How to Choose Best SBI Term Plan in India?

Market is full of insurance players and its tough to choose the best term plan so let us evaluate the benefits of SBI term plan in India.

Anything can happen from the time we are born to the moment we die. Unfortunate situations are not uncommon in the world. This is the core-reason why people turn to insurance to help keep them secure in case something terrible were to happen; especially to the breadwinner of a family.

One of the policies that people look forward to being SBI term insurance plans.

• Also called Life Insurance, these particular investments are designed to provide for your family in case you pass away from unforeseen or unavoidable circumstances.
• Premium rates vary between all major term insurers because the companies are intentionally not competing with one another where this package is concerned.
• While they are all similar to each other, premiums vary depending on your age and how much risk the insurer is willing to take with you.

Here are some of the salient points to keep in mind when you go into the policy market and try to choose best SBI Term Plan in India.

Key Points To Know When Buying SBI Life Term Insurance or Choose Best SBI Term Plan in India

1. Low Premiums of SBI Life Term Insurance Plans

This is one of the first factors that interested customers will be on the lookout for while shopping for SBI term insurance. However, it is NOT as important as you think.

• The other two points on our list highlight your priority-points, after which you can readily sort through premium options.
• While this may come as a surprise to some people, it is nevertheless an important piece of advice, which is not designed to make you pay any premium under the sun, but to help you get your priorities straight.

This mode of approach will definitely serve you in the long run, which is essentially what term insurance is all about.

2. SBI Company Repute

Take the time to do your homework and learn about a company’s financial health and societal standing.

• Do NOT base your judgment on television advertisements or because a famous celebrity endorsed this or that insurer.
• If you have prior experience with, say, SBI term insurance deals, then you will know which one is best suited to you. Otherwise, it is best to do your own research, much like you are now while reading this.
• The State Bank of India is being covered in this article because it has repute and good standing, with tens of millions of customers. Regardless of that, it is advisable that you double-check everything about your preferred SBI life term insurance policy before stamping paid to the investment.

3. Claim Settlement Ratio of SBI Term Plan in India

This is the primary point you need to put under the microscope. Remember, in case something were to happen to you, your family will receive a sum assured and gain financial security from term insurance plans. This is the foundation of all SBI term plans; as well as that from other insurers.

• There is every chance that your claim will be rejected by the insurer. This can happen for several valid reasons. You can learn more about that by simply searching under the broad topic of ‘claim settlement ratios’.
• Do not fully trust agents/agencies who promise to take out a term plan on your behalf. Nobody is out there to help you make money, they are in it for themselves; pardon the harsh revelation.
• Agents aim to pocket their commission and be on their way. They will certainly help get you a competent SBI term insurance policy but will hasten while filling out forms. Any hurried mistakes made on their part can potentially injure your financial capabilities.
• Do not be shy to reveal other insurance plans that you are probably currently paying premiums for. They can be with other insurers, doesn’t matter, mention them. Even if it is endowments or ulips, mention them.
• Whatever personal or medical setbacks might be troubling you – alcoholism, drug use, general medical conditions – make note of them in your application form. You do not want omissions coming back to haunt you later.

By following these (and other) points, you increase your chances of having a claim accepted. Let’s look at some of the leading term plans from SBI available today.

Best SBI Term Insurance Plans 2017-2018

• SBI Life Smart Power – This non-participating unit-linked insurance plan is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years.
• SBI Life Smart Humsafar – This joint life insurance traditional plan is open to individuals in the age range of 18-46. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years.
• SBI Life eShield – This online SBI term plan is open to individuals in the age range of 18-60 or 18-65. Its maximum maturity age is 70 years, and the policy term is anywhere from 5-30 or 10-30 years.
• SBI Life Saral Sanchay CSC – This participating traditional endowment plan is open to individuals in the age range of 18-55 or 18-60. Its maximum maturity age is 70 years, and the policy term is set at 10 or 15 years.
• SBI Life Smart Money Planner – This traditional participating money-back endowment plan is open to individuals in the age range of 18-50, 18-55, or 18-60. Its maximum maturity age is 75 years, and the policy term is set at 15, 20, or 25 years.

Best SBI Term Insurance Plans 2018-2019

• SBI Life eShield – This is an individual, non-linked, non-participating pure online term plan of SBI which is open to individuals in the age range of 18-60 or 18-65. Its maximum maturity age is 70 years, and the policy term is anywhere from 5-30 or 10-30 years. This eases the way to choose best SBI Term Plan in India.
• SBI Life Smart Money Planner – This traditional (non linked) participating money-back endowment plan is open to individuals in the age range of 18-50, 18-55, or 18-60. Its maximum maturity age is 75 years, and the policy term is set at 15, 20, or 25 years. If you need to choose best SBI Term Plan in India with money back, then you can go with this term plan.
• SBI Life Smart Humsafar – This joint (for married couples) life insurance traditional plan is open to individuals in the age range of 18-46. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years. If you are married and need to choose best SBI Term Plan in India, then you can go with this term plan.
• SBI Life Saral Sanchay CSC – This traditional, joint life, non-linked, participating endowment plan with benefits of savings and life insurance cover plan is open to individuals in the age range of 18-55 or 18-60. Its maximum maturity age is 70 years, and the policy term is set at 10 or 15 years. If you need to choose best SBI Term Plan in India with the benefits of savings as well as life insurance cover, then you can go with this term plan.
• SBI Life Smart Power – This is simple, low premium, non-participating unit-linked insurance plan which is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years. If you need to choose best SBI Term Plan in India with low premium and unit linked, then you can go with this term plan.

Best SBI Term Insurance Plans 2019-2020

• SBI Life eShield – It’s an online term plan which can be opted by any individual of age from 18 to 65 years. Its maximum maturity age is 70 years and policy term is 5 to 30 years.
• SBI Life Smart Money Planner – It’s traditional participating money back endowment plan which can be opted by any individual of age from 18 to 60 years. Its maximum maturity age is 75 years and policy term is 15/20/25 years.
• SBI Life Smart Humsafar –It’s traditional joint life insurance plan which can be opted by any individual of age from 18 to 46 years. Its maximum maturity age is 65 years and policy term is 10 to 30 years.
• SBI Life Saral Sanchay CSC – This traditional, joint life, non-linked, participating endowment plan which can be opted by any individual of age from 18 to 60 years. Its maximum maturity age is 70 years and policy term is 10/15 years.
• SBI Life Smart Power – This is simple, low premium, non-participating unit-linked insurance plan which is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years.

Conclusion

You have options! You merely need to sit down and explore them in detail. The concept of SBI term insurance is to grant you long-term peace of mind and is easy to choose best SBI Term Plan in India based on above. You can go on paying premiums and work until retirement knowing that your family is safe under these schemes, in the occurrence of your death or permanent disability. As you can imagine, this is no laughing matter. If you are looking for short-term options, those are also available from SBI.

An important point that you must follow, go for medical examinations rather than Tele-medical examination in which Life Insurance companies question about your health details in the phone and during claim settlements, in future, they take this report as a base to reject your claim.

This will really clear the doubts arising in your mind about future claim settlements and in future, insurance companies can’t find any reasons to reject the claim on health ground which is not based on Tele-medical examinations.