SBI Life Insurance 40000 per year Plan for 10 years

In today’s changing times, securing your family's future against the odds is paramount. There are several ways in which you can do so, such as by buying life insurance plans. SBI Life Insurance, one of India's leading life insurance providers, offers a comprehensive plan designed to meet your life insurance needs. In the section below, we will talk all about SBI Life Insurance which lets you pay Rs. 40,000 premium for 10 years.

Overview of SBI Life Insurance Plans

A leading name in the life insurance companies, SBI Life started its journey in 2001. Since its inception, with a customer-centric approach, the company has been gaining the attention of customers from all over. Whether you are looking for retirement plans or term insurance plans, you can easily find a suitable plan with SBI Life. SBI also offers life insurance plans with a policy term of 10 years and provides life insurance coverage at Rs. 40,000 premium annually.

Listed below are some of the features this type of plan offered by SBI Life Insurance:

• These plans require you to pay an annual premium payment of Rs. 40,000
• You need to pay the premium for 10 years
• Once the policy term is over, you will receive a lump-sum amount, and the death benefit is paid if the policyholder meets an unfortunate demise

Key features

Financial Protection: The life insurance plan provides financial cover to the family of the policyholder in case of his/her death. 

Higher Returns: With this plan, you have to pay a premium for just 10 years and reap the benefits for your whole life.

Long-Term Security: Your cover does not terminate after 10 years of paying the premium, it secures you till the age of 85 or 100 years old depending on your policy.

Death Benefit: The policy includes term insurance as it provides coverage to the family of the policyholder in case he/she dies during the policy period.

Tax Benefit: According to the Income Tax Act of 1961, you can avail of tax benefits by purchasing this life insurance plan.

Maturity Benefits: If you choose the ‘Return on Premium’ option, all the premiums paid will be refunded to you at the end of the policy as a maturity amount.

Benefits of Buying SBI Life Insurance for 10 Years

Let us take you through the benefits of buying an SBI Life insurance plan for 10 years:

• To ensure financial protection for your loved ones in case of unfortunate events, you need to buy SBI Life insurance plans for 10 years
• The premium for these plans needs to pay for a limited period of 10 years which means that at affordable premiums you will be able to get extended life insurance coverage. Typically, these plans provide coverage for 85/100 years.
• The SBI Life insurance plan for 10 years provides death benefits. This means that if the policyholder meets an unfortunate demise during the policy term, then financial benefits will be paid out to the nominees.
• With SBI life insurance plans, you will also get tax benefits under section 80C of the Income Tax Act of 1961.
• There are a few SBI life insurance plans that also come with an investment component. This means your money will grow if you invest in such SBI life insurance plans.

A List of SBI Life Insurance Plans for 10 Years

Listed below are the top SBI life insurance plans for 10 years that you can consider buying:

• SBI Life eShiled Next Plan: The SBI Life eShiled Next Plan lets you choose from three different options, Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit. Depending on your needs, you can choose the right plan option and pay a premium for a period of 10 years. The minimum entry age to this plan is 18 years and the maximum entry age is 65 years. The premium for this plan can be paid on annual, half-yearly, monthly, or quarterly basis. You can also include riders to the plan, Accidental Death Benefit Rider, Critical Illness Rider, and more. 

• SBI Life - Smart Lifetime Saver: The SBI Life - Smart Lifetime Saver provides life insurance coverage for your lifetime by letting you pay an annual premium of Rs. 30,000. This plan also provides annual survival income benefits and also lets you get enhanced protection by including riders to the plan.

In addition to these, there are many other SBI life insurance plans that you can consider buying such as SBI Life - Smart Future Choices, SBI Life - New Smart Samriddhi, SBI Life - Smart Platina Assure, SBI Life - Shubh Nivesh, and many more.

Eligibility

You can purchase the SBI Life Insurance if you fulfill the following eligibility criteria: 

• Your age must be between 18-65 years.
• You should have a Government ID for your KYC authentication.
• You should have a source of income.( salary or own business)
• You should have salary slips for the last 3 months and a bank statement for the last 6 months. ( if salaried)
• You should have ITR and COI for the last 3 years. ( if business owner)

Tips to Choose the Right SBI Life Insurance Plan

Listed below are some useful tips that will help you in buying the right SBI life insurance plan:

• Assess Your Needs: You need to evaluate your financial goals by keeping all your future finances in mind. Understanding your needs will help you choose the right SBI life insurance plan that caters to your specific requirements.
• Understand Different Plans: SBI Life Insurance offers a diverse range of plans, including term insurance, endowment plans, and ULIPs. So, familiarise yourself with the features and benefits of each type to select the one that best suits your circumstances.
• Check the Premium Rates: Choose a plan that has a premium amount that comfortably fits into your budget. SBI Life Insurance plans offer flexibility in premium payments, allowing you to choose a plan that aligns with your financial capacity.
• Evaluate Policy Term: Assess and compare the different life insurance plans offered by SBI Life and buy one that best suits your budget and needs. 
• Review Riders and Add-ons: Explore additional riders and add-ons that enhance your coverage. Critical illness riders, accidental death benefits, and waiver of premium options can provide extra layers of protection to your SBI life insurance plan.

How Can You Buy SBI Life Insurance Plans with InsuranceDekho?

Here are the steps in which you can buy SBI Life insurance plans with InsuranceDekho:

• Go to the life insurance section on InsuranceDekho website
• Enter details such as age, mobile number, medical history, and others
• Once you enter all the relevant details, you will be able to view a list of life insurance plans
• From the available list, select SBI life insurance plans and proceed with premium payment
• Once your payment is completed, you will receive SBI Life insurance policy details on your registered email id 

Summing Up

So, buy SBI Life insurance plan that has a policy term of 10 years and secure the future of your loved ones. You can also explore a number of other SBI life insurance plans on InsuranceDekho and contact our support team in case you face any problem

FAQs

Ques 1.What is the SBI 40,000 per Year Life Insurance plan?

Ans. It is a plan where you need to pay a premium of Rupees 40,000 annually for a term period of 10 years. This plan covers death benefits for the term period of 10 years. After 10 years a lump sum amount will be paid to the salary holder. 

Ques 2. What are the benefits of an SBI 40,000 per year life insurance plan?

Ans. SBI 40,000 per year life plan covers you till the age of 85/100 while the premium is paid just for the initial 10 years. It provides a death benefit for 10 years as well. So this plan acts as a term insurance for 10 years and then provides a lump sum amount till the age of 85/100 acting as an income after retirement.

Ques 3. What are the documents required to purchase an SBI 40,000 per year plan for a business owner?

Ans. These are the documents required to purchase an SBI term insurance policy for a person who owns a business.

• Completed SBI Life Shubh Nivesh registration form.
• KYC documents
• ITR of last 3 years 
• Completion of Income for the last 3 years
• Address proof
• Medical Examination Proofs (if required)

Ques 4. Can I buy an SBI Life plan through InsuranceDekho?

Ans. Yes, you can purchase an SBI life plan through the InsuranceDekho website. You can also call 755 1196 989 and ask for a home visit by a relationship manager who will visit your home and assist you in completing the procedure.

Ques 5. Will I need a medical exam to buy an SBI Life plan?

Ans.  Taking a medical exam is not a compulsory step for everyone. However, in a few cases, insurance companies ask you to take a medical test. In such cases, you must take a medical test to complete the process of purchasing the policy.