September 22, 2018
  • The Power of Applied Intelligence

How Much Does SBI Life Insurance Cost?

SBI Life Insurance offers various Life Insurance plans online according to the needs and requirements of the customers.  The premium charged for each insurance varies depending on the type of Insurance; Number of years covered, Age of the insured and Sum assured chosen at the time of enrollment. The insurance payout frequency also varies according to the policies.

The premiums for the Life Insurance plans vary from one thousand to ten lakhs. Below is the list of plans according to the coverages offered and the premiums charged.

  • SBI Life Poorna Suraksha – It is a Non-linked term insurance plan covers auto rebalance Life and critical illnesses as you age and provides more protections. The Annual premiums vary from INR 3,000 to INR 9, 32,000 per year.
  • SBI Life E-shield – This plan assures your burden of securing your family from shoulders to the fingertips as it comes with two riders and two benefits options. The minimum entry age for the policy is 18 years and the premium amount is INR 2,799 onwards per year
  • SBI Life EIncomeShied – It is a pure term, income protection plan that provides security of regular monthly income for your dependents. There is also flexibility to increase the inflow according to needs in the future. The premium payment is INR 4,500 onwards.
  • SBI Life – Ewealth Insurance – This plan helps you grow the wealth by availing the benefits of market-linked returns on your invested money at the same time getting protection for your entire life. The premium payments range vary between INR 1,000 and INR 1, 00,000.

There are other Life Insurance plans offered from SBI Life Insurance and the premium paid to vary from INR 1,000, to INR 10,000 for them as well.

Tax Benefits on SBI Life Insurance Plans

Life Insurance policy is one of the most preferred investment plans in India as it helps in tax planning. Just like any other Life Insurance Policy, SBI Life insurance policy offers its customers an opportunity to save on their total income along with the protection it offers to the family of the policyholder on the sudden demise.

Under section 10(10D) of Income Tax Act 1961, If you have opted for Life Insurance policy, maturity benefits are tax-free in the hands of policyholders at any point of time during the policy term, premiums paid in any year do not exceed twenty percent of the basic Sum Assured. The tax deduction is applicable for the policy issued only before 1 April 2012. For policies issued on or after 1 April, 2012 premium should not exceed 10% of minimum sum assured at any point of time during the term of policy to avail tax deductions.

Any amount received under a Life Insurance policy qualifies for the deduction. The sum received could be sum allocated for bonus, survival and maturity benefits, surrender value and death benefits.

Pocket-friendly Plans from Sbi Life Insurance

SBI Life Insurance offers a few types of pocket-friendly Child insurance plans. One is a traditional plan and the other is a unit linked plan.  The pocket-friendly plans allow you to pay for the premiums with flexibility and the amount you require to pay is lower than any other types of plans.

SBI Life Smart champ insurance plan – This plan has inbuilt accident total and permanent disability riders. The sum assured will be paid in the last four years after your child crosses 18 years of age. In case of death or disability, the entire lump sum will be paid to the nominee. If the customers choose to pay the premiums on an annual basis, then the amount due at the end of the year is INR 66,000 and on a monthly basis, it is INR 6,000.

SBI Life Smart Scholar – This plan is taken for the benefit of the child but the parents are insured. Premiums payable is either in a lump sum or in a single payment. The insurers can choose to withdraw the funds at the time of maturity or 5 after maturity. In case of the demise of the insurer, the sum assured will be paid to the nominee.  The premium for the single payer is INR 75,000, for limited pay, it is INR 24,000. A premium payor or waiver riders and accident pay waiver riders are included on the plan from the beginning.

Life Insurance policies help you protect your loved ones and help you to save some tax every year. So before investing in anything, invest in Life insurance policy. SBI Life insurance policy will give you both tax benefits on your premium payments and protect your entire Life.