About SBI Term Insurance
SBI Life Insurance Company is a joint venture between the State Bank of India (SBI) and a French multinational bank plus financial services company i.e. BNP Paribas. SBI Life Insurance Company commenced in the year 2001. SBI offers various life insurance products such as Term, Unit-Linked, Investment, Savings, Retirement, Child and Money-Back plans.
SBI Life Insurance operates on five core values which are trustworthiness, ambition, innovation, dynamism and excellence. SBI Life Insurance’s mission is to offer best-in-class services. SBI Life Insurance offers a comprehensive range of life insurance plans at nominal cost and ensures customer satisfaction. SBI offers 7 term insurance plans that are designed to fulfill every individual’s requirement while fitting in their budget.
List of SBI Term Plans
Below mentioned are the 7 terms plans offers by SBI Life:
- SBI Life eShield
- SBI Life Saral Jeevan Bima
- SBI Life Poorna Suraksha
- SBI Life Smart Shield
- SBI Life Smart Swadhan Plus
- SBI Life Saral Swadhan+
- SBI Life Grameen Bima
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Claim Process at SBI Life Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.
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FAQ About SBI Life Term Insurance
What is a Term Insurance Plan?
A Term Insurance plan is a pure life insurance policy. It provides financial security to your family or loved ones in case of the unfortunate demise of the policyholder. You get higher cover at a lower premium rate.
Do SBI Life Term Insurance plans offer Tax Exemptions?
Yes, SBI Life Term Insurance offers tax exemptions under section 80C, section 80D, and section 10(10D) of the taxation law subject to terms and conditions.
What is the right time to buy a SBI Life Term Insurance plan?
The right time to buy the SBI Life Term Insurance plan is as early as possible. With the increasing age, the higher would be the term plan premium. The minimum age you can purchase a SBI Life Term Insurance plan is 18 years.
What are the different factors that will affect my SBI Life Term insurance premiums?
Your SBI Life term insurance premium amount will be based on your Gender, Age, Occupation, Pre-Existing disease, and Cover-up to which age.
How will my Age affect my SBI Life term insurance premium?
Age is an important factor in deciding the premium. As the age increases, and so is the term insurance premium.