What I Looked for Before Buying SBI Term Insurance

Last year, when my daughter was born, life took on a new meaning. Holding her tiny hand, I felt an overwhelming sense of responsibility—not just to be a good father today, but to ensure her future, no matter what. That’s when I knew I needed SBI Term Insurance. The thought of my wife and daughter struggling financially if something happened to me kept me up at night. I started researching SBI Term Insurance plans, determined to find a policy that would give me peace of mind. Here’s what I looked for before choosing SBI Term Insurance, and why it became the cornerstone of my family’s financial security.

What I Looked for

As a 31-year-old software engineer in Hyderabad, I wanted a plan that was trustworthy, straightforward, and affordable. SBI Term Insurance checked all those boxes, but I didn’t just take their word for it—I dug deep to make sure it was the right fit. Here’s what mattered to me.

Trusted Brand

The first thing I looked for was a brand I could rely on. SBI Term Insurance, offered by SBI Life Insurance, stood out because of its connection to the State Bank of India, a name synonymous with trust in India. Established in 2000 and regulated by the IRDAI, SBI Life has a reputation for stability. Knowing that SBI Term Insurance is backed by India’s largest public-sector bank gave me confidence that my policy wouldn’t vanish into thin air. It felt like choosing a partner I could trust for decades.

Simple and Transparent Coverage

I’m not a finance expert, so I needed a plan that was easy to understand. SBI Term Insurance, particularly the eShield Next plan, was refreshingly clear. The terms were straightforward: pay a premium, get life cover, and add optional riders if needed. There were no hidden clauses or complex investment components. The policy document outlined exclusions—like death due to high-risk activities or suicide within the first year (where only 80% of premiums are refunded)—in plain language. This transparency made me feel confident I wasn’t signing up for something I’d regret.

₹1 Crore Life Cover

Affordability was a big factor. I wanted a ₹1 crore cover to ensure my family could pay off our home loan (₹40 lakh) and cover living expenses if I wasn’t around. Using SBI’s online premium calculator, I found that the eShield Next plan for a 31-year-old non-smoker cost around ₹11,500 annually for a 30-year term—about ₹960 a month. This was well within my budget, especially with tax benefits under Sections 80C and 10(10D). The ability to choose a high sum assured without breaking the bank made SBI Term Insurance a practical choice.

SBI’s Strong Claim Record

A policy is only as good as its claim process. I was relieved to find that SBI Term Insurance has a claim settlement ratio of 99.20% for FY 2023-24, as reported by Policybazaar. This meant nearly every valid claim was paid out promptly. I read reviews on platforms like MouthShut where families praised SBI Life for quick settlements, often within 10-15 days. Knowing that my wife could rely on a hassle-free payout if the worst happened gave me immense confidence in SBI Term Insurance.

Critical Illness Rider and Accidental Death Benefits

I wanted extra protection for life’s uncertainties. While SBI Term Insurance doesn’t offer a critical illness rider with every plan (a slight drawback), the eShield Next allowed me to add the Accidental Death Benefit Rider. This doubles the payout to ₹2 crore if death occurs due to an accident—a real concern since I commute daily in Hyderabad’s traffic. The Accidental Total and Permanent Disability Rider was another option, offering support if I became disabled. These riders added a small cost to my premium but felt like a safety net tailored to my lifestyle.

Smooth Online Process

As someone who prefers doing things online, I was impressed by SBI’s digital experience. The Smart Care portal let me explore SBI Term Insurance plans, get a quote, and apply in under 30 minutes. I entered my age, income, and coverage needs, and the premium calculator gave me a clear breakdown. The application process was simple: fill out a form, upload ID proof, and schedule a medical test (required for my ₹1 crore cover). SBI arranged the test at a nearby diagnostic center, and the results were sent directly to them. The 15-day free-look period gave me time to review everything, ensuring I was fully comfortable.

Reliable Customer Service

While the online process was smooth, I had a few doubts about riders and tax benefits. I called SBI’s toll-free number (1800 267 9090), and the representative was patient, answering my questions without pushing me to buy. I also visited an SBI branch in Banjara Hills, where a staff member clarified how to update nominee details. This blend of digital ease and offline support made SBI Term Insurance feel accessible, no matter how I chose to engage.

Why I Felt Safe Choosing SBI

SBI Term Insurance won me over for a few key reasons. The government-backed trust factor was huge—SBI’s legacy as a reliable institution made me feel my policy was in safe hands. Being IRDAI-registered since 2001, with a solvency ratio of 2.15% (well above the required 1.5%), added to that trust. Reviews from policyholders about fast claim settlements—some as quick as a week—reassured me that my family wouldn’t face delays in a crisis. The clear documentation, from policy terms to claim requirements (death certificate, nominee ID, claim form), left no room for confusion. Most importantly, SBI didn’t pressure me. The online premium calculator and transparent process let me decide at my own pace, which felt refreshing.

My Advice to Anyone Reading

If you’re thinking about SBI Term Insurance, don’t wait for the “perfect” moment. I’m glad I acted when I did—buying early kept my premiums low. SBI makes it easy to get started: visit their website, use the premium calculator, or call their helpline. Think about your family’s future—debts, education, daily expenses—and choose a cover that protects it. If I hadn’t bought SBI Term Insurance, I’d still be stressing about the “what ifs” every time I kiss my daughter goodnight.

Quick Checklist

• Decide your cover: ₹1 crore worked for me to cover loans and expenses.
• Use SBI’s term insurance calculator to estimate premiums.
• Add riders like accidental death benefits if they suit your lifestyle.
• Call 1800 267 9090 or visit a branch for clarity on doubts.
• Start young and healthy to lock in lower rates.

Conclusion

Now, I sleep peacefully knowing that if anything happens to me, my family won’t suffer financially. SBI Term Insurance gave me that relief with its trusted brand, affordable ₹1 crore cover, and reliable claim process. If you care about your loved ones, this is one decision you won’t regret. Take the first step today—explore SBI Term Insurance, run the numbers, and build a safety net for those who matter most.

Disclaimer: This reflects my personal experience with SBI Term Insurance as of July 2025. Consult a financial advisor and review policy details before purchasing.