Quick Overview
A ₹2 crore term insurance cover can provide strong financial protection for responsibilities like home loans, children’s education, and long-term household expenses if you’re no longer around. However, while deciding the right cover amount is one step, choosing the right insurer is often where many buyers get confused.
This is where SBI Life Insurance often comes into consideration. Backed by the trusted State Bank of India brand, it combines strong market presence with over two decades of insurance experience, though there are certain aspects buyers should evaluate before deciding.
This guide explains the SBI Life ₹2 crore term insurance plans available, benefits, premiums, and whether they fit your protection needs.
SBI Life 2 Crore Term Plan
The following three plans from SBI Life offer 2 crores of term insurance coverage:
Eligibility Criteria for SBI Life 2 Crore Term Plan
Key Features and Benefits of SBI Life Term Insurance for ₹2 Crore Cover
Choosing SBI Life Term Insurance 2 crore gives you:
Large Financial Protection
Ensures ₹2 crore payout to family if you pass away, helping replace lost income and meet long-term goals.
Flexible Plans to Match Your Needs
- Smart Shield Plus/Premier: pure protection
- Smart Swadhan Supreme: protection plus return of total premiums paid if you survive the policy term
Death Benefit Payout Choices
Nominees can choose:
- Lump-sum payout
- Monthly installments
- Combination
The payout type is usually decided by the policyholder at the time of purchase.
Increasing Cover and Future Proofing Options (Shield Plans)
Protects against inflation by increasing the sum assured automatically over time. However, Ditto does not recommend the increasing cover variant because premiums are much higher, and the cover may not have gotten the chance to grow much if death happens early on in the policy term. Instead, opt for a sufficient sum assured from the beginning.
On the other hand, the Future Proofing benefit allows you to increase cover during major life events. The upgrades are allowed during marriage (up to 50% of base sum assured, max ₹50 lakhs), birth/adoption of 1st or 2nd child (25% each, max ₹25 lakhs), and home purchase (once during the term, up to ₹50 lakhs or loan amount, whichever is lower).
Better Half Benefit in Smart Shield Plus
If the life insured dies, the spouse continues the policy without paying premiums until age 60 or the remaining policy term. If the spouse dies or is diagnosed with terminal illness before maturity, a lump sum of ₹25 lakh or 50% of the sum assured (lower) is paid. The benefit doesn’t apply if the spouse dies before the insured, both die together, or in case of suicide within 12 months.
Return of Premium (Swadhan Supreme)
Under Smart Swadhan Supreme, surviving the policy term results in a full refund of all premiums paid (excluding taxes), giving you back the premiums you paid over the policy duration.
However, at Ditto, we don’t recommend return-of-premium (ROP) plans. These plans come with significantly higher premiums (60-100% higher) compared to pure term insurance, and the additional amount you pay typically generates very low returns over time. Instead, buying a pure term plan and investing the premium difference separately, like in mutual funds, often leads to better wealth creation while still providing the same level of life protection. According to us, Insurance and investment should be kept separate.
Why Should You Buy an SBI Life Term Insurance for 2 crore?
You should consider an SBI life term insurance 2 crore plan if:
- You have significant financial liabilities (home loan, business loan, children’s education)
- You may prefer a whole life coverage option, which allows protection to continue up to advanced ages (up to 100 years under certain options), ensuring financial security even in later life.
- You prefer a return-of-premium option (Smart Swadhan Supreme)
- You value brand trust and strong claims performance
- You want flexible payout modes
A ₹2 crore cover can replace income, clear debts, and maintain your family’s lifestyle even after your absence. But is it enough for you? You can also refer to our term insurance calculator to find that out.
Documents Required for SBI Life 2 Crore Term Plan
The documents required for an SBI Life term insurance 2 crore are the same as the documents required for purchasing any term insurance plan. You can read more about it in the linked guide.
We’ll only be illustrating the premiums of the Smart Shield plans because we don’t recommend buying the Smart Swadhan Supreme plan ( or any other ROP plan for that matter) from SBI or other insurers.
SBI Life 2 Crore Term Insurance Premium: Age-Wise Cost Breakdown
Profile considered: Premiums are based on a ₹2 crore sum assured, with coverage up to age 70, for a non-smoking male, with no added riders or 1st year discounts.
Disclaimer: These recommendations are based on Ditto’s six-point product evaluation framework (product quality, claims experience, underwriting transparency, flexibility, affordability, and operational reliability) and our three-point insurer assessment (financial strength, claims track record, and service reliability). These criteria help ensure that the plans recommended here strike the right balance between protection, claims confidence, and long-term service quality.
Recommended Term Plans
Profile considered: Premiums are based on a ₹2 crore sum assured, with coverage up to age 70, for a non-smoking female, with no added riders or 1st year discounts.
Insights: SBI Life Smart Shield Premier emerges as one of the more competitively priced options for a ₹2 crore cover, especially as age increases, while Smart Shield Plus sits closer to the market average. Premiums rise sharply with age, making it financially beneficial to buy term insurance earlier rather than delaying the purchase.
Premiums for women are typically lower because, statistically, women tend to have a higher life expectancy and lower mortality risk compared to men, resulting in lower risk pricing by insurers.
Disclaimer: These recommendations are based on Ditto’s six-point product evaluation framework (product quality, claims experience, underwriting transparency, flexibility, affordability, and operational reliability) and our three-point insurer assessment (financial strength, claims track record, and service reliability). These criteria help ensure that the plans recommended here strike the right balance between protection, claims confidence, and long-term service quality.
How to Buy SBI Life Term Insurance for ₹2 Crore Coverage Online?
Steps to buy SBI Life term insurance 2 crore:
- Visit SBI Life or an advisor platform.
- Choose plan: Shield Plus, Shield Premier, or Swadhan Supreme.
- Select the ₹2 crore cover and payout mode.
- Enter personal and health details.
- Upload documents.
- Pay premiums online.
- Complete medical tests (if applicable).
- Policy issued after underwriting.
Always ensure accurate health, lifestyle, and occupation information to avoid claim issues later.
Note
Why Choose Ditto for Term Insurance?
At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Vijay below love us:
- No-Spam & No Salesmen
- Rated 4.9/5 on Google Reviews by 15,000+ happy customers
- Backed by Zerodha
- Dedicated Claim Support Team
- 100% Free Consultation
Confused about the right term insurance? Speak to Ditto’s certified advisors for free, unbiased guidance. Book your call or WhatsApp us now, slots fill up fast!
Ditto’s Take on SBI Life Term Insurance ₹2 Crore
An SBI life term insurance 2 crore plan offers strong financial protection backed by one of India’s most trusted insurers, with competitive pricing under the Smart Shield variants and reliable claim settlement performance.
However, SBI’s ₹2 crore term plans miss several features now common in modern term policies, such as Critical Illness cover, Waiver of Premium on disability, health and wellness benefits, and auto cover continuance options. Buyers looking for more comprehensive protection alongside life cover may find better-featured term plans in the market, while return-of-premium options like Smart Swadhan Supreme are generally less cost-efficient than pure term plans.
Disclaimer
Frequently Asked Questions
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