Online Free SBI Term Insurance Premium Calculator
Your Complete Guide to Financial Protection
Introduction
The SBI Term Insurance Premium Calculator is an essential tool for anyone looking to secure their family's financial future. This digital calculator helps you estimate the cost of term life insurance coverage based on your specific needs and circumstances.
Term insurance is the most affordable form of life insurance that provides a death benefit to your beneficiaries if you pass away during the policy term. Unlike other insurance products, it offers pure protection without any investment component, resulting in significantly lower premiums.
Key Features:
- Instant premium estimates based on your profile
- Comparison between different SBI term plans
- Adjustable parameters to find optimal coverage
- Clear breakdown of premium components
- No personal information required for estimation
Why This Calculator is Important
Financial planning requires precise calculations, especially when it comes to protecting your family's future. The SBI Term Insurance Premium Calculator helps you make informed decisions by providing accurate premium estimates tailored to your specific situation.
Financial Security
Ensures your family maintains their standard of living and can meet financial obligations like loans, education expenses, and daily needs if you're no longer there to provide for them.
Informed Decision Making
Compare different coverage amounts and policy terms to find the perfect balance between adequate protection and affordable premiums.
Tax Benefits
Understand how much you can save under Section 80C (up to ₹1.5 lakhs) and that the death benefit is completely tax-free under Section 10(10D).
Practical Uses
The Online Free SBI Term Insurance Premium Calculator serves multiple purposes for different users at various life stages:
For Young Professionals:
- Determine affordable coverage early when premiums are lowest
- Plan for future financial responsibilities (marriage, home loan, etc.)
- Lock in lower rates while young and healthy
For Family Providers:
- Calculate coverage needed for dependents' future needs
- Account for children's education and living expenses
- Ensure spouse can maintain household without financial stress
For Retirement Planners:
- Cover outstanding debts so they're not passed to family
- Provide legacy for loved ones or charities
- Complement other retirement savings and investments
How to Use the Calculator
Using the SBI Term Insurance Premium Calculator is simple and takes less than 2 minutes:
Select Plan Type
Choose from available SBI term plans (eShield, eShield Plus, Smart Shield, etc.). Each offers different features and premium structures.
Enter Personal Details
Provide your age, health information, lifestyle habits, and occupation. These factors significantly impact your premium rates.
Set Coverage Amount
Specify your desired sum assured (₹25 lakhs to ₹5 crores) based on your family's financial needs and existing liabilities.
Choose Policy Term
Select coverage duration (5-40 years) - typically until retirement or until your financial dependents become independent.
Add Optional Riders
Enhance coverage with riders like accidental death benefit or critical illness cover for comprehensive protection.
View Results
Get instant premium estimates with breakdown of annual and monthly costs for your selected coverage.
Why Choose SBI Term Insurance
SBI Life Insurance offers distinct advantages that make it a top choice for term insurance in India:
Trust & Reliability
Backed by State Bank of India, India's largest bank, and BNP Paribas Cardif, a global insurance specialist.
High Claim Settlement Ratio
Consistently maintains claim settlement ratio above 95%, ensuring your family's claims will be honored.
Affordable Premiums
Competitive pricing with premiums starting as low as ₹490 per month for ₹1 crore coverage.
Wide Range of Riders
Customize your policy with optional add-ons like critical illness cover, accidental death benefit, and more.
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Secure your family's future today Select the best plan that suits your needs by comparing features, benefits, and premiums. SBI Term Insurance provides financial security to your family in case of unfortunate events. The sum assured is paid to the nominee in case of the policyholder's demise during the policy term. Our term plans offer high coverage at very affordable premiums, ensuring maximum protection for your family at minimum cost. Enhance your coverage with optional riders like accidental death benefit, critical illness cover, and waiver of premium. Apply online with minimal documentation. No medical tests required for most applicants below 45 years with sum assured up to ₹50 lakhs. Premiums paid qualify for tax deduction under Section 80C up to ₹1.5 lakhs. The death benefit is tax-free under Section 10(10D). We have one of the fastest claim settlement processes in the industry with a high claim settlement ratio of over 95%.
Online Free SBI Term Insurance Premium Calculator
Compare SBI Term Insurance Plans
Feature
eShield
eShield Plus
Smart Shield
Saral Shield
Minimum Sum Assured
₹25 lakhs
₹25 lakhs
₹25 lakhs
₹25 lakhs
Maximum Sum Assured
₹5 crores
₹5 crores
₹5 crores
₹5 crores
Entry Age (Min-Max)
18-65 years
18-65 years
18-65 years
18-65 years
Policy Term
5-40 years
5-40 years
5-40 years
5-40 years
Premium Payment Term
Regular Pay
Regular/Limited/Single Pay
Regular/Limited Pay
Regular Pay
Critical Illness Rider
No
Yes
Yes
No
Accidental Death Benefit
Optional
Included
Optional
No
Waiver of Premium
No
Optional
Optional
No
Return of Premium
No
Optional
No
No
Sample Premium (30Y, ₹50L, 20Y)
₹8,500/year
₹10,200/year
₹9,800/year
₹7,900/year
Benefits of SBI Term Insurance
Comprehensive Protection
Affordable Premiums
Multiple Riders
Easy Application Process
Tax Benefits
Quick Claim Settlement
Beginner's Guide to SBI Term Insurance
Everything you need to know to get started
Need Help Choosing?
Our insurance experts can guide you to the perfect plan for your needs
Download Complete Guide
Get our comprehensive PDF guide with all the details
What is Term Insurance?
Term insurance is the simplest and most affordable form of life insurance. It provides financial protection to your family if something happens to you during the policy term.
Key Characteristics:
- Pure protection: No investment component, just insurance
- Fixed term: Coverage for a specific period (10, 20, 30 years etc.)
- Death benefit: Pays out only if the insured passes away during the term
- Affordable: Lowest premiums among all life insurance types
Why Beginners Should Consider It
Term insurance is perfect for those who want maximum coverage at minimum cost. It's the most cost-effective way to ensure your family's financial security.
How Term Insurance Works
Choose Your Coverage Amount
Decide how much financial protection your family would need (typically 10-15 times your annual income).
Select Policy Term
Choose how long you need coverage (usually until retirement or until your financial responsibilities decrease).
Pay Regular Premiums
Pay monthly/annually to keep the policy active. Premiums remain fixed for the entire term.
Benefit Payment
If you pass away during the term, your beneficiaries receive the full coverage amount tax-free.
Beginner Tip
The younger you are when you buy term insurance, the lower your premiums will be. It's one of the best financial decisions you can make early in your career.
Why Choose SBI Term Insurance?
| Feature | SBI Term Insurance | Typical Term Plans |
|---|---|---|
| Claim Settlement Ratio | Over 95% | 90-95% |
| Entry Age | 18-65 years | 18-60 years |
| Maximum Coverage | ₹5 Crores | ₹1-2 Crores |
| Premium Payment Options | Regular, Limited, Single | Usually just Regular |
Special Benefit for Beginners
SBI offers simplified underwriting for younger applicants with coverage up to ₹50 lakhs, often without medical tests.
Common Beginner Mistakes to Avoid
- Underinsuring: Choosing too low coverage to save on premiums
- Short terms: Selecting a term that ends before your financial responsibilities do
- Hiding health details: Can lead to claim rejection later
- Not reviewing: Forgetting to update coverage as life circumstances change
- Delaying purchase: Premiums increase as you get older
Pro Tip
Use the free SBI premium calculator to experiment with different coverage amounts and terms before making a decision.
Your Next Steps
Calculate Your Needs
Use our calculator to estimate how much coverage you require based on your income, debts, and family situation.
Compare Plans
Review different SBI term insurance options to find the best fit.
Begin Application
Start your online application - it's quick and paperless for most applicants.
Ready to Get Started?
Take the first step toward securing your family's future today
