Insurance Plans 935 views March 14, 2020

SBI Life Smart Shield

Everyone wants their family to stay safe and sound always and in all possible ways. The idea of the absence of the main bread earner of the family makes you unstable and you search for a perfect life insurance plan which will take care of this worry of yours. Strong financial protection is something that you would always want from any good insurance plan. SBI Life understands this concern of yours and hence brings a plan named SBI Life Smart Shield which provides you with a robust financial guard for all the uncertainties that might happen in the future. SBI Life, as well know is an insurance company that brings numerous insurance tools that will help anyone to lead a peaceful life.

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Let us take you through the several features of the Smart Shield life insurance plan for your better understanding.

Details of SBI Life Smart Shield Insurance Plan

SBI Life Smart Shield Insurance Plan is an individual non-participating term plan with tailormade benefits available. The plan offers:

Protection- A complete lifetime financial coverage for your family

Options- Availability of 2 options as per your requirement

Affordable- Enhancement of the plan by availing riders

Tax Benefit- You can get tax exemption under section 80(D) with further consultation from your tax consultant

Benefits of SBI Life Smart Shield Insurance Plan

Smart Shield Insurance Plan offers many benefits which are as below:

  1. SBI Life Smart Shield helps you to maintain a healthy lifestyle
  2. This plan offers comprehensive coverage with premiums at the least cost
  3. with choices of two plans –
    • Level Term Assurance and Increasing Term Assurance Level Term Assurance- This means taking a coverage wholly for the entire term of the policy and in case of any unfortunate death of the life insured, the nominee will be given the chosen sum insured
    • Increasing Term Assurance– This takes into consideration the long-run factors which affect your income like inflation, increasing cost of living, etc.
  4. In this situation, Increasing Term Assurance suits the best as the coverage increases every year, thereby giving you full liberty to take advantage of the increased cost of living without going for any added policy. The nominee will be given the increased sum insured
  5. Availability of discount for a higher sum insured
  6. Availability of 2 rider options at a minimal cost
    • SBI Life Accidental Death Benefit Rider
    • SBI Life Accidental Total and Permanent Disability Benefit Rider
  7. Maturity benefit and Survival Benefit are not available under this plan
  8. Death Benefit under SBI Life Smart Shield
    • In case of death of the life insured, the effective sum insured will be paid to the nominee
    • For Level term Assurance Plan, the effective sum insured on the date of death would imply the level of sum insured that you choose for
    • For Increasing Term Assurance, an effective sum insured on the date of death would imply the sum insured increasing at 5% p.a. according to the schedule given to you at the inception of the policy.

Rebate available under SBI Life Smart Shield

You will be given a special rebate if you go for a higher sum insured which will be as below:

Sum Insured (INR)% of Discount
50 Lakhs till 99 Lakhs10
1 Crore till 4.99 Crores25
> 5 crores30

Eligibility for SBI Life Smart Shield

Let us now have a look at the eligibility criteria

Entry AgeMinimum 18 years, Maximum 60 years
Maturity AgeMaximum 80 years
Policy tenure Minimum -5 years
Maximum – Less than 80 years at the entry age
Premium TermRegular and Single Premium
Modes of PremiumMonthly, Bi-Annually, Quarterly and Yearly
Sum InsuredMinimum INR 25 Lakhs
Maximum Zero Limit
LoadingMonthly- 8.5% of the yearly premium
Quarterly-26% of the yearly premium
Bi-Annually-51% of the yearly premium
Amount of Premium
FrequencyMinimum (INR)Maximum (INR)
Annually3000As per Underwriting Rule
Bi-Annually1500
Quarterly750
Monthly300
Single-Premium-11000

Eligibility Criteria under Rider Benefits

For availing the rider benefit, the below conditions need to be met:

Entry AgeMinimum 18 years, Maximum 65 years
Maturity AgeMaximum 75 years
Term of the PolicyMinimum 5 years, Maximum 75 years
Sum InsuredMinimum INR 25000, Maximum INR 5000000

Smart Shield also offers special discounts to non-smokers. Let us see the below comparison table to see and understand the same.

Category and Term of the Policy15 Years (INR)20 Years (INR)25 Years (INR)
Non-Smokers668777859126
Smokers84511007111975

Exclusions under SBI Life Smart Shield

The situation where the life insured commits suicide within 12 months from the inception of the policy, then the nominee will be eligible to get 80% of all the premiums or the surrender value, whichever is more, in case of running policies.

SBI Life offers high-class service through their toll-free number 1800 267 9090 in which you can call any day between 9 am till 9 pm and seek help and support. You can also email at sbilife.co.in or can SMS to 56161 by writing CELEBRATE.

With the SBI Life Smart Shield life insurance plan, now be rest assured that your family will not suffer in your absence. Your family stays protected and well insured to take care of their financial needs and obligations and will not be in a difficult situation. So, plan ahead and make a selection as per your need and apply for the Smart Shield life insurance plan.

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