SBI Term Insurance—let’s talk about it straight. If you’re looking for a term plan with a ₹1 crore payout, this is one of those policies that give you rock-solid peace of mind without breaking the bank. And what’s even more exciting? It’s backed by SBI Life—yep, the folks with a claim settlement ratio north of 99% in recent years!
1. Why ₹1 Crore Cover Is the New Must-Have
A cover of ₹1 crore isn’t just a fancy number—it’s meant to take care of your family’s living expenses, future education, home loan dues, inflation, you name it. Every financial planner I’ve heard says a crore is the minimally smart amount these days.
2. Rock-Steady Claim Settlement Ratio
SBI Life has been crushing it—99.2% claim settlement ratio for FY 2023-24, and even prior years hovered around 97–99%. SBI Life That means out of every 100 claims, with hips raised, 99 get approved and paid. That’s more comfort than most insurers.
3. Varied Plan Choices
The popular “eShield Next” plan lets you buy SBI Term Insurance online. You get three flavors:
Level Cover—payout stays fixed.
Increasing Cover—payout increases to match inflation or milestones.
Level + Future-Proofing—boost the cover later when you marry, have kids, or buy a house.
There’s also Smart Shield, more traditional, with offline support and a similar ₹1 Crore cap.
4. Rider Options for Added Protection
Need extra perks? You can tack on:
Accidental Death Benefit
Accidental Total & Permanent Disability
Better-Half Benefit (yes, spouse covered too!)
The terminal illness rider is bundled in all options free of charge. Sweet!
5. Easy & Affordable Premiums
Premiums start from about ₹449/mo for ₹1 crore cover. Plus you get choices: single pay, 5/10/15/20/25-year limited pay, or pay for the whole term up to 67 years old. Policybazaar
6. SBI Life’s Financial Muscle
SBI Life isn’t a small fish—they collected ₹35,577 Cr in new business premiums in FY25, with regular protection premiums growing 11% year overyear. The solvency ratio sits at a sturdy 1.96—above the IRDA benchmark.
7. Digital or Traditional—Your Call
If you’re all about self-service, eShield Next is fully online—instant quotes, paperless docs, and easy purchase. Prefer talking to someone? The Smart Shield plan can be bought offline through agents.
Where eShield Next Falls Short
Let’s keep it real:
There is no built-in critical illness rider, so you will need to purchase an additional one.
There is no premium waiver available for illness or disability.
The payout process is not instantaneous, although it happens swiftly.
Compared to flashier rivals (Bajaj, Aditya Birla, Axis), it’s a bit basic—but still solid and reliable.
Claim Process – What to Expect
When the time comes, SBI Life ensures:
Claim Intimation
Submit docs (online or branch)
Claim processed via designated office
Payout in lump sum or installments (your call!)
Many customers report speedy, smooth experiences—even 24-hour claim payments are possible with stellar cases.
Finally, a Few Tips
| Tip | Details |
|---|---|
| Calculate your cover | Use online calculators (PolicyBazaar, Ditto) to pick between ₹1‑2 Cr based on income & dependents. (Ditto, Policybazaar) |
| Check eligibility | Premiums vary on age, health, lifestyle, & cover type. |
| Compare riders/pricing | SBI’s rates vs rivals—sometimes rivals offer a better deal with similar reliability. Ditto pegged Axis Max Life at 99.5% CSR, etc. |
| Review exclusions | Standard wait period for suicide, non-disclosure, etc. |
| Update your nominee | Keep everything current so pay-out is hassle-free. |
Quick Q&A
Q. Can I increase coverage later?
Absolutely. “Future Proofing” allows top-ups at major events like marriage or birth.
Q. What if I fall critically ill?
The terminal illness rider is built in—it pays out early if diagnosed—but the separate critical illness rider isn’t included and needs an add-on.
Q. What mode of death benefit payout is there?
Either a lump sum or monthly installments—or a mix of both—your choice.
Q. How fast are the payouts?
While not “instant,” claim settlement is impressively fast—many cases within days. SBI Life’s CSR and feedback highlight their efficiency.
Wrapping It All Up
If you want a ₹1 crore death benefit, don’t want to overpay, and want dependable payout chances, SBI Term Insurance hits all the right notes. It’s flexible, trustworthy, and backed by India’s biggest bank.
Sure, it doesn’t have all the bells and whistles of some newer policies, but sometimes “tried and true” beats “shiny and risky.” So, if you’re ready for serious protection with a semi-casual, human-to-human vibe, SBI’s offering is a fantastic pick.
QA:
Q1: Is SBI Term Insurance a good choice for self-employed people?
A: Totally. You pick a term, premium mode, add riders—you tailor it even if you’re not on payroll.
Q2: Can I book SBI Term Insurance entirely online?
A: Yes—with the eShield Next plan, you get quotes, docs, pay, and policy issuance all online.
Q3: How do I add the Accidental Death Rider?
A: While buying, just tick the ADB or APPD riders (both available). You can add it later during policy renewal, too, within limits.
Remember: Finance moves fast—if you want to get current pricing or compare quotes today, it’s best to check the official links or recent portals.
Stay safe, and here’s to smarter protection!
Also Read: Unbeatable 7 LIC Best Plan 2025 – Which One Wins?