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SBI Term Insurance Plans For Senior Citizens

Updated On Aug 11, 2021

Individuals who have reached the age of 60 are considered senior citizens in India. Most senior people have independent adult children who, at the very least, do not require financial assistance from their parents. That almost eliminates the need to start a new life insurance plan to leave a legacy for their children. However, in retrospect, senior citizens may seek active life insurance at any time. In India, the average life expectancy is roughly 60-65 years, with some people living to over 100 years old. A future support plan is a terrific way to assist your better half in the event of an unforeseen circumstance. Here, a term insurance plan for senior citizens offered by SBI Life can be considered. Let's take a look at some of them.

What is SBI Life Insurance?

India's largest state-owned banking and financial services company, State Bank of India and a multinational bank and financial services corporation headquartered in Paris, France, BNP Paribas Cardif, came together in 2001 to introduce their joint venture, SBI Life Insurance. With time, SBI Life Insurance has become India's biggest life insurance business, offering a variety of life insurance plans and policies to help you and your family be protected.

What are the Best SBI Term Insurance Plans For Senior Citizens?

Here are some SBI term insurance plans for senior citizens.

1. SBI Life eIncome Shield

The SBI Life eIncome shield plan, as its names indicate, provides financial protection in the form of a monthly income. SBI's eIncome shield is a regular, non-linked term insurance plan, often known as an income protection plan, that assists the policyholder's family in maintaining their standard of living after the policyholder passes away. After the policyholder's death, the nominee will receive a monthly income under this plan. The policyholder can choose from four different policy options. Depending on the benefit option selected by the policyholder, the monthly income grows every year. The corporation pays a lump sum of 12 times the corresponding monthly income when a claim is filed. Regardless of the timing of death, the nominee will receive a monthly income for at least four years. Females and non-smokers receive an additional benefit in the shape of a cheaper premium.

2. SBI Life Smart Shield

SBI Life Smart Shield policy is a pure term insurance plan that protects your family in the event of your untimely death. It is a single term policy that can cover all of your insurance requirements. SBI Smart Shield offers a variety of plan alternatives. The sum assured remains constant throughout the policy term, which is known as level term assurance. In the context of a level term plan, the premiums are the lowest. In the case of increased term insurance, the sum assured grows each year slowly while the premium stays the same. The premium rate, on the other hand, is higher. The decreasing sum assured (loan protection) plan provides death payments equal to the outstanding loan value at the time of the insured's death. The loan's interest rate determines the premium rate. If you are nearing retirement and expect your household expenses to decrease steadily in the future, this plan is a good choice. This policy includes additional benefits such as critical illness and accident coverage. However, there are no survival advantages available.

3. SBI Life Grameen Bima 

The Grameen Bima plan is a pure term plan that offers your family financial protection at a low cost. Policyholders are entitled to life insurance with a single premium payment under this arrangement. The SBI Grameen Bima plan does not require a medical evaluation. In addition, policyholders are entitled to tax exemptions under Sections 80C and 10(10D) of the Income Tax Act. The Grameen Bima plan is a five-year policy with an eligibility age range of 18-50 years. The sum assured varies depending on the age group. Since this plan is aimed at the poorest members of society, only the most basic documents are necessary. If you have limited means of earning and are the breadwinner of our household, you should select the SBI Grameen Bima plan. If something terrible happens to you, you can provide financial security for your loved ones.

Take Away

It is advisable to read the terms and conditions of all the SBI term insurance plans for senior citizens before buying the plan for yourself to avoid any financial inconvenience to your family when the time comes. 

Also read - I am Married. Should I Consider Purchasing a Joint Term Insurance Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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