SBI Life Smart Shield Plan
SBI Life Smart Shield Plan
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SBI Life Smart Shield Plan

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.

SBI Life Smart Shield Plan Options

To match your insurance requirements, SBI Smart Shield Plan provides you with the flexibility to choose from two plan options. They are mentioned below:

1. Level Term Assurance

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.

2. Increasing Term Assurance @ 5% Simple p.a

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.

Eligibility

CriteriaDetails
MinimumMaximum
Entry Age18 Years60 Years
Maturity AgeNot mentioned80 Years
Basic Sum AssuredRs.25,00,000(In multiples of Rs.1,00,000)No limit
Policy Term5 Years(80 Years) - (Age at entry)
Premium AmountSingle premium: Rs.11,000
Regular Premium:
Yearly - Rs.3,000
Half-yearly - Rs.1,500
Quarterly - Rs.750
Monthly - Rs.300
Subject to policy underwriting.
Premium Payment TermSingle premium
Regular premium
Premium Frequency LoadingHalf-yearly - 51% of the annual premium
Quarterly - 26% of the annual premium
Monthly - 8.50% of the annual premium

SBI Life Smart Shield Plan Features & Benefits

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.

  • Free Look Period
    The policy documents should be signed after thoroughly going through them. Still, you have a free look period to review all the terms and conditions of the policy. In case of any doubt/dissatisfaction concerning the clause mentioned in the policy document, you can cancel the policy. The policy can be cancelled within a few days from the issuance date of the policy. The policy can be cancelled within 15 days (if it has been bought offline) and within 30 days (if it has been bought online).
  • Policy Revival
    A lapsed SBI Smart Shield Policy can be revived within 5 consecutive years from the date of first unpaid premium. Policy revival is possible only before the maturity date subject to a condition that the insured is alive.
  • Grace Period
    A grace period of 30 days is provided under the SBI Smart Shield Plan. In case you miss-out the premium payment date, you can pay the policy premium within the grace period. In case of failure, the SBI Smart Shield Policy is subject to lapse.
  • Surrender value
    You can avail surrender value benefit only if you have opted for a single premium payment option. The surrender value is paid instantly on request and it is allowed from the first policy year. Surrender value also depends on the plan you have opted for. Here are a few more details about the surrender value:
    Plan Option(s)Surrender Value Calculation
    Level Term AssuranceSingle-premium x 75% x outstanding term of maturity/total term
    Increasing Term AssuranceSingle-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

  • Tax Benefits
    You may get tax benefit under SBI Smart Shield Plan as per applicable income tax laws in India. The income tax law is subject to change from time to time.
  • Death Benefits
    In the case of the demise of the policyholder, death benefits are provided to the beneficiary mentioned in the policy document. The nominee gets death benefits as per the term plan chosen at the time of issuance of the policy.
  • Discounts
    SBI Life Smart Shield Plan offers a discount of 5% for single premium policies and 6.5% discount for single premium policies for its employees. The list of SBI employees includes all the retired employees, VRS holders, minor children and spouse of employees of SBI Life Insurance Co. Ltd., State Bank of India, RRBs sponsored by SBI and subsidiaries of SBI group.
  • Sum Assured Rebate
    You get a rebate in case you opt for a higher sum assured amount under the plan.
    • 10% discount for the sum assured between 50 lakhs to 99 lakhs.
    • 25% discount for the sum assured between 1 crore to 4.99 crores.
    • 30% discount for the sum assured between 5 crores and above.
  • Rewards
    SBI Life Smart Shield Policy rewards its policyholders for maintaining a healthy lifestyle.

SBI Life Smart Shield Add-on Riders

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:

  • SBI Life - Accidental Benefit Rider.
  • SBI Life - Accidental Total & Permanent Disability Benefit Rider.

Note: The rider sum assured can not be more than the basic sum assured.

Exclusion

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.

SBI Life Smart Shield Plan Review

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.

FAQs

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 InsuredPolicy Term
15 Years20 Years25 Years
SmokersRs.8,451Rs.10,071Rs.11,975
Non-SmokersRs.6,687Rs7,785Rs.9,126

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:

CriteriaDetails
MinimumMaximum
Age Of Policy Buyer18 Years65 Years
Sum AssuredRs.25,000Rs.50,00,000

No, since SBI Smart Shield is a life insurance pure risk premium product, so, it does not provide the following benefits:

  • Survival benefits
  • Maturity 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