Best SBI Life insurance policies to save tax


Best SBI Life insurance policies to save tax : The ever-increasing significance of life insurance against the backdrop of proportionally doubling medical expenses among other things has made it imperative for a potential policyholder to be vigilant about the knick-knacks of the sundry term plans.

Best SBI Life insurance policies

Indeed, so far as SBI term insurance plans are concerned, it is important to keep in mind that with the ever renewed viabilities across each and every plan, it may at times sound plausible to consult an insurance expert to get through the rather intricate technical essentialities. However, adequate research and a bit of quotidian insight are enough to get things through.

So far as SBI term insurance and life insurance plans are concerned, the following key highlights may be noted:

  • One of the foremost aspects of SBI life insurance plans is the fact that the plans provide a high claim settlement ratio. The feature of a high claim settlement ratio is not new in that it may be viewed as an essential aspect across many plans. However, what is distinguishing is the amount of flexibility and the extent of bureaucracy.
  • Coverage extending up to crores of rupees is yet another major hallmark of the SBI life insurance plans. Indeed, the coverage designed to meet the diverse range of customer requirements is a significant parameter for measuring the popularity of a particular plan.
  • Three-way grievance redressal methods are one of the cherished procedures in order for a policyholder to meet his policy requirements in ways that are only convenient but also quick and brief.

The aforementioned features constitute the major essentialities of nearly all the basic SBI term insurance plans to save tax. Also, it is equally significant to note that saving tax, although vital and always preferable, should not always be the sole guiding factor while deciding upon a plan. There should be a calculated approach which takes heed of balance and pragmatism for meeting with the financial aims.

Indeed, the pliancy and flexibility of the plans are proof enough of their inherent feasibility and consequent popularity. However, it is equally important to note that no matter what the appeal of a particular plan, it is always recommended to thoroughly look through the specific terms and conditions before plunging to invest.

SBI Life – e Shield Plan

  • Although new, the SBI life eShield plan is one of the foremost among the readily emerging plans in recent times. It is especially significant in that it offers innumerable opportunities to the customer.
  • The plan is especially appealing in that it is relatively fresh and is essentially designed to stand conducive to prospective customers looking for affordable premiums. As the name itself hints, the plan is an individual plan designed to take care of the rather cumbersome premium requirements across conventional term plans.
  • As of now, the plan is readily available on the website of the company concerned. At the same time, it is important to note that the potential insured should always check through the apposite terms and conditions.
  • The plan is comprehensive in that it offers substantive coverage, not to mention additional opportunities such as contingent death benefit.
  • Premiums shelled out towards the operation of the plan are all subject to the relevant tax laws as mandated under the Income Tax Act of India, 1961.
  • Premium payment process under the plan is chiefly on an annual basis, and the premium payment term is the same as the tenure of the plan. However, it is never enough to mention the importance of going through the specific terms and conditions as thoroughly as possible.
  • It is important to note that SBI e Shield does not include any survival benefit on its termination. However, the concerned nominee is officially entitled to receiving the effective sum assured as the essential death benefit. It is important to understand that the lack of a survival benefit does not in any manner whatsoever impede the emerging relevance of the plan.

SBI Life – Smart Money Planner

  • The said plan is especially beneficial in that it provides guaranteed cash flow at sustained intervals. Indeed, the plan is essential in that it supports the short and long term priorities of the concerned investor.
  • The plan offers two premium payment options and the policyholder has the liberty to choose between the two: single premium, and limited premium payment option.
  • It is important to keep in mind that all the mentioned benefits and the like adhere to the relevant tax laws as mandated by the IT Act of India.
  • Apart from that, the concerned plan also provides benefits during the plan maturity and in the event of the death of the insured along with a survival benefit.

SBI Life – Smart Humsafar

  • One of the most popular SBI term insurance plans is the SBI Smart Humsafar Plan. As the name suggests, it is non linked participation endowment plan that provides a range of benefits.
  • Apart from handsome savings and insurance cover for a couple, the plan also provides revisionary additions that accrue till the end of the term of the plan.
  • Till the date of policy maturity, the fundamental sum assured plus the accumulated bonuses will be shelled out as the survival benefit.
  • Also, what is especially significant about the plan is that it provides a minimum bonus for the first three years of the plan. The bonus is furnished at a rate of 2.50 percent of the basic sum assured.
  • Apart from that, the plan provides death benefits too.
  • Also, it is important to keep in mind that all the benefits provided by the plan are respectively subject to the relevant tax provisions as mandated by the Income Tax Act of India.
  • The said plan provides a minimum sum assured of Rs. 1 lakh and a maximum sum assured of Rs. 5 crores.
  • The flexibility of the plan ensures that the premiums may be shelled out annually, semi-annually, quarterly and monthly. Indeed, it is this pliancy which is especially conducive to the subjective preferences of individuals.

CSC Saral Sanchay by SBI

  • The plan is a nonparticipating plan. The age of eligibility is between eighteen years and sixty years.
  • A floor rate of one percent per annum is disbursed to the concerned policyholder throughout the course of the plan.
  • The plan is especially appealing to the consumers in that it provides a considerable degree of liquidity. For instance, the concerned policyholder may make withdrawals from the sixth year onwards in accordance with his or her preferences.
  • Like any traditional plan, this plan furnishes both survival benefit and death benefit to the policyholder.
  • Also, it is important to keep in mind that all the benefits provided by the plan are respectively subject to the relevant tax provisions as mandated by the Income Tax Act of India.
  • The evident pliancy of the plan ensures that the premiums may be shelled out annually, semi-annually, quarterly and monthly.

SBI Life – Smart Power Insurance

  • It is a nonparticipating, unit linked plan which is available at generally viable premiums.
  • Potential policyholders may choose from two coverage options – level cover and increasing cover.
  • Additionally, the plan is especially favorable in that it allows the customer the liberty of two free switches in a single policy year.
  • Apart from that, one of the more defining aspects of the plan is that it allows the concerned insured to make urgent withdrawals in order to cope up with exigent financial demands.
  • Irrespective of everything else, the plan is subject to the relevant tax laws as provisioned under the Income-tax Act of India. Also, the premiums may be shelled out annually, semi-annually, monthly or quarterly.
  • Yet another defining aspect or feature of the plan is that it allows the concerned insured to advance the policy benefit to become the living benefit through the insurer’s default disability benefit.

The aforementioned plans are some of the most common, recently launched SBI term insurance plans. The evidently common thread coursing through the apparently different policy terms is the fact that all the said plans are designed chiefly to further the customer’s financial position in times of acute need.

Patently enough, the obvious benefits provided by the multifarious plans are from the outset appealing to potential customers in that they allow beneficial liabilities, not to mention momentous flexibility in various respects.

For instance, the benefits provided by such plans as SBI Life e Shield are a case in point. Indeed, the consequent liabilities are especially conducive in that they allow the concerned insured to partake of a conveniently democratic and liberal venture.

Also, as far as the appealing benefits are concerned, what is especially important to mark is that a potential policyholder must always check through the terms and conditions before embarking on the venture. Another vital need is to compare different plans, even if by the same insurance company and read the fine print before deciding on a plan.