an individual’s saving. So with the time, the number of financial securities should be increased to fight the inflation. If any insurer wants to secure the family from inflation also then this SBI Life term plan should be taken. With this features, the insurer does not have to buy another policy to further secure their family from rising prices etc.
Smart Shield SBI Term Plan – Features & Benefits
Reward to non-smoker
Those people who are non-smoker will get the benefit as discounted premium while getting this insurance plan.
When the life assured had a mishappening then the nominee will get the sum assured as per the plan opted. In case of the level term then a fixed sum assured will be given. In increasing term the effective sum assured as on death date will be given.
|Sum assured||Rebate on premium|
|50 to 90 lakh||10 %|
|1 to 4.99 crore||25 %|
|5 crore and more||30 %|
No benefits will be paid on maturity of this SBI term insurance plan to the policy holder.
Rebate for large sum assured
If the sum assured opted for the large sum assured then they will get discount as –
Rebate for staff
The discount of 5 to 6.5 percent is given to the following –
- Retired employees
- Holders of VRS
- Minor children and spouses of BNP PARIBAS and its subsidiaries, SBI Life Insurance, SBI (State bank of India) and its subsidiaries.
This SBI term insurance policy could be surrendered only in the case where a single premium has been paid.
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 payment of premium, there will be no benefits of surrender your SBI term insurance policy.
Payment of Premium
The payment could be done as a Single Premium where all the premium for the full term of the policy is paid by the policy holder. If the policy holder opts for the Regular premium plan then the payment could be done on yearly, half yearly, quarterly and monthly mode.
If opting for payment frequencies such as half yearly, quarterly and monthly there is a charge of frequency loading which needs to be paid as 51 percent, 26 percent and 8 percent on the yearly premium respectively.
There are some minimum charges which need to be paid for different premiums such as:
|Type of Premium||Minimum amount|
The maximum of the premium will be decided on the sum assured as taken by the policy holder and her/his current age while buying the SBI life term insurance policy.
Smart Shield SBI Term Insurance – Riders
|Rider||Entry Age||Maturity Age||Term of policy||Sum assured|
|Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider||18 – 60 years||70 years||5 – 30 years (cannot be greater than base policy term)||Rs 25,000 – 50,00,000/-|
|Critical Care 13 Non linked rider||18 – 55 years||64 years||Renewal 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 renewed||Rs 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.
Highlight of rider 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. Riders of all premium if taken together should not exceed 100 percent of the base term plan premium.
- If the base policy term period end or terminated then rider policy could not 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
We work to live our life comfortably but if there will be no work it is difficult to survive as there is always a need for regular income to pay for different things. There are the different financial burden which needs to be paid off monthly such as EMI, bills of utility, school fees and many more.
Now, if the working member had some mishappening then it will be difficult for the family member to cover the financial gap. To secure family members from this problem it is necessary to have the protection for our family. This SBI Life eIncome Shield term plan specifically helps them to have monthly income 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 to take care of additional responsibilities easily.
Option of 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 monthly income.
- Option B
If the life assured had some mishappening then the monthly income received by the nominee will increase with 3 percent on the anniversary of policy and will be same throughout that year and next year it will increase by another 3 percent.
- Option C
If the SBI term insurance policy holder meets with some mishappening then the nominee will receive monthly income and on the date of an anniversary of policy it will increase by 5 percent and remain same throughout the year.
- Option D
If anything uncertain happens to the life assured then 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
- Benefit of Lump sum
An amount which is same as that of 12 times to the income on monthly basis and is paid instantly. This payment will be done as per the option of benefit is chosen with the eIncome SBI term insurance plan.
- 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 monthly on the basis of an option of benefit opted. In those policies where the payment for monthly income is less than 4 years, the payment will continue even after the term of policy end till 48 monthly income is given.
The nominee could not be able to change the amount paid on monthly basis as a lump sum in any case.
Rebate on large sum assured
As more amount is done as sum assured the more discount will be offered on the premium such as –
|Sum assured||Discount in Premium|
|Less than 1 crore||Nil|
|Rs 100,00,000 to 1,99,99,999||16 %|
|Rs 2 crore and above||20 %|
Payment of Premium
The SBI term insurance plan premium could be with the frequency of 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.
On maturity of these SBI life term plans, no benefit will be given to the policy holder.
SBI Life – Smart Swadhan Plus Term Plan
Being the earning member of the family there is always fear in the mind of people that in case of any mishappening how to secure the family. Smart Swadhan Plus Term Plan helps in making the insurance holders assured about the safety of their loved ones after their death and in case of survival the amount invested will be returned. In this, on maturity and survival, the total basic premium paid will be returned to the policy holder.
Smart Swadhan Plus SBI Term Insurance – Benefits
Benefit of Life cover
In case the policy holder had met with uncertainty then the sum assured will be given to the nominee.
If the policy holder survives then 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 regularly like annually, half yearly, quarterly, and monthly. In the regular mode of payment there will be loading charges levied on them such as for 52 percent of annual premium will be charged for half yearly, 26.50 percent of annual premium will be charged for quarterly, 8.9 52 percent of annual premium will be charged for monthly. A minimum premium which is needed to be paid.
|Type of Premium||Minimum amount||Maximum|
|Single Premium||21000||No limit|
|Half Yearly||1200||No limit|
This SBI term insurance plan can be surrendered 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 if the premium has been paid for regular 2 years in LPPT plan 5 and 3 years in case of LPPT plan 10, 15 and plans of RP.
- Death benefit on paid up – The sum assured will get reduced on the basis of premium paid in the policies. If the policy holder had mishappening then the nominee will get the reduced sum assured as 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 could 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 term||Percentage of Premium paid|
|Single Premium||LPPT 5||LPPT 10||LPPT 15||RP Plan|
|1st Year||70 Percent||0 Percent||0 Percent||0 Percent||0 Percent|
|2nd Year||70 Percent||30 Percent||0 Percent||0 Percent||0 Percent|
|3rd Year||70 Percent||40 Percent||35 Percent||33 Percent||30 Percent|
|4th to 6th year||90 Percent||60 Percent||55 Percent||53 Percent||50 Percent|
|7th year||90 Percent||65 Percent||60 Percent||58 Percent||55 Percent|
|8th to 3rd last year of policy||90 Percent||75 Percent||70 Percent||68 Percent||65 Percent|
|Last 2 policy years||90 Percent||90 Percent||85 Percent||83 Percent||78 Percent|
Rebate on Higher sum assured
There will be a discount if the sum assured is of higher value
|Sum Assured||Rebate per thousand on Sum Assured|
|Single Premium||LPPT 5||LPPT 10||LPPT 15||RP Plan|
|750,000 < 10,00,000||2.00||0.45||0.40||0.30||0.30|
|10,00,000 < 15,00,000||4.00||1.10||0.80||0.60||0.60|
|15,00,000 < 25,00,000||6.00||1.75||1.20||1.00||0.90|
|25,00,000 < 35,00,000||7.50||2.20||1.50||1.25||1.20|
|35,00,000 < 50,00,000||8.25||2.40||1.70||1.40||1.30|
|More than = 50,00,000||8.90||2.60||1.85||1.50||1.40|
SBI Life Saral Swadhan Plus Term Plan
It is a SBI life term insurance policy which is non-linked and non-participating in nature This SBI Life term plan which also provides a return on the premium. 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
If the life assured meets with an unexpected mishappening then the nominee will get the sum assured in a lump sum.
If the policy holder survive till the end of a term of policy then the policy holder will get 100 percent of the paid premium in the term of a policy of 10 years and 115 percent of the paid premium in the term of a policy of 15 years
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 value of surrender which is guaranteed or surrender value which is non- guaranteed, the surrender value of which is higher will be given.
- Under the Insurance Act 1938 in Section 113, the surrender value which is guaranteed will be given depending on:
|Year of Surrender||10 years term of policy||15 years term of policy|
|1st and 2nd year||Nil||Nil|
|3rd year||30 percent||30 percent|
|4th to 7th year||50 percent||50 percent|
|8th to 10th year||60 percent||60 percent|
|Onward from 11th year||—||65 percent|
Value of Paid up
- The policy will lapse if the payment not paid within the grace period
- The policy lapsed will be paid if the first three premium has been given.
- 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.
SBI Life – Grameen Bima Term Plan
Families always look towards the earning member for catering their needs of them as well as for the comfortable living. In the case of unfortunate mishappening, Grameen Bima helps in proving 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
In case of unfortunate mishappening of the life assured, the sum assured will be given to nominee in a lump sum.
No benefit will be given on the maturity of this SBI Life term insurance policy.
Benefit on surrender
In this policy, the surrender will be allowed from the second year. It is calculated on the basis of –
- Single paid premium (taxes not included) * 50 percent * Unexpired term of policy / Total term
- There will be no benefit of surrendering the policy in last year of the term.
SBI Life – Sampoorn Cancer Suraksha Term plan
With the increase in a number of people suffering from cancer nowadays it has been a concern for the bread earner of the family. But the treatment of cancer is possible now due to increased advancement in the medical field. Even though, the treatment of cancer requires a huge amount; with the SBI Life term insurance policy, namely Sampoorn Cancer Suraksha, the life assured could 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 is based on an individual which is non-participating and non-linked for the health insurance which could benefit on diagnosis of cancer at different stages of it. There are 3 structures of benefits in this SBI term insurance plan –
Standard Sampoorn Cancer Suraksha –SBI Term insurance Plan
- Cancer at the minor stage – If the policy holder is diagnosed with Early Stage Cancer or CIS (Carcinoma in Situ). On the diagnosis, around 30 percent will be paid from sum assured. Both CIS and Early stage cancer could be claimed once in a term of the policy. The maximum sum assured which could be paid for both is 60 percent of the amount from sum assured.
For the next 5 years 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 then all the amount of sum assured will be given deducting if any amount 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 happens before completion of 36 months will be given.
Classic Sampoorn Cancer Suraksha –SBI Term insurance Plan
- Cancer at the minor stage – As the diagnosis of CIS (Carcinoma in Situ) or Early Stage Cancer has detected the sum assured 30 percent will be paid. The policy holder can claim for both CIS and Early Stage Cancer in a term of the policy. For both maximum amount from sum assured will be given only 60 percent. After detection of cancer, all the payments of premium need to be made will be waived off.
- Cancer at the Major stage – If this SBI term insurance policy holder is diagnosed with Cancer at the major stage then full sum assured will be given after deducting any amount paid in the minor stage diagnosis. The life assured has the option to have 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 die still the monthly income benefit will be provided 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 being diagnosed with cancer at an advanced stage then 150 percent of the sum assured will be paid to the policy holder 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 diagnosed with CIS or Early Stage Cancer, an amount 30 percent from sum assured will be given. In case both of it is diagnosed then 60 percent from sum assured will be paid. After a diagnosis of Cancer all the future premium payment will be waived off.
- Cancer at the Major stage – If the diagnosis is made of the major stage then entire 100 percent sum assured will be paid and if any payment has been received in the minor stage then 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 this 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 deducting any earlier payment made.
- Reset benefit of sum assured – After taking the benefit of Minor stage or major stage cancer benefit then in a period of 3 years if there is no diagnosis made further for the Cancer, the amount equal to sum assured could be renewed. This could be possible if the life assured had 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 could be used for cancer of any time again though it can be the reoccurrence of the same cancer. This renewal could be possible only 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 plan, life assured could 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.
In this SBI Life term plan, there is no death benefit available.
There is no benefit given under this SBI term insurance policy on maturity.
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 could be done on monthly, quarterly, half yearly and annual basis. But there are loading charges that could be applied to a mode of payment other than annual as in monthly 8.5 percent of the premium paid annually, quarterly 26 percent of the premium paid annually and half yearly 51 percent of the premium paid annually.
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 as a whole and premium revised on the basis of that. There is nothing to do with the history of a claim by the policy holder. 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 such as:
|Sum assured||Per thousand rebate on sum assured|
|10 to 24 lakh||Nil|
|25 to 39 lakh||0.12 Rs|
|40 to 50 lakh||0.20 Rs|
Exclusion of Benefits
There will be no benefit given to the life assured in case of the following –
- Cancer from HIV or AIDS.
- Cancer pre-exists even the CIS (Carcinoma in Situ)
- Contamination due to chemical, biological or Nuclear
- If the symptoms are seen or diagnosed in the waiting period.
SBI Life – Poorna Suraksha Term Plan
The demands of life keep on changing as with time there are various things which change. Similarly, SBI term insurance plan Poorna Suraksha, which is non-participating, non-linked and also covers the critical illness.
Under this SBI Life term insurance plan, balance is being made between the cover of life and critical illness as with the increasing age the critical illness cover increases with it without any increase in the premium amount. As the age of the policy holder increases then the life cover will decrease and the amount of critical illness increases by the same amount.
It protects the policy holder from critical illness as well as provides financial security to the family members. There will be no additional charges for this. The premium of the policy will remain the same for the full policy term.
Poorna Suraksha SBI Term Insurance Plan – Benefits & Features
Rebalance of Life stage
The balance of both sum assured and critical illness cover is being maintained. 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. The increase will happen as per the table below –
|Term of Policy||Per year change in Cover of Critical illness|
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. This change will be done on the date of renewal of policy every year by the same percent for the whole tenure of life.
If the life assured met with an unexpected mishappening then 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.
As the plan attains its maturity, all the benefits will be ceased.
This SBI term insurance policy does not have any benefit on surrender.
Critical illness benefit
The life assured will get the sum assured meant for critical illness present in the year which critical illness is diagnosed. After giving the critical illness sum assured amount this benefit will be ceased. There are around 36 diseases that are covered under this policy the list of diseases are –
- Specified severity of Cancer
- Specified severity of heart attack – Myocardial infarction
- Repair of heart valves or open heart
- Kidney failure which required dialysis on a regular basis
- Transplant of bone marrow or major organ
- Coronary Artery Bypass Graft (Open, keyhole or minimally invasive or Robotic Cardiac CABG
- Multiple Sclerosis having continuing symptoms
- Stroke results in enduring symptoms
- Specified severity of Coma
- Paralysis of limbs permanently
- Disease of Motor neuron having symptoms permanently
- Benign brain tumor
- Lung failure at end stage
- Liver failure at end stage
- Loss of speech
- Loss of Limbs
- Major head trauma
- Primary pulmonary hypertension (idiopathic)
- Burns of third degree
- Disease of Alzheimer’s
- Aplastic Anaemia
- Medullary Cystic Kidney Disease
- Disease of Parkinson’s
- Lupus Nephritis having SLE (Systemic Lupus Erythematosus)
- Apallic Syndrome
- Aorta major surgery
- Surgery of Brain
- Fulminant Viral Hepatitis
- Muscular dystrophy
- Rheumatoid Arthritis severe
- Progressive Scleroderma
Critical illness survival period
The amount of critical illness will be paid to the life assured only after the survival of 14 days when the diagnosis of disease has been done by the doctor. If the life assured died within a period of 14 days then the amount of critical illness will not be given.
Critical illness waiting period
There is a 90 days waiting period from the date of initiation of policy or reinstatement of policy, whichever is done later. The life assured will not receive any amount during the waiting period.
Waiver of premium benefit
If the life assured had taken the benefit for critical illness then 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 term, policy benefits will be same and continue till the end of policy term. The sum assured for life cover will become stagnant till the end.
On reaching the end of this SBI term insurance policy term, there will be no benefit on maturity will be given.
Critical illness payment with other plans
With this SBI term insurance policy, the life assured for critical insurance can also take the benefit from other insurance company as the payment of critical insurance is paid on a lump sum basis without producing the original bills.
Payment of Premium
The payment of premium could be done on annual, half yearly and monthly basis. For both half yearly and monthly basis, there will be loading charges such as 51% 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 Assured||Rebate on sum assured per thousand|
|Rs. 20 lakh to 50 lakh||Nil|
|Rs. 50 lakh to 1 crore||10 %|
|Rs 1 Crore to 2.5 crores||15 %|
Rebate for staff
The rebate of around 6 percent will be given on the premium to the following:
- Retired employees
- Holders of VRS
- Minor children and spouses of BNP PARIBAS and its subsidiaries, SBI Life Insurance, SBI (State bank of India) and its subsidiaries.
SBI Term Insurance Plans: Features and Benefits
Other than attractive premium rates for excellent covers, SBI Term Insurance Policies also offer the following benefits.
SBI Life Term Plan offers the convenience of buying policies online to its customers. This saves the consumers the hassle of offline purchase and they can purchase policies from the comfort of their home.
Upon maturity of the policy, policyholders of SBI Life Term Plan also receive maturity benefit.
In the case of a single premium policy, SBI Term Insurance also offers Surrender benefits to the customers.
SBI Life Insurance Plans offers tax benefits to policyholders under section 80C of the Income Tax Act, 1961, making their policies a great place to invest.
Riders of SBI Life Insurance:
SBI Life Insurance comes with various riders. They are:
SBI Life – 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 Life – 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 Life – 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 Life – 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 Life – 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 several exclusions of this term life plan. They are:
Exclusions for Accidental Death Benefits:
Demise caused due to the following circumstances:
- Drug Abuse
- Criminal Acts
- Self-inflicted injury
- A Civil commotion or war
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:
State Bank of India 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 firstname.lastname@example.org[dot]in
Assessment of Claims:
The insurer will assess the claim documents, once the necessary documents are received. The insurance provider 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 any time of claim procedure at email@example.com[dot]in.
List of Mandatory Claim Documents:
- Properly filled the Claim form
- Nominated beneficiary’s proof of address.
- Original Copy of the Policy Document
- Nominated beneficiary’s proof of identity
- Nominee’s Bank Statement/Bank Pass Book/Cancelled Cheque
- 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 Received||Claims Approved||CSR|
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 Life Insurance Policy Status?
An insured can check the status of their SBI Life 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 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?
A1.There are 10 modes of premium payment available, which let you, pay the SBI Term Insurance premium. These are listed below:
- Direct remittance at the branch of SBI Life by post or courier
- Mandate – Electronic Clearing Service (ECS)
- Direct debit
- Standing instructions on the credit card
- Online payments
- Through the State Bank Group ATMs
- Payment via VisaBillPay.com
- Paying the premium online through the official website of SBI Life
- SI-EFT for the account holders of the State Bank and its associate banks
- Payment via Point of Sale (POS) channels at the selected SBI Life branches
- Payment via easy access mobile application
- Payment of premium in cash at the authorized collection centers
- 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?
A2. 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?
A2. 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?
A4. 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?
A5. 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.