SBI Rs. 1 Crore Term Insurance Plan Explained

Term plans from SBI are a very sought after and popular choice. These protection plans are tailored to provide financial relief and security to a policyholder’s family in the unfortunate event of their demise. The 1 Crore Term Insurance plans from SBI offer only death benefits but also provide riders that offer additional cover such as accidental death benefits.

Top SBI Term Insurance Plans With Rs. 1 Crore Sum Assured

SBI Life Insurance offer a few of their policies which have a sum assured of Rs. 1 crore, they are:

1. SBI Life - Smart Champ Insurance

This plan is designed to help your child have a brighter future and provide your child the expenses related to your child’s further education. It is a non-linked, participating, individual plan. Education Needs - Smart benefits are paid in 4 installments after your child is 18 years of age and till he/she turns 21 years of age. Triple Protection - Protection for your child in case there are any unforeseen events occurring during the term of the policy. By providing them with: Immediate Payment, Waiver of any due payments, Smart benefit. Option to make one single payment. Lump sum payment immediately. Benefit of survival will be at the end of the policy year when the child completes 18, 19, 20 or 21 years of age. Tax Benefit as per the Income Tax Act of 1961 is available under this plan. 

2. SBI Life – eShield

This plan is a non-linked, non-participating, individual plan with financial protection for individuals who need specific tailored benefits at affordable costs. This plan will have options such as Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover, Increasing Cover with Accidental Death Benefit. At an affordable premium, you can now secure your family. Apply online in an easy and seamless process for securing life cover. Earn rewards for maintaining a healthy lifestyle. Choose from a wide variety of plan options, with increasing cover and levels as well. Can choose to add an additional benefit Accidental Death Benefit. Get tax benefits under section 80C and 10(10D) of Income Tax Act, 1961

3. SBI Life - Smart Power Insurance

This is a non-participating, unit linked insurance plan that gives you protection and also looks at your investment needs as well. Provide your family financial security as well as make investments in the financial markets. Maturity Benefit: When the policy completes its term, the Fund Value will be paid. Death Benefit: Sum Assured is payable or a higher of the Fund Value. Total and Permanent Disability Benefit: 100% of the Death Benefit will be payable. Tax Benefit as per the Income Tax Act of 1961 is available under this plan. 

Take Away

If an individual falls within the age group of 30 and 35 years, and yet possesses the capacity to earn for a longer period of time while being the only earner of the family, then he/she will be eligible to a life insurance policy with a sum assured of Rs.1 crore. Anyone who has ever taken an insurance policy would know that the insurer sometimes asks you to submit a medical report as proof of good health and insurability. This is done by the insurer to ensure that the applicant is not suffering from any serious or critical illness which may be life threatening, which in turn drives up the risk factor greatly. 

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