Overview
SBI Life - Smart Shield Premier is a plan designed for individuals who want enhanced financial protection and flexibility. This plan offers comprehensive life coverage and growing financial security. It goes beyond standard life cover by providing automatic growth in sum assured, flexible payout options, and a high minimum entry threshold. The policy adapts with your growing responsibilities while ensuring that your loved ones get the right support when they need it.
Key Benefits
This plan offers you various benefits, including:
- Automatic Inflation Shield
- Affordable Financial Security
- Premium Payment Flexibility
- Enhanced Rider Protection
- Tax Advantages
Key Features
How to Buy SBI Life - Smart Shield Premier Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Term’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of the SBI Life - Smart Shield Premier Plan
Absolute Sum Assured on Death Options
You can choose one of the two options:
- Increasing Cover: The sum assured increases by 10 percent every 5th policy year. The rise continues until it reaches 100 percent of the original Sum Assured. The increase will stop once the life assured reaches the age of 71. This benefit is designed to offset inflation and rising family responsibilities.
- Level Cover: The sum assured stays constant throughout the policy term. It is suitable for those with stable financial responsibilities.
Sum Assured on Death Payout
The payout on death is the highest of the following:
- Absolute Sum Assured on Death
- 11 times the annualised premium
- 105 percent of total premiums paid till the date of death
Payout Options for the Nominees
The nominee decides how to receive the death benefit at the time of claim, be it a one-time lump sum payment, a monthly income paid over 5, 10, or 15 years, or a combination of lump sum and monthly income.
Grace Period
You get around 30 days to pay the premium if you pay yearly or half-yearly, and 15 days if you pay monthly.
Free Look Period
You get 30 days from the day you receive the document. You can use this time to review terms and conditions.
Revival of Policy
If your policy lapses, you can revive the plan within 5 years from the first missed premium. You must pay all due premiums in addition to the interest.
Surrender Value
Regular premium plans do not pay any surrender value at any stage. Limited premium plans provide surrender value only after 2 full years of premiums are paid.
Policy Loans
The plan does not provide any kind of loan facility.
Inclusions
How to Buy SBI Life - Smart Shield Premier Plan Online via SBI Life Insurance Company
- Visit the official website of SBI Life Insurance Company.
- Hover over the ‘Plans’ and click on ‘Term Plans’.
- Click on ‘Online Plans’ and choose 'SBI Life Smart Shield Premier Plan'.
- Click on ‘Know More’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- No payout will be provided if death occurs within 12 months from policy inception due to suicide.
- During the first 3 years, the insurer can check and reject a claim if false data is found. For fraud cases, there is no payout. Under Section 45, once the policy completes 3 years from inception or last revival, the insurer loses the right to question it for misstatement or non-disclosure.
- There is no paid-up benefit if premiums are not paid within the grace period.
Documents Required to Buy SBI Life Smart Shield Premier Plan
Here is the list of documents required to buy the SBI Life Smart Shield Premier plan:
- Photo ID Proof
- Age Proof
- Address Proof
- Medical Records
- Income Proof
Detailed Document Requirements
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (either one).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (either one).
- Address Proof: Utility bill, passport, voter ID, ration card (either one).
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried) (either one).
Riders of SBI Life - Smart Shield Premier Plan
SBI Life - Smart Shield Premier plan offers two options. You can choose one of them to strengthen your base life cover. You can add riders at the policy inception and at the policy anniversary during the premium payment term. Here are the two major rider options:
- Accidental Death Benefit: This rider pays an additional amount if death takes place due to an accident. It helps families manage sudden financial shock caused by accidental death.
- Accidental Partial Permanent Disability Benefit: This rider provides financial support if an accident results in partial permanent disability. It helps compensate for loss of income and increased lifestyle or medical expenses.
ChatGPT
Claude
Perplexity
