SBI Life Smart Shield Plan

SBI Life Smart Shield is a pure risk term plan which enables the policyholder to provide protection for his family at affordable rates. The plan offers specially designed benefits to those who want financial protection at low premium rates. With this plan, you can get comprehensive coverage and long term protection of your family’s future.

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5.3 Crore Policies Sold

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₹1 Crore Life cover starting from ⁺

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SBI Life Smart Shield - Key Features

Provides lifetime financial security to your loved ones at low premium rates
This is a pure term insurance plan with single pay and regular pay premium paying option
Offers rewards for maintaining a good and healthy lifestyle
It has 2 protection options to suit universal needs:
- Level Term Assurance
- Increasing Term Assurance
The plan offers a discount on high sum assured
Coverage of plan can also be customized from a wide variety of additional benefits such as SBI Life- Accidental Death Benefit Rider, and Accidental Total and Permanent Disability Benefit Rider

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

SBI Life Smart Shield - Benefits

This SBI term insurance plan offers the following list of benefits:

Plan Options: The plan offers two plan options from which you can choose the one most suitable for your needs:
- Level Term Insurance: With this, the sum assured remains constant and the premiums are much more affordable. You can assess your family’s needs in your absence and select a life cover that fits their requirements.
- Increasing Term Insurance: Under this, the life cover increases by 5% every year in exchange for a small additional premium. This plan option can help you take care of your family’s financial future even during inflation and covers your financial liabilities even if your life stage changes.
Death Benefit: The nominee gets the Sum Assured amount on the death of the policyholder. In the case of Increasing Term Assurance, the coverage increases every year @ 5% pa at the inception of the policy.
Survival Benefit: No Survival Benefit is available under the plan
Maturity Benefit: No Maturity Benefit is available under the plan
Tax Benefits: All the premiums paid and the claims received are eligible for tax deductions under the Income Tax Act as per sections 80C and 10(10D).

*Tax benefit is subject to changes in tax laws.

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₹1 CRORE

Term Plan Starting @

Get an online discount of upto 15%^#

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⁺Standard T&C Applied

SBI Life Smart Shield - Eligibility Criteria:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	60 years
Maturity Age (Last Birthday)	-	80 years
Plan Options	Level Term Assurance Increasing Term Assurance
Policy Term (PT) in years	5	80 years minus entry age
Premium Paying Term (PPT) in years	For Single premium – One-time payment at the policy commencement For Regular Premium – Same as policy term
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Base Sum Assured	25,00,000	No limit

SBI Life Smart Shield - Policy Details

Grace Period: On failure of monthly premium payments the policyholder is allowed for a grace period of 15 days and on the failure of premium payments of any other payment modes, a grace period is of 30 days is allowed. If the policyholder fails to pay his premiums even within the premium payment grace period, then the policy is subject to lapse.
Surrender Benefit: The policyholder is allowed to surrender his/her SBI life insurance plan only if the premium is paid in single mode. The surrender value of the insurance plan will be paid as per the chosen plan option.
Free Look Period: If the policyholder feels that he/she is not satisfied with the insurance coverage and the benefits provided under it or the policy terms and conditions, then he/she has the option to cancel the plan within 15 days of receiving the policy documents, given that no claims have been done yet.
Revival Benefit: In case of your policy lapse, you can enjoy the benefits of the policy by reviving it. A policy that is lapsed can be revived within 5 years consecutively from the date of 1st unpaid premiums.

Additional Features or Riders

Rebates are offered for Large Sum Assured ranges

You can receive a maximum premium rebate of up to 30% on a high sum assured of over 5 Crores. The policy offers a 10% discount on life cover within 50 to 99 Lacs and a 25% premium rebate on life covers between 1 to 4.99 Crores.
Premium discounts for non-smokers

Customers who haven't smoked in a year can get special discounts on their policy premiums.
Available Riders

Following riders are available under the SBI life smart shield plan with the minimum and maximum sum assured 25 000 and 50 Lacs, respectively.
- Accidental Death Benefit Rider
  
  The accidental death benefit rider is available for people between 18 to 65 years of age. This rider will payout the rider sum assured to the nominee of the policy on top in case of the policyholder’s death during the policy term due to an accident. The benefit amount is paid on top of the policy’s base sum assured.
- Accidental Total and Permanent Disability Rider
  
  The insurer will pay the rider sum assured to the policyholder in case the policyholder is disabled due to an accident during the policy term. The rider payout can help the policyholder take care of his/her financial obligations in case he/she loses their job due to the disability.

Exclusions

If the policyholder commits suicide within the first 12 months of the policy inception or the policy renewal, then 80% of the total premiums paid till date are refundable to the entitled beneficiaries of the insurance plan.

Documents Required

The policy seeker has to submit the duly filled insurance application form or the policy proposal form with the correct medical history report and other important KYC documents. In some cases, based on the sum assured amount chosen and the age of the policy seeker an Income Proof has to be submitted.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs

Q. What is the claim settlement ratio for SBI Smart Shield?

A. The claim settlement ratio of SBI life insurance for the financial year 2021-22 is 97.05%. This means, that the company settled most of the claim requests they received in the year and is thus a reliable company to buy term insurance plans from.
Q. What are the conditions for policy nominations?

A. The nominations under the policy shall be allowed as per section 39 of the Insurance Act 1938.
Q. What are the conditions for policy Assignment?

A. The assignments under the policy shall be allowed under section 38 of the Insurance Act 1938.
Q. What are the rewards for maintaining a healthy lifestyle?

A. This insurance plan rewards for maintaining a healthy lifestyle with lower premium rates on the insurance plan.

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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