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SBI Life Smart Shield Premier plan is a comprehensive term insurance plan offered by the SBI Life Insurance company. This plan is a pure risk protection plan that offers a large life cover for your loved ones in the event of your unfortunate demise in exchange for regularly paid affordable premiums.
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Let us understand the key features, benefits, and eligibility conditions required to buy this plan.
Term Plans
This term insurance offers financial protection for your family at affordable premiums
There are two benefit options to choose from: level cover and increasing cover
Choose policy term and coverage till 85 years of age
The plan provides flexibility to pay premiums throughout your policy term or for a limited period of time
Enhance the base cover of the policy with the available rider
Claim term insurance tax benefits as per the prevailing tax laws
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Here is a list of eligibility conditions that you need to satisfy to buy the SBI Life Smart Shield Premier plan:
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Maturity Age | 85 years | |
| Benefit Options |
|
|
| Policy Term | 10 years | (85 - entry age) years |
| Sum Assured | Rs. 2 Crores | No limit |
| Premium Pay Term | Regular - Same as policy term Limited - 5, 10, 15, 20, 25 years | |
| Premium Payment Mode | Yearly, half-yearly, and monthly | |
| Minimum Premiums | Yearly - 9,500 Half-yearly - 4,500 Monthly - 800 | |
* You can use the SBI Life Smart Shield Premier Premium calculator to check the premiums applicable to your profile
Let us take a look at the benefits offered by the SBI Life Insurance plan:
This term insurance plan offers two cover options under this plan:
Level Cover: The sum assured will remain the same throughout the policy term
Increasing Cover: This cover option ensures your financial needs are met over time with inflation. Under this, the absolute amount assured on death would increase by 10% of the sum assured at the end of the 5th policy year, given that the policy is still in force.
The death benefit will be payable under this SBI term insurance plan is the sum assured highest of:
Absolute amount assured on death
11 times the annualised premium
105% of the total premiums paid
The absolute amount assured on death will be as follows:
For level cover benefit option: The absolute amount assured will be the same as the sum assured.
Increasing cover benefit option: The absolute amount assured on death will be the same as the sum assured increased by 10% at the end of every 5th policy year, given that the policy is still in force and subject to a maximum increase of 100% of the sum assured only applicable till the life assured turns 71 years of age.
Under this plan, the nominee can choose the suitable mode of death benefit payout. The available options are as follows:
Lumpsum: The entire sum assured will be paid in a lump sum
Monthly instalments: Death benefits will be payable every month for 5, 10, or 15 years as per the nominee's selection.
Lumpsum + Monthly installments: 50% of the death benefit will be paid as lumpsum amount and the remaining will be paid as monthly installments.
There is no maturity benefit payable under this plan.
The HNIs or the high net worth individuals of India should consider buying the SBI Life Smart Shield Premier plan because this plan offers a large life cover at affordable premiums. Not only that, but this term insurance for HNIs also provides the increasing cover option that allows you to increase the death benefit for your family in your absence. Your nominee can also select the ideal term insurance payout option for themselves in case of your unfortunate demise.
The SBI Life Smart Shield Premier offers the SBI Life Accident Benefit Rider for enhanced protection. Under this term insurance rider, you get the following two benefit options:
Option A: Accidental Death Benefit (ADB)
Option B: Accidental Partial Permanent Disability Benefit (APPD)
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | - | 75 years |
| Rider Tenure | 1 year | (75 - entry age) years |
| Rider Premium Payment Term | Rider opted along with the base policy: The rider premium pay term should be the same as the base policy Rider opted at policy anniversary: The rider premium pay term should be equal to the remaining premium pay tenure | |
| Rider Premium Payment Mode | Same as the base policy | |
| Rider Sum Assured | Rs. 50,000 or the min. sum assured opted under the plan | Accidental Death Benefit (ADB): 2 Crores Accidental Partial Permanent Disability (APPD): 1.5 Crores |
* You can use the term insurance calculator to check the approximate premiums for the desired life cover
Grace Period
The policy provides a grace period of 30 days for yearly and half-yearly premium pay modes and 15 days for monthly premium pay modes.
Revival Policy
If you missed your premium payments, you can still revive your life insurance plan within 5 years from the date of the first unpaid premium.
Policy Lapse
If the policyholder fails to pay the premiums within the grace period, a policy lapse will occur, and the policy will no longer cover you or provide benefits.
Paid-up Benefit
The paid-up benefit is not applicable under the SBI Life Smart Shield Premier plan.
Surrender Benefit
The policy does not offer any surrender benefit, but if the premiums for the first two years are paid, then an amount equal to the unexpired risk premium value will be payable as specified below:
Unexpired Risk Premium Value
If the request for surrender is received during the Premium Payment Term:
70% x (1- Premium Payment Term/ PolicyTerm) x Total Premiums Paid
If the request for surrender is received after the Premium Payment Term:
70% x (1- Premium Payment Term/ Policy Term) x (Unexpired Policy Term / (Original
Policy Term - Premium Payment Term)) x Total Premiums Paid
Only applicable for limited premium policies and not applicable for regular premium policies. In case of a lapsed policy, the unexpired risk premium value will be paid as follows:
On the death of the life assured during the revival period
On surrender of the policy during the revival period
On the expiration of the revival period, if the policy is not revived
Policy Loan
No loan facility is available under the SBI Life Smart Shield Premier plan.
Free Look Period
The policy offers a free look period of 30 days from the date of the policy document receipt for electronic and other ways of policy purchase. During this period, if you are unsatisfied with the policy's provisions, then you can cancel the policy, and the premium paid will be returned minus the admin charges, proportionate risk premium of the period covered, and other nominal charges.
Suppose the policyholder commits suicide within the first 12 months of the policy inception or revival. In that case, the insurer will not pay the death benefit but will pay 80% of the total premiums until the policyholder’s death.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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