SBI Life Smart Shield Plus

Key Features of the SBI Life Smart Shield Plus Term Plan

• Get financial protection at an affordable premium with this term insurance plan

• Choose from 3 plan options, level cover benefits, increasing cover benefits, and level cover with future proofing benefits

• You can get the optional better half benefit to get coverage for your spouse under the same plan

• Get covered for your whole life (till 100 years) or other than whole life (till 79 years)

• You can choose to pay the premiums for the regular policy term, limited policy term, or a single pay premium

• Receive lower premium rates for higher sum assured and female customers

• Add the SBI life Accident Benefit Rider for enhanced protection within the same plan

• Claim tax benefits as per the prevailing tax laws of the Income Tax Act, 1961

Plan Options Available Under the SBI Life Smart Shield Plus 

The three plans options available under the SBI Smart Shield Plus plan are as follows:

1. Level Cover Benefit

   This SBI term insurance plan option provides financial protection for the required policy term, where the sum assured remains constant throughout the tenure. 

2. Increasing Cover Benefit

   The increasing cover benefits offer enhanced financial security with sum assured that automatically by 5% every year, from the first policy anniversary and the premiums remain fixed. The sum assured can increase up to 200% of the original sum assured, or till you reach 71 years of age.

3. Level Cover with Future Proofing Benefit

   With this option, you can increase your future sum assured to fit with your changing life stages and life cover needs. Life stages like marriage allows you to increase your sum assured by 50%of the base sum assured, and childbirth/adoption or house purchase offers a 25% increase in sum assured. The option can be availed once and the premium will increase subsequently with the increase in sum assured.

Benefits of the SBI Life Smart Shield Plus Term Insurance Plan

The benefits offered by this SBI life insurance plans are as follows:

1. Death Benefits

   The death benefit will be paid out as per the following, in case of the death of the policyholder during the policy term:

   • For regular and limited pay policies

     • 11 times the annualised premiums

     • Absolute amount assured on death

     • 105% of the total premiums paid till the date of death

   • For single pay policies

     • 1.25 times the single premium

     • Absolute amount assured on death

   Absolute amount assured means the following for the different plan options:

   • Level cover benefit: Sum assured

   • Increasing cover benefit: Sum assured selected at the time of policy purchase, with sum assured increasing till the date of death

   • Level cover with Future Proofing Benefit: Sum assured selected at the time of policy purchase plus additional sum assured selected at the time of future proofing benefit till the date of death

2. Maturity Benefits

   There is no maturity benefit payable under this plan.

3. Death Benefits Payment Modes

   The nominee can choose the most suitable death benefit payout payment modes from the following options available:

   • Lump sum: Death benefit will be paid as a lump sum amount

   • In instalments: Death benefits will be paid in instalments every month/quarter/half-yearly/year for period of 5/10/15/20 years

   • Lump sum + instalments: A specific percentage selected by the nominee will be paid at the time of death, and the remaining will be paid as instalments every regular interval. 

   The benefit payout option once selected cannot be changed.

4. Tax Benefits

   There are term insurance tax benefits available as per the prevailing tax laws. You can claim tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

Eligibility Conditions for the SBI Life Smart Shield Plus Term Plan

Here are the eligibility criteria for the SBI Life Smart Shield Plus Term insurance plan:

Eligibility Conditions for the Accident Benefit Rider: 

Optional Benefits Offered Under the SBI Smart Shield Plus

1. Better Half Benefits

   This option ensures that a certain sum is assured for your spouse in the event of your unfortunate demise. This is because the surviving spouse will have to bear the financial responsibilities in your absence and thus needs to be insured. The option can be selected at the time of policy purchase and can only be opted for policies where the life assured and spouse are married and have an age gap of less than 10 years. 

   In case of the simultaneous deaths of both the spouse or the suicidal death of the spouse on the death of the life assured, the benefit will no longer be payable. 

2. Accident Benefit Rider

   You can add the accident benefit rider for enhanced protection to the base term plan. You can choose either or both of the options available under this term insurance rider. 

   • Accidental Death Benefit (ADB)

   • Accidental Partial Permanent Disability Benefit (APPD)

   These riders can be added at the time of policy purchase or at the time of policy anniversary, during the premium payment terms of the base term insurance, given that the base policy is still in force. The rider can be added at an additional premium payable along with the base premium.

Additional Policy Details of the SBI Life Smart Shield Plus

Policy Lapse

For single pay policies, policy lapse is not applicable, whereas for regular and limited pay policies, if the due premium is not paid within the grace period, the policy benefits will cease.

Paid-up Policies

There is no paid-up benefit applicable for this plan.

Surrender Benefits

There are no surrender benefits applicable under this plan. However, on the payment of at least the first two full policy years’ premium, an amount equal to the unexpired risk premium value, if any, will be payable. 

• For single pay policies: The policy can be surrendered at any point during the policy term, and the following unexpired risk premium value will be paid and the policy will terminate. 
  Unexpired Risk Premium Value = 70% of Single premium x (Unexpired policy term / Original policy term)

• For limited pay policies: In case of surrender of the policy, the unexpired risk premium value, if any will be paid and the policy will terminate. The Unexpired Risk Premium Value will be as follows:

  • During PPT lump sum equal to: 
    Factor A x (1 - PPT/PT) x Total premiums paid

  • After PPT lump sum equal to: 
    Factor A x (1 - PPT/PT) x (Unexpired Policy Term / (Origional Policy Term - Premium Payment Term)) x Total Premiums Paid

Grace Period

The plan provides a grace period of 30 days for yearly and half-yearly premium payment modes and a grace period of 15 days for monthly premium pay modes.

Revival Facility

The policy can be revived until 5 consecutive complete years from the last date of the unpaid premium, before the expiration of the policy term. You can check for the exact policy revival terms and conditions in the policy documents.

Policy Loan

There is no policy loan facility available. 

Free Look Period

There is a 30 day free look period available with this term insurance plan, from the date of receipt of the policy documents. In case you are unsatisfied with the terms and conditions mentioned in the policy documents, you can easily return the policy and receive a refund of the premium (minus the proportionate risk premiums and other nominal charges).

Staff Discounts

The employees of the SBI life insurance offer the following staff discounts on the tabular premiums:

• For Regular Pay: 7.5%

• For Limited Pay: 7.5 %

• For Single Pay: 5% 

Online Discounts

You can receive the following discounts directly under the online mode:

• For Regular Pay: 7.5%

• For Limited Pay: 7.5%

• For Single Pay: 5%