SBI Life Insurance launches flexible term cover with three plan options

Death benefit payouts can be structured as a lump sum.

SBI Life Insurance has launched a new individual, non-linked, non-participating, pure risk life insurance cover, amidst demand for a flexible and scalable term insurance plan.

The plan offers three options — Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit. 

The Increasing Cover option raises the sum assured by 5% annually up to a maximum of 200%. 

The Future Proofing option allows policyholders to increase their cover at key life events such as marriage, childbirth, or home purchase without additional medical underwriting.

Death benefit payouts can be structured as a lump sum, instalments, or a combination of both. 

Optional features include the Better Half Benefit, which gives the surviving spouse additional cover of ₹25 lakh or 50% of the original sum assured (whichever is lower) after the life assured’s death, with no further premiums required. 

The plan also offers SBI Life Accident Benefit Riders, covering accidental death and partial permanent disability.