SBI Term Insurance 1 Crore Plan – Full Premium & Benefit Guide 2025

SBI Term Insurance 1 Crore Plan – Full Premium & Benefit Guide 2025

In 2025, securing a SBI Term Insurance 1 Crore plan is a smart choice for individuals looking to provide robust financial protection for their families. Offered by SBI Life Insurance, a trusted joint venture between the State Bank of India and BNP Paribas Cardif, these plans deliver high coverage at affordable premiums. With a claim settlement ratio of 99.20% in FY 2023-24, SBI Term Insurance ensures reliability and peace of mind. This guide provides a comprehensive overview of SBI Term Insurance 1 Crore plans, including premiums, benefits, eligibility, and key features, helping you choose the right plan for your needs.

What is SBI Term Insurance 1 Crore Plan?

An SBI Term Insurance 1 Crore plan provides a sum assured of ₹1 crore to the nominee in case of the policyholder’s untimely demise during the policy term. These pure-risk plans focus on protection without maturity benefits (unless specified, e.g., return of premium options). Plans like SBI Life eShield Next, Smart Shield, and Saral Swadhan Plus offer ₹1 crore coverage, catering to young professionals, parents, or sole breadwinners who want to secure their family’s financial future against loans, education costs, or daily expenses.

Premium Details for SBI Term Insurance 1 Crore Plans

Premiums for SBI Term Insurance 1 Crore plans vary based on age, health, smoking status, policy term, and plan type. Below are indicative annual premiums for a 30-year-old non-smoker for a 30-year policy term, based on available data:

  • SBI Life eShield Next: ~₹6,500–₹7,500/year (Level Cover option, online purchase).
  • SBI Life Smart Shield: ~₹7,000–₹8,000/year (Level Term Assurance).
  • SBI Life Saral Swadhan Plus: ~₹8,500–₹9,500/year (includes return of premium feature).
  • SBI Life Poorna Suraksha: ~₹9,000–₹10,500/year (includes critical illness cover).
  • SBI Life Saral Jeevan Bima: ~₹6,800–₹7,800/year (simple protection plan).

Note: Premiums are approximate and exclude taxes or rider costs. For precise quotes, use the SBI Life premium calculator on www.sbilife.co.in or consult an advisor. Premiums are lower for younger ages (e.g., ₹449/month for an 18-year-old non-smoker for eShield Next) and may increase for smokers or those with health conditions.

Premium Payment Options

  • Single Pay: One-time payment for the entire policy term.
  • Limited Pay: Pay premiums for 5, 7, 10, 15, or 20 years (varies by plan).
  • Regular Pay: Pay throughout the policy term (monthly, quarterly, half-yearly, or yearly).
  • Grace Period: 15 days for monthly payments, 30 days for other modes; non-payment leads to policy lapse.

Key Benefits of SBI Term Insurance 1 Crore Plans

SBI Term Insurance 1 Crore plans offer a range of benefits to ensure financial security:

  • High Coverage at Low Cost: ₹1 crore sum assured at premiums as low as ₹449/month for young buyers.
  • Tax Benefits: Premiums qualify for deductions up to ₹1.5 lakh under Section 80C, and death benefits are tax-free under Section 10(10D) of the Income Tax Act, 1961.
  • Flexible Payout Options: Choose lump sum, monthly income, or a combination for death benefits.
  • Rider Options: Enhance coverage with Accidental Death Benefit, Accidental Total/Permanent Disability, or Critical Illness riders (available in Poorna Suraksha).
  • High Claim Settlement Ratio: 99.20% in FY 2023-24, ensuring reliable payouts.
  • Customizable Plans: Options like increasing cover or future-proofing benefits adjust to life changes.
  • Terminal Illness Benefit: Included in plans like eShield Next, paying the sum assured (up to ₹2 crore) upon diagnosis of a terminal illness before age 80.

Popular SBI Term Insurance Plans with ₹1 Crore Coverage

Below is a breakdown of key SBI Term Insurance plans offering ₹1 crore coverage, highlighting their unique features and benefits.

SBI Life eShield Next

  • Type: Non-Linked, Non-Participating, Pure Risk.
  • Key Features:
    • Three variants: Level Cover, Increasing Cover (10% increase every 5 years), Level Cover with Future Proofing Benefit (increases sum assured for life events like marriage or childbirth).
    • Whole-life coverage up to age 100.
    • Better Half Benefit: Extends coverage to the spouse under the same plan.
    • Terminal Illness Benefit included at no extra cost.
  • Premium Example: ~₹6,500/year for a 30-year-old non-smoker, 30-year term.
  • Best For: Tech-savvy individuals seeking long-term, customizable coverage.

SBI Life Smart Shield

  • Type: Non-Linked, Non-Participating, Pure Risk.
  • Key Features:
    • Two variants: Level Term Assurance (fixed sum assured), Increasing Term Assurance (5% annual increase).
    • Optional riders: Accidental Death Benefit, Accidental Total/Permanent Disability.
    • High sum assured discounts for coverage above ₹50 lakh.
  • Premium Example: ~₹7,000/year for a 30-year-old non-smoker, 30-year term.
  • Best For: Budget-conscious buyers needing flexible coverage.

SBI Life Saral Swadhan Plus

  • Type: Non-Linked, Non-Participating, Savings with Return of Premium.
  • Key Features:
    • Returns 100% of premiums paid if the policyholder survives the term.
    • Fixed life cover of ₹1 crore throughout the policy term.
    • Simple enrollment with no medicals for lower sums assured.
  • Premium Example: ~₹8,500/year for a 30-year-old non-smoker, 30-year term.
  • Best For: Those seeking term insurance with maturity benefits.

SBI Life Poorna Suraksha

  • Type: Non-Linked, Non-Participating, Term with Critical Illness.
  • Key Features:
    • Covers 36 critical illnesses with premium waiver upon diagnosis.
    • Life stage rebalancing adjusts life and critical illness cover as needs change.
    • Terminal Illness Benefit included.
  • Premium Example: ~₹9,000/year for a 30-year-old non-smoker, 30-year term.
  • Best For: Individuals wanting dual life and health protection.

SBI Life Saral Jeevan Bima

  • Type: Non-Linked, Non-Participating, Pure Risk.
  • Key Features:
    • Simple, affordable plan with minimal documentation.
    • No medicals required for lower sums assured (up to ₹25 lakh).
    • Fixed ₹1 crore coverage for the policy term.
  • Premium Example: ~₹6,800/year for a 30-year-old non-smoker, 30-year term.
  • Best For: First-time buyers or those seeking straightforward coverage.

Eligibility for SBI Term Insurance 1 Crore Plans

  • Entry Age: 18–65 years (varies by plan; e.g., 50 for Poorna Suraksha, 65 for eShield Next).
  • Policy Term: 5–50 years (up to age 100 for eShield Next Whole Life option).
  • Sum Assured: Minimum ₹5 lakh (Saral Jeevan Bima) to ₹25 crore (Poorna Suraksha).
  • Medical Requirements: May be required for high sums assured or based on age/health; Saral Jeevan Bima often skips medicals for lower sums.
  • Ideal Candidates: Sole breadwinners, young professionals, or those with dependents/loans.

Claim Process for SBI Term Insurance 1 Crore Plans

The claim process for SBI Term Insurance 1 Crore plans is efficient, with a 99.20% claim settlement ratio in FY 2023-24. Follow these steps:

  • Notify SBI Life: Inform within 15 days of the policyholder’s demise via www.sbilife.co.in, a branch, or helpline (1800-267-9090).
  • Submit Documents:
    • Death certificate.
    • Policy document.
    • Nominee’s ID proof and bank details.
    • Claim form (available online).
    • Medical records (if applicable, e.g., for terminal illness claims).
  • Processing: Submit documents online or at a branch; claims are processed quickly, with payouts as a lump sum, monthly income, or both, based on the plan.
  • Rider Claims: Additional documents may be needed for accidental death or critical illness claims.

Exclusions to Understand

  • Suicide Exclusion: If the policyholder dies by suicide within one year of policy start or reinstatement, the nominee receives 80% of premiums paid, and the policy becomes void.
  • Other Exclusions: Claims may be denied for high-risk activities, criminal acts, or self-inflicted injuries.

Why Choose SBI Term Insurance 1 Crore Plans in 2025?

SBI Term Insurance 1 Crore plans are ideal for 2025 due to their affordability, flexibility, and reliability. With premiums starting at ₹449/month for young buyers, a AAA/Stable rating from CRISIL, and 947 branches across India, SBI Life ensures accessibility and trust. Plans like eShield Next offer unique features like whole-life coverage and future-proofing benefits, while Poorna Suraksha adds critical illness protection. The ability to customize with riders and flexible payment options makes these plans versatile for diverse needs.

Conclusion: Secure Your Family with SBI Term Insurance 1 Crore Plan

A SBI Term Insurance 1 Crore plan provides substantial coverage to protect your family from financial burdens like loans, education costs, or daily expenses. With plans like eShield Next, Smart Shield, and Poorna Suraksha, you can choose the best fit for your budget and goals. Use the SBI Life premium calculator on www.sbilife.co.in to get personalized quotes or consult an advisor to finalize your plan. Take action today to ensure your loved ones’ financial security in 2025 and beyond!


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