Best Term Insurance Plan of SBI in 2023
Overview of SBI Term Insurance Plan
SBI term insurance plan is one of the best and most reliable term insurance plans in the market. It is an excellent way to secure financial future of your loved ones. It provides coverage for a specific period at an affordable and fixed premium. In the event of untimely death of the insured, the nominees of the policy will receive the death benefit amount. This amount can be used to fulfill the financial obligations and needs of the family.
Features and Benefits of SBI Term Insurance Plan
The features and benefits of SBI term insurance plan are as follows:
- Low premium rates: The premium rates of SBI term insurance plans are very affordable and fixed for the entire term of the policy.
- High coverage: SBI term insurance plans offer a high coverage of up to Rs. 1 crore at an affordable premium rate.
- Tax benefits: The premiums paid towards SBI term insurance plans are exempt from tax deductions under Section 80C of the Income Tax Act.
- Flexible terms: SBI term insurance plans can be customized to meet the changing needs of the policyholder.
- Online purchase: SBI term insurance plans can be easily purchased online without any hassle.
Eligibility Criteria for SBI Term Insurance Plan
The eligibility criteria for SBI term insurance plan are as follows:
- Age: The minimum entry age for the policy is 18 years and the maximum entry age is 65 years.
- Minimum sum assured: The minimum sum assured for the policy is Rs.25 lakhs.
- Policy tenure: The policy tenure can be chosen from 5 years to 30 years.
- Premium payment mode: The premium payment mode can be chosen from quarterly, half-yearly, or yearly.
How to Buy SBI Term Insurance Plan?
The process of buying SBI term insurance plan is simple and hassle-free. It can be done online within a few minutes. All you need to do is visit the official website of SBI, fill in the necessary details, make the payment, and the policy will be issued instantly.