SBI Term Plan
State Bank of India and BNP Paribas Cardif are together indulged into a joint venture that created SBI Life Insurance. It owns almost 74% of the total capital. The company provides comprehensive series of life insurance and pension products. It provides various plans which are classified under various sections including individual plan, group plan and health plan. Each plan is integrated with various benefits and add-on solutions.
SBI Term Plan is supported by India’s largest bank, i.e., State bank of India. SBI is ranked no. 1 amongst all the private life insurance companies in India. The SBI Life Smart Shield Plans of the company is considered as a term insurance policy which provides protective shield to an individual at an affordable premium. This policy shield is a pure term plan which is designed with no maturity benefits and other add-on solutions as it only offer death benefits to the customer.
There are two term plan policies offered by SBI:
SBI Life Saral Shield: It is a simple plan that comes with an additional benefits in the form of riders. The policy has 3 variants of the same which is further classified into Level, Decreasing for Loan Protection and Decreasing for Family Income Protection plan. Under the plan, it offers a special discount to women and provide large sum at its maturity period.
SBI Life Swadhan Plan: Swadhan is another interesting affordable traditional term Insurance policy which is designed with refund of part or total basic premium to be paid at the end of the term to the particular policyholder. The policy comes with the guaranteed refund of essential premium paid on survival at the end of the term. The policy comes with guarantees and one can surrender value after the completion of payment for 36 months.