SBI Life Term Insurance Plan

 SBI Life has a unique micro-insurance term plan for below the poverty line persons with a maximum premium amount of Rs. 2000 and a maximum sum assured of Rs. 50,000.


But their regular term plan is SBI- Life Smart Shield that comes with two structures –

Increasing Term Assurance

Under this the sum assured automatically increases by a simple rate of 5%.

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Level Cover Benefit

The sum assured remains the same throughout the policy term.

SBI allows the surrender of term policy with surrender benefits up to 80% for single premium cases.

SBI Life offers a special premium discount of up to 30% on a large sum assured. However, there is a premium frequency loading up to 8.5% on monthly premium payments.

SBI Term Life Insurance Individual Death Claims Paid Ratio – 92.13%

SBI Life Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 60 years
Max. Maturity age80 years
Min. Sum AssuredRs. 25 Lacs
Max. Sum AssuredNo limit
Subject to underwriting policy
Policy termMin. 5 years
Max. (80 less age at entry) years
Premium payment termRegular at annual, semi-annual,
quarterly or monthly


  • SBI Life Accidental Death Benefit rider
  • SBI Life Accidental Total and Permanent Disability Benefit rider

SBI Life Best Term Insurance Plans

  • SBI Life Smart Shield Plan
  • SBI Life eShield Plan
  • SBI Life Saral Shield Plan
  • SBI Life Poorna Suraksha Plan
  • SBI Life Grameen Plan

What I Liked

  • Term plans for below poverty line persons
  • Up to 30% discounts on premiums for a large sum assured
  • Surrender allowed for single premium cases

What I Didn’t Like

  • 60 years as max age of entry
  • 80 years as the max maturity age
  • Premium frequency loading
SBI Life Insurance offers a variety of term insurance plans, including:
  • Life Secure
    A young term plan with a life cover of ₹1 crore, a maximum limit of 99 years, and a claim settlement of 99.01%
  • Zindagi Protect
    A plan with a life cover of ₹1 crore, a maximum limit of 100 years, and a claim settlement of 99.2%
  • eShield Next
    A plan with a life cover of ₹1 crore, a maximum limit of 85 years, and a claim settlement of 95.03%
  • SBI Life Grameen Bima
    A plan with an age range of 18–50 years, a minimum premium of ₹10,000, and a maximum premium of ₹50,000
  • eShield Plan
    A basic, non-linking, and non-participating term plan with lower premium rates for non-smokers
  • Saral Swadhan+

    A traditional plan with a fixed life cover, a guaranteed maturity benefit, and an annual premium range of ₹1,500–5,000 

The eShield Next plan offers a death benefit to the nominee or beneficiary if the policy is in effect when the life assured dies. The death benefit is the higher of the following:
  • 10 times the annualized premium
  • The absolute amount assured plus the amount to be paid on death 
To purchase SBI Life Insurance, you need to provide ID proof, such as a PAN card, driving license, Aadhaar card, or voter ID, as well as residential proof.