SBI Life Insurance Company has been serving its citizens for decades. It is one of the most trustworthy and leading insurance providers in the insurance market. Life insurance is an essential part of our life. It provides financial security to our loved ones in our absence. SBI Life Insurance Company has been successfully launching the best plans to serve our requirements.
The reputed company has come with a new term life insurance plan:- SBI Life Smart Shield Plan. It is a pure risk premium product. SBI Smart Shield is a non-linked plan and non-participating in nature. This term plan has been designed for individuals. Let us explore more about the plan.
To match your insurance requirements, SBI Smart Shield Plan provides you with the flexibility to choose from two plan options. They are mentioned below:
In case you just want a level cover throughout the policy term, this term plan is the best option for you. You have an advantage under this plan- it comes at an affordable premium cost. It is enough to help your family maintain a decent standard of living (even in your absence). This plan gives you the freedom to choose a sum assured as per your budget.
This term plan increases your insurance cover with each passing year. If you consider inflation factors and dream for higher living standards for your family, you should opt for this plan. You can buy this plan with a small addition to the premium amount. This won’t let your family compromise with any of the growing lifestyle habits.
In case you have made your mind to buy the plan, here is the eligibility table highlighting all the criteria that need to be fulfilled to buy SBI Smart Shield Policy.
|Entry Age||18 Years||60 Years|
|Maturity Age||Not mentioned||80 Years|
|Basic Sum Assured||Rs.25,00,000(In multiples of Rs.1,00,000)||No limit|
|Policy Term||5 Years||(80 Years) - (Age at entry)|
|Premium Amount||Single premium: Rs.11,000|
Yearly - Rs.3,000
Half-yearly - Rs.1,500
Quarterly - Rs.750
Monthly - Rs.300
|Subject to policy underwriting.|
|Premium Payment Term||Single premium|
|Premium Frequency Loading||Half-yearly - 51% of the annual premium|
Quarterly - 26% of the annual premium
Monthly - 8.50% of the annual premium
For a better understanding of the plan and clarity relating the terms and conditions, here are the features and benefits of the plan explained in detail.
|Plan Option(s)||Surrender Value Calculation|
|Level Term Assurance||Single-premium x 75% x outstanding term of maturity/total term|
|Increasing Term Assurance||Single-Premium x 80% x (outstanding term of maturity/total term) x (average of effective SA* at surrender and effective SA at the time of maturity/ Average of initial SA and effective SA at maturity )|
*SA is the sum assured
Riders provide extra coverage to the policyholder. Although it is optional, it becomes a bit necessary to buy a rider along with the base plan. You can opt for following riders available under the SBI Life Smart Shield Plan:
Note: The rider sum assured can not be more than the basic sum assured.
The suicidal case is an exclusion to the SBI Smart Shield Policy. The nominee is entitled to get 80% of the total premium paid till the date of death (in case of suicidal death). The death of the insured should be within 12 months from the date of inception of the policy/the policy revival date.
The wide range of coverage provided under the SBI Life Smart Shield Plan has been appreciated by the policyholders. The rebate on the higher sum assured value has won the hearts of the buyers. Customers have liked rewards they get for maintaining a healthy lifestyle. Policyholders are fully satisfied with the benefits provided under SBI Life Smart Shield Policy.
There are different premiums set for smoker and non-smoker policy buyers. Here is a table mentioning the premiums of the smokers and non-smokers:
|Type of Insured||Policy Term|
|15 Years||20 Years||25 Years|
No, it is not mandatory to buy riders along with a life insurance policy. But it provides extra coverage so you should buy one.
To buy the SBI Life Smart shield rider, the insured should fulfil the below-mentioned eligibility criteria:
|Age Of Policy Buyer||18 Years||65 Years|
No, since SBI Smart Shield is a life insurance pure risk premium product, so, it does not provide the following benefits:
The premium can be paid on a yearly, half-yearly, quarterly and monthly basis.
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Last updated on 07-02-2020