SBI Life Smart Shield Plan

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

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.

SBI Life Smart Shield - Eligibility Criteria:

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.

FAQ's