It is never too early to start deliberating about your future. No one can say what life holds for them in the future. As time goes by when the number of responsibilities on your shoulders increases, the uncertainty of future becomes a burden. That is why, to make sure that the lives of your near and dear ones are secure in your absence, it is important to get a life insurance policy as soon as possible!
But with so many types of life insurance policies available in the markets, there is a chance that you might get baffled about which one to choose!
So to help you decide, we have put forth a list of the best SBI term insurance plans you can avail. Let us take a detailed look at them!
What does Term Life Insurance mean?
Before checking out the term insurance plans available in the market, let us learn some more about what term life insurance means!
Term life insurance is one of the best ways to secure the financial future of your family in your absence. These insurance plans protect the beneficiary on the event of the untimely death of the policyholder during the policy period.
These policies not only help to make your family financially independent in your absence but also help to cover future expenses like your child’s education etc.
There are several positive points when it comes to getting a term life insurance. For instance,
- They are economical. These insurance plans come at a lower premium rate than other life insurance policies.
- These insurance plans have a fixed premium rate.
- Most policies provide a cover of almost 20 times of your annual income at a premium rate of 2-3% of your income.
- The beneficiary can choose to get a lump sum amount or get the payout in installments.
- Term life insurance policies come for a fixed period with a fixed premium.
However, term life insurance is only valid during the period of investment. You can choose to renew your plan, but once your policy expires all the benefits that come with it become void.
Some of the Best SBI Term Insurance Plans:
As far as term life insurance policies are concerned, the SBI offers some of the best term insurance plans. Let us take a look at some of the best SBI term insurance plans you can avail!
1. SBI Life Smart Shield:
One of the best SBI term insurance policies available, below are some of its important features:
- Customers can choose from four available plan options like level term insurance, increasing term insurance, decreasing term insurance etc.
- The insured person can avail rebates on the premium if they are healthy or choose a big amount of sum assured.
- You can choose to pay the premium as a lump sum amount or in installments throughout the term.
- You can receive tax benefits in this policy.
- The policy term ranges from 5 years to 30 years, and there is a 25 lakhs minimum sum assured.
2. SBI Life E-Shield:
Another gem from SBI life insurance policies, the SBI life e-shield comes with the following features:
- Customers can purchase this policy online at a lower premium rate.
- The policy has four plans to choose from, for instance: level cover, increasing cover, level cover with an accidental death benefit, increasing cover with an accidental death benefit.
- You can avail rebates under this policy if you are a female policyholder or if you choose a high amount of sum assured.
- The policy term is between 5 years to 30 years with minimum Rs. 20 lakhs sum assured.
3. SBI Life Saral Shield:
The SBI life saral shield has the following features:
- This policy has three options to choose from: level term assurance, decreasing term assurance for loan protection and family income protection.
- You have the option to add riders to the plan for extra benefits.
- You can avail rebates on the policy if you are a female or have a high amount of sum assured.
- You can avail tax benefits on the premium you pay, and the benefit claimed.
- The policy term ranges between 5 years and 30 years with a minimum sum assured of Rs. 7.5 lakhs.
The above were the top three SBI Term Insurance plans you can avail with their main features. You can, of course, choose to go for other term insurance plans. However, make sure that you read the fine print of each policy and know about them at length to avail the best term insurance plans.