SBI Term Insurance FAQs

Smoking is hazardous to health. It increases the risk of developing throat or lung cancer. So, regular smokers have to pay a higher premium as compared to non-smokers.

If you are unable to make the premium payment on the due date, the insurance company offers you a grace period of 15 days for monthly premium payments and 30 days quarterly, half yearly or yearly premium payments.

Yes, SBI offers a free-look period of 15 days from the date of policy issuance, under which the insured can choose to cancel or return the policy to the insurance company if he/she is not satisfied with the policy.

You can visit the nearest SBI Life Insurance branch to apply for a claim or you can easily log on to SBI Life Insurance’s website by entering your policy number and password to apply for a claim online.

Tax deduction under Section 80C and Section 10(10D) is available under SBI Life Term insurance plans. Tax deductions and exemptions are subject to change from time to time.

The nominee, beneficiary, or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the policyholder in the proposal form.

The claim settlement ratio of SBI Life insurance was 94.52% in FY 2019-20.

Yes, SBI Life term insurance plans provide coverage outside India while traveling subject to terms and conditions.

According to the regulations, a grace period of 30 days is allowed from the premium due date under the SBI Life Term plans.

No, loan against term insurance policy is not available under SBI Life term insurance plans.

A person who is 18 years or above is eligible to purchase SBI Life term insurance plans

PAN Card is a mandatory document for buying SBI Life Term insurance. Other documents required for term life policy documents are age proof, identity proof, address proof, and income proof.

No, all quotations and charts are in Indian Rupees, premiums are only accepted in INR.

The 24x7 toll-free number of SBI Life Insurance is 1800 267 9090. The timings of this helpline number are 9:00 A.M to 9:00 P.M everyday.

SBI Life featured an impressive claim settlement ratio of 95.03% in 2018-2019.

Yes, you can add a rider to your term insurance plan anytime during the policy term.

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.

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.

Your SBI Life term insurance premium amount will be based on your Gender, Age, Occupation, Pre-Existing disease, and Cover-up to which age.

Age is an important factor in deciding the premium. As the age increases, and so is the term insurance premium.