Free SBI Term Insurance Premium Calculator
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SBI Term Insurance Premium Calculator

Your Complete Guide to Calculating Term Insurance Premiums

Introduction

The SBI Term Insurance Premium Calculator is a powerful digital tool designed to help you estimate the cost of your term life insurance coverage. This calculator provides instant premium estimates based on your personal information, coverage needs, and policy preferences.

Term insurance is the purest form of life insurance that provides financial protection to your loved ones in case of your untimely demise during the policy term. Unlike other insurance products, it offers high coverage at affordable premiums.

Key Features:

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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 needs.

Financial Clarity

Understand exactly how much coverage you can get within your budget. The calculator shows how different factors affect your premium, helping you find the right balance between coverage and affordability.

Comparison Tool

Easily compare different SBI term insurance plans side-by-side. See how premium amounts vary between eShield, eShield Plus, Smart Shield, and other options to choose the best plan for your needs.

Planning Accuracy

Accurately forecast your insurance expenses for better financial planning. The calculator helps you incorporate insurance costs into your long-term budget without surprises.

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Practical Uses of the Calculator

The SBI Term Insurance Premium Calculator serves multiple purposes for different users at various life stages. Here are the most valuable applications:

For First-Time Buyers:

For Existing Policyholders:

For Financial Advisors:

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How to Use the Calculator

Using the SBI Term Insurance Premium Calculator is simple and straightforward. Follow these steps to get accurate premium estimates:

Select Your Plan Type

Choose from available SBI term plans (eShield, eShield Plus, Smart Shield, etc.). Each plan has different features and premium structures.

Enter Personal Details

Provide your age, health information, lifestyle habits, and occupation details. These factors significantly impact your premium.

Set Coverage Parameters

Specify your desired sum assured (₹25 lakhs to ₹5 crores) and policy term (5-40 years). Consider your family's financial needs when deciding.

Add Optional Riders

Enhance your coverage with riders like accidental death benefit or critical illness cover. Each rider increases your premium but provides additional protection.

View Results

The calculator instantly displays your estimated annual and monthly premiums along with coverage details.

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Why You Should Use This Calculator

In today's complex financial landscape, the SBI Term Insurance Premium Calculator provides essential benefits that go beyond simple number crunching:

1. Informed Decision Making

Rather than relying on agent estimates, get precise premium calculations based on your specific parameters. Understand exactly what you're paying for.

2. Time Efficiency

Compare multiple scenarios in minutes instead of waiting for quotes from multiple agents. Adjust parameters instantly to see how they affect your premium.

3. Financial Transparency

See the breakdown of how different factors contribute to your premium. No hidden costs or surprise charges - just clear, transparent calculations.

4. Confidence in Purchase

Approach the buying process with confidence knowing you've evaluated all options and selected coverage that truly meets your needs and budget.

5. Future Planning

Project how your insurance needs might change over time by testing different age and coverage scenarios.

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Ready to Calculate Your Premium?

Take the first step toward securing your family's financial future

It takes less than 2 minutes to get your estimate

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. SBI Term Insurance Premium Calculator
Premium Calculator
Plan Comparison
Benefits

Calculate Your Premium

30
₹50,00,000
20

Your Premium Estimate

Estimated Annual Premium

₹2,000

(₹167 per month)

Total Coverage Amount

₹50,00,000

for 20 years

  • Tax benefits under Section 80C & 10(10D)
  • Life cover up to ₹5 Crores
  • Flexible payment options
  • Optional riders for enhanced protection
  • Quick claim settlement

Compare SBI Term Insurance Plans

Select the best plan that suits your needs by comparing features, benefits, and premiums.

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

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.

Affordable Premiums

Our term plans offer high coverage at very affordable premiums, ensuring maximum protection for your family at minimum cost.

Multiple Riders

Enhance your coverage with optional riders like accidental death benefit, critical illness cover, and waiver of premium.

Easy Application Process

Apply online with minimal documentation. No medical tests required for most applicants below 45 years with sum assured up to ₹50 lakhs.

Tax Benefits

Premiums paid qualify for tax deduction under Section 80C up to ₹1.5 lakhs. The death benefit is tax-free under Section 10(10D).

Quick Claim Settlement

We have one of the fastest claim settlement processes in the industry with a high claim settlement ratio of over 95%.


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SBI Term Insurance Premium Calculator - User Guide

Step-by-step instructions to calculate your term insurance premium

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CLICK HERE FOR MORE INFO
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Introduction

Welcome to the SBI Term Insurance Premium Calculator. This tool helps you estimate the premium amount for your term insurance plan based on your personal details and coverage requirements.

Note: The premium calculated is an estimate only. The actual premium may vary based on SBI Life's underwriting guidelines and your medical examination results.

What You'll Need:

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CLICK HERE FOR MORE INFO
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Step-by-Step Guide

1 

Select Plan Type

Choose from the available SBI term insurance plans:

  •  eShield - Basic term plan with affordable premiums
  •  eShield Plus - Comprehensive coverage with riders
  •  Smart Shield - Flexible premium payment options
  •  Saral Shield - Simplified term insurance
Tip: If you're unsure, start with eShield for basic coverage or eShield Plus for comprehensive protection.
2 

Enter Your Age

Use the slider or type directly to enter your current age (between 18-65 years).

The premium amount is directly affected by your age - younger applicants typically get lower premiums.

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CLICK HERE FOR MORE INFO
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3 

Set Sum Assured

Select your desired coverage amount (₹25 lakhs to ₹5 crores).

Consider:

  •  Your annual income (typically 10-15 times)
  •  Existing liabilities (loans, mortgages)
  •  Future financial needs of your family
Important: Don't underinsure. Ensure the sum assured is adequate to protect your family's financial future.
4 

Select Policy Term

Choose how long you need coverage (5-40 years).

Ideally, select a term that covers:

  •  Your working years until retirement
  •  Until your children become financially independent
  •  Until your major loans are repaid
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5 

Choose Payment Term

Select how you want to pay premiums:

  •  Regular Pay - Pay premiums throughout policy term
  •  Limited Pay - Pay for 10 years only
  •  Single Pay - One-time payment
Tip: Limited pay options have higher annual premiums but lower total payout compared to regular pay.
6 

Provide Health Information

Select the option that best describes your:

  •  Health Condition - From Excellent to Poor
  •  Lifestyle Factors - Smoking/alcohol habits
  •  Occupation - Risk level of your job
Important: Be truthful about your health and lifestyle. Misrepresentation can lead to claim rejection.
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7 

Add Optional Riders

Enhance your coverage with these add-ons:

  •  Accidental Death Benefit - Extra payout for accidental death
  •  Critical Illness - Lump sum for diagnosed critical illnesses
  •  Waiver of Premium - Premiums waived if disabled
  •  Income Benefit - Regular payouts to nominee
Tip: Critical Illness rider is highly recommended as it provides living benefits.
8 

Calculate Premium

Click the "Calculate Premium" button to see your estimated annual and monthly premium.

The results will show:

  •  Annual Premium - Total yearly amount
  •  Monthly Premium - Equivalent monthly payment
  •  Total Coverage - Your selected sum assured
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Understanding Your Results

1 

Premium Breakdown

The calculator provides:

  •  Base Premium - Core insurance cost
  •  Rider Costs - Additional charges for selected riders
  •  Total Premium - Sum of all components
2 

Factors Affecting Premium

Your premium is calculated based on:

  •  Age - Older applicants pay more
  •  Sum Assured - Higher coverage = Higher premium
  •  Health Risks - Existing conditions increase premium
  •  Lifestyle Choices - Smoking/alcohol can increase costs
  •  Occupation Hazards - Risky jobs mean higher premiums
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Ways to Reduce Premium

Consider these options to lower your premium:

  •  Buy younger - Premiums are lower when you're younger
  •  Opt for regular pay - Limited/single pay have higher premiums
  •  Maintain good health - No tobacco use, regular exercise
  •  Choose essential riders only - Avoid unnecessary add-ons

Next Steps After Calculation

1 

Save Your Quote

You can:

  •  Print your premium calculation
  •  Email it to yourself for future reference
  •  Save as PDF to compare with other plans
2 

Apply Online

Click "Apply Now" to:

  •  Begin the online application process
  •  Schedule a medical checkup if required
  •  Submit necessary documents
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3 

Contact Support

For assistance:

  •  Call SBI Life helpline: 1800 123 4567
  •  Email: support@sbilife.co.in
  •  Visit nearest SBI branch
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Frequently Asked Questions

Q: Is the calculated premium final?

A: No, this is an estimate. The final premium may change after medical underwriting.

Q: Can I change details after calculation?

A: Yes, simply adjust any field and recalculate.

Q: How accurate is this calculator?

A: It provides close estimates based on standard rates, but actual premiums may vary by ±10%.

Q: Are there any hidden charges?

A: No, all costs are included in the calculation.

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