Insurance Plans March 28, 2020

SBI Life Saral Shield

The SBI Life Saral Shield is a term life insurance product from the SBI Life Insurance Company. It is a traditional term plan and is non-participating. It offers a wholesome life cover at a very economical cost. This makes it easy for people from all walks of life to buy this term plan from SBI Life. Take a look at this article to know more about this plan and the benefits you get when you cover yourself with this term life cover.

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Advantages of the SBI Life Saral Shield

Here are the biggest advantages you get when you invest in the SBI Life Saral Shield:

Excellent life cover

The SBI Life Saral Shield plan offers a very high life cover to anyone who buys the term life policy. As an insured, you can get a minimum life cover of Rs 7.5 lacs and a maximum cover of Rs 24 lacs. As you can see, these are very high figures. You need to assess your needs and see how large a cover you require. Choose the correct sum assured and secure your loved ones’ finances in the most comprehensive manner with the excellent SBI Life Saral Shield term life insurance plan.

Affordable pricing

If you thought getting a high sum assured from the SBI Life Saral Shield plan would leave a deep hole in your pocket, you need to think again! The SBI Life Saral Shield plan is in fact one of the most affordable term life insurance plans available in India currently. SBI Life strives to bring life insurance within everyone’s reach and this is why most of the products offered by the company, including the SBI Life Saral Shield plan, are very economically priced. Buy this plan if you need a good life cover at a very affordable price. 

Different coverage options

When you buy the SBI Life Saral Shield plan, you get many flexible options. One of the most attractive options includes the choice of coverage. When you buy this plan, you can choose a level term life insurance protection or a decreasing term life insurance protection. In the former, you are offered a fixed amount of life insurance cover. The amount remains intact during the entire policy period. When you choose the decreasing coverage option, the term life cover amount decreases with time. This is taken mainly to cover loans, etc. Choose the type of life cover that is best suited for you and your family and stay adequately protected.

Tax benefits

You get several tax benefits when you buy a life insurance plan. All these benefits are available on the SBI Life Saral Shield plan as well. To begin with, you get a tax rebate for the yearly insurance premium you pay towards the term life insurance policy. This rebate is available for a maximum sum of Rs 1.5 lacs each year. The provision is available under Section 80 C of the Indian Income Tax Act. Then, if you die and your family receives the death benefit, that sum would also be tax-free.

Flexible premium options

As mentioned above, you get many flexible options when you buy the SBI Life Saral Shield. The premium payment options are also quite flexible and help you to maintain your life cover with ease. First and foremost, you can opt for the yearly, bi-yearly, quarterly or monthly premium payment terms. Choose an option that is economically viable for you. Secondly, you can choose to pay the entire premium of the life cover in one go or you can pay it regularly over the duration of the policy term. You are free to choose your policy paying option. You must make the payments on time to ensure you have an active life cover at all times.

Buy online

The next benefit makes it very convenient for you to own a term life cover. SBI Life gives you the option to buy the Saral Shield plan online. You can simply go on the insurer’s official website, fill in a few details and buy your term life cover instantly. The cover costs cheaper online too. You also get to make a completely unbiased choice when you purchase your life cover online. Make full use of this advantage and get the Saral Shield today! 

Option to add riders

The SBI Life Saral Shield plan gives you the option to add some riders to your policy. Riders are add-on covers that you can buy at an extra cost. The useful riders available under this scheme include the accidental death benefit rider and the total disability rider. Read the clauses related to the riders carefully and then choose the most suitable option for yourself.

Simple documentation

The plan can be bought by furnishing some very easy documents. Gone are the days when you had to visit your insurance provider’s office with file loads of documents simply to buy a term life insurance policy! These days, you can just show your KYC documents, your bank records and a proof of your income and the policy will be issued to you. In some cases, the insurer may ask you to undergo a medical test before the policy is given to you. Agree to it as that will ease the claim process later on. 

Surrender option available

If you are unhappy with the policy or you are unable to maintain it for some reason, the insurer allows you to surrender it. You can surrender the Saral Shield plan after paying the premium for two consecutive years.

Keeping the points mentioned above in mind, we can safely say that the SBI Life Saral Shield plan is an excellent term life insurance policy. Get this plan if you want to secure the financial well being of your loved ones. You never know what challenges life can throw at you, so you should always remain prefered. Get a good term plan like the Saral Shield and you will surely achieve this goal.  

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