SBI Life Term Insurance ₹50 Lakhs

For most families, the loss of income is the biggest financial risk when the primary breadwinner passes away. Having a term insurance policy can safeguard this. But how do you choose the right one in a sea of plans and insurers?

At Ditto, we reviewed IRDAI guidelines around term insurance, insurer disclosures, and SBI Life’s policy brochures to curate this guide. In this blog, we will break down who this cover is suitable for, available SBI Life plans, key features, and eligibility.

Note: It can vary from plan to plan.

SBI Life Term Insurance Plans Offering ₹50 Lakhs Cover

1) SBI Life Smart Shield Plus

Smart Shield Plus is a pure term plan with no maturity benefit. It offers three customizable options: Level Cover, Increasing Cover (where the sum assured grows at a simple 5% rate annually, up to 200%), and Level Cover with Future Proofing (which increases cover at significant life events). You also get flexible death benefit payout choices (lump sum, instalments, or both) and extras like the Better Half Benefit for spouse cover and accident benefit riders.

2) SBI Life Smart Swadhan Supreme

Smart Swadhan Supreme combines ₹50 lakh life cover with a return of premium features. The policy term ranges from 10 to 30 years. You get various premium payment terms and modes, and optional accident benefit riders. 

3) SBI Life Saral Swadhan Supreme

Saral Swadhan Supreme is a savings + return of premium plan that offers a straightforward ₹50 lakh level cover with fixed benefits and simple eligibility criteria. You get various premium payment terms and modes, policy terms ranging from 10 to 30 years, and coverage available up to age 65. Optional accident benefit riders are also available. 

For the above table, we’ve considered different profiles of healthy individuals (non-smoking, with no PED), living in a tier-1 city like Delhi, covered for ₹50 lakhs till the age of 65.

Note: The above premiums do not include any discounts and are exempt under Section 80C (under the old regime). 

Moreover, as premiums can vary, you should check the official SBI website for up-to-date data. 

Features of SBI Life Term Insurance ₹50 Lakhs Plan

1) Flexible and Easy to Understand Protection

Offers multiple premium payment terms, modes, and death benefit payout options based on the plan you choose. Also includes whole-life coverage, return-of-premium variants, and spouse cover under select plans.

2) Rider Options Available

You can improve your base cover by adding riders, such as Accidental Death Benefit, Accidental Partial Permanent Disability, and the Better Half rider.

Benefits of Buying SBI Life Term Insurance ₹50 Lakhs

1) High Claim Settlement Ratio (CSR)

The insurer has reported an average Claim Settlement Ratio of 98.24% between FY22 and FY25, reflecting its reliability in honoring genuine claims.

2) SBI Offers Affordable Premiums

SBI Life term insurance plans are known for their cost-effective premiums, especially for younger policyholders and non-smokers. 

3) Trusted and Established Insurer

Backed by the State Bank of India, the country’s largest public-sector bank, SBI Life is one of India’s most trusted and widely recognized term insurance providers. 

For more details, you can check out our detailed review of SBI Term Insurance.

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 Aaron below love us:

• No-Spam & No Salesmen
• Rated 4.9/5 on Google Reviews by 15,000+ happy customers
• Backed by Zerodha
• 100% Free Consultation

You can book a FREE consultation. Slots are running out, so make sure you book a call or chat on WhatsApp now!

Conclusion

Term insurance should replace your income, pay off outstanding loans, fund your children's education, and meet other future goals. When you calculate these obligations over 15-20 years, ₹50 lakh can get exhausted faster than you'd expect. 

It’s always better to calculate the right coverage amount for you before making a decision. You can use the cover calculator on our website to do the same. 

Having said that, although there are better insurers in the market (Axis Max Life, HDFC Life, etc), SBI Life is also a reliable insurer you can consider for your future needs. 

Full Disclosure: SBI Life is not a partner insurer of Ditto. All the information stated in this article is taken from the insurer’s website or publicly available data.