SBI Life Online Term Plan: Features & Benefits
SBI Life Insurance, a leading insurer in India, offers online term plans that provide financial security at affordable premiums. These plans are designed to offer pure life cover, ensuring that in case of the policyholder’s untimely demise, the nominee receives a lump sum payout to manage financial obligations. SBI Life offers various term plans online, such as SBI Life eShield Next and SBI Life Poorna Suraksha, catering to different needs.
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Key Features of SBI Life Online Term Plan
1. Pure Protection Cover
SBI Life’s term plans offer high life cover at low premiums, ensuring financial protection for the policyholder’s family. These plans do not have maturity benefits, making them cost-effective compared to other life insurance products.
2. Multiple Plan Options
SBI Life’s eShield Next provides flexibility with three plan options:
- Level Cover: The policy keeps the sum assured fixed throughout the term.
- Increasing Cover: The sum assured increases over time to counter inflation.
- Level Cover with Future-Proofing Benefit: Allows policyholders to increase cover at life milestones like marriage or childbirth.
3. Affordable Premiums & Flexibility
- Online purchase ensures lower premiums due to reduced administrative costs.
- Premium payment options include one-time, regular, or limited pay.
- Policyholders can select a cover period ranging from 5 to 100 years, depending on the plan.
4. Critical Illness & Accidental Cover Riders
SBI Life online term plans offer optional riders like:
- Accidental Death Benefit Rider: Additional payout in case of accidental death.
- Critical Illness Rider: Coverage for specific life-threatening illnesses.
- Permanent Disability Rider: Provides financial assistance if the policyholder suffers a permanent disability.
5. Tax Benefits
Policyholders get tax deductions on premiums paid under Section 80C, and the death benefit is tax-free under Section 10(10D) of the Income Tax Act.
6. Quick & Hassle-Free Online Purchase
The entire process, from policy selection to premium payment, can be completed online without paperwork. Instant policy issuance is available for eligible applicants without medical tests.
Conclusion
SBI Life’s online term plans provide comprehensive financial protection, ensuring peace of mind at affordable premiums. With flexible coverage options, riders, and easy online access, these plans are an ideal choice for securing a family’s future.
