SBI Life offers 2 Term Plans
1) SBI Life Swadhan Plan
2) SBI Life Shield Plan
1. SBI Life Swadhan Plan
It is a Premium Back Term Plan, a Traditional Term Assurance Policy with refund of part/total basic premium paid at the end of the term.
Benefits
Maturity Benefit: If you survive for the entire term of the plan, you would be eligible to a refund of the premiums depending upon the term of the policy. For example, if your policy is for 5 years, you'd be eligible for refund of 50 % of the total premiums paid; for 6 years, the refund would be 60 %, and so on. Hence, if you've taken a policy for 10 years, you'd receive 100 % of your premiums back.
Death Benefit: In the event of claim, your nominee would receive full Sum Assured.
Eligibility
• Entry Age: The minimum & maximum entry age for the life insured is 18 yrs & 55 yrs respectively.
• Coverage amount (Sum Assured): The minimum & maximum coverage amount is 3, 00,000 & 1 crore respectively.
• Policy Term: The minimum & maximum policy term is 5 yrs & 10 yrs respectively.
• Riders: There are no riders available in this plan
2. SBI Life Shield Plan
It is a traditional pure risk policy with no maturity benefits. Under this product, you can opt for gradual increase of cover @ 5% every year or for substantial increase of cover @ 50% for every five years. Under both the options, you pay the same amount of premium throughout the entire term of the policy.
Benefits
Death Benefit: Depending on the cover chosen, the nominee will receive the sum assured under this policy
Maturity Benefit: No survival benefit available at the end of the term.
Riders: SBI offers 2 rider benefits
1. Accidental Death and Accidental Total Permanent Disability Rider: If the policy holder meets with an accident he will get Sum Assured in 10 equal annual installments; He will continued to be covered for basic cover on receipt of further premium due
2. Waiver Benefit Rider: If the Policy holder suffers from Total and Permanent Disability due to an accident then he need not pay future premiums.
Eligibility
• Entry Age: The minimum & maximum entry age for the life insured is 18 yrs & 60 yrs respectively.
• Maximum Maturity Age: Maximum cover age is 65 years
• Coverage amount (Sum Assured): The minimum sum assured is Rs. 3, 00,000 & the maximum sum assured depends upon the following three situations:
- In case the policy holder opts for 5 % sum assured increase option every year, then your maximum coverage amount will be Rs. 10 crore.
- In case the policy holder opts for 50 % sum assured increase every 5 years, then your maximum coverage amount will be Rs. 8 crore.
- In case the policy holder opts for Level Cover then your maximum coverage amount will be Rs. 25 crore.
• Policy Term: The minimum & maximum policy term is 5 yrs & 25 yrs respectively.
