SBI Life Saral Shield Plan

SBI Life Saral Shield is a non-participating pure term plan which enables the policyholder to build a large corpus by paying a small premium to protect his family against unforeseen emergencies

Key Features

• It is a pure term insurance plan with single pay and regular pay premium paying options
• It has 3 protection options to suit universal needs:
  • Level Term Assurance
  • Decreasing Term Assurance (Loan Protection)
  • Decreasing Term Assurance (Family Income Protection)
• Single and Regular Premium payment option for plans 1  and Single Pay option for plans 2 & 3

Benefits

• The nominee gets the Sum Assured on death of the policyholder in case of Level Term Plan
• In case of Decreasing Term option (Family Income Benefit), the nominee gets regular monthly incomes from the date of death of the life insured which can also be withdrawn at a lump sum immediately where the discounted value of the monthly income is paid
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupees for a policy tern of 25 years and SA of 20 Lakhs

Policy Details

• Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses
• Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy form the second year onwards and the Surrender Value depends up on the plan option chosen
• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

• Rebates are offered for Large Sum Assured ranges
• Saving on premium are given for women proposers.
• There are riders available under the plan namely:
  • Accidental Death Benefit Rider
  • Accidental Total and Permanent Disability Rider

Exclusions

• In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.
• For both the riders accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. In some cases medical examination may be required SBI life company, based on the sum assured and the age of the person.