SBI Insurance Policy for Senior Citizens
by Anumeha Singh Insurance SpecialistWith life expectancy
rate rising in India, getting a good senior citizen’s life insurance policy is
becoming a must-have for all the older adults above 60 years. It has been
reported that presently about 95 million Indians are above the age of 60 years
and around 8 million people have crossed over 80 years. An insurance policy for
senior citizens gives a sense of protection to them and their family.
Life insurance of the
senior citizens offers them not only a protection against unforeseen
contingencies but also becomes a source of support income for the whole family,
wherein the policyholder gets a return on investment, provided as monthly or in
a lump sum figure. And that’s not all, the SBI insurance policy for senior
citizens provides buyers with the flexibility to select the term and the cover
amount.
One can apply for the
SBI Insurance policy both online or offline, choose their desired term plan and
get a return of the premium. It becomes a corpus for the nominee, who is entitled
to receive the amount when an unfortunate demise of the insured person occurs.
Kinds of Term Plans
SBI insurance policy
offers options to the policyholders. The first is SBI Life e-Shield that is
more of a term insurance plan but offers low premium amounts. It also provides
choice to the senior citizens to get life insurance and accidental death
advantage for their nominee. Also, there are tax benefits under this scheme.
SBI Life Smart Swadhan Plus is another term insurance plan that gives variable
payment selection and returns the total of the basic premiums upon maturity.
Here too, tax benefits can be availed.
Besides the term
plans, there are endowment policies from SBI Life that are not high on the
insurance coverage as term plans but offers flexibility regarding investment.
The holder can add to the initial investment and become a platform of wealth
multiplier. Under SBI Life Assure Smart Wealth, the holder can get three times
higher returns of their single premium amount and offers market linked returns
on death of insured or on maturity. SBI Life Smart Builder Wealth is also a one
premium payment plan that gives 1.25 times of the premium amount as assured sum.
This is also a market-linked product offering high returns on the maturity sum.
Among the other life
insurance options available is the SBI Saral Life Pension, which is specific
for senior citizens that let the holder purchase an annuity plan from the
maturity proceeds. Another life insurance plus pension policy is SBI Life
Retire Smart, which stresses on additions to raise the final fund amount. It is
an annuity purchase plan that offers the death benefit or maturity benefit to
the purchaser. Lastly, SBI Life Annuity Plus insurance plan provides a quick
annuity of 50% or 100% income with a capital refund given to the last survivor
after the SBI Insurance Policy is terminated.
SBI Insurance Policy Research Tips
Do proper research
before finalising the policy that best suits your needs. Online insurance
comparison sites become an excellent platform to review various insurance
policies for senior citizens. Compare the main elements of the plan like the
premium amount; the sum assured, maturity advantage and the other optional
add-ons. Also, get the particulars on their investment strategy where they will
utilise your funds.
Rates of the policy
for the senior citizen insurance policies will vary with age, health condition,
family history, lifestyle among several other factors. Moreover, older people
with healthy lifestyles will be offered better coverage at lower premiums.
Therefore, a thorough review of the varied options available in the market is
necessary and very helpful in making the right policy decision. Once the
insurance policy product selection is made, one can apply for it either online
or via an agent and get the desired insurance coverage.
SBI Policy Benefits
A senior citizen
insurance policy:
- Eliminates feeling of being neglected in their
old age
- Diminishes financial worries
- Generates income in the form of returns, serving
policyholder's various needs
- Gives policyholder's an income tax redemption
advantage
- Becomes a source of money for policyholder's
funeral and death expenses, medical expenses and other unpaid debts
- Offers flexibility to policyholders to pay
premiums regularly or for a limited period
- Becomes a foundation of a good retirement is
planning
Documents Required
To avail an SBI insurance
policy, the applicant must submit their ID Proof, such as passport, PAN Card,
voter’s ID and driving license. Other documents needed include a letter of the
National Population Register or Unique Identification Authority of India, which
has information like name, Aadhaar number and address of the individual, proof
of residence, latest utility bill, and the municipal or property tax receipt.
Also, post office savings or bank account statement is required, as some of the
primary requisites for the policy.
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Created on Apr 11th 2018 06:38. Viewed 962 times.