SBI Smart Shield Plans April, 2023

On the death of the policyholder, the nominee receives the sum assured amount. In the case of Increasing Term Assurance, the coverage grows at a rate of 5% each year from the start of the policy.

The plan offers special discounts on premium amounts to non-smokers.

The plan provides lifetime financial protection to the nominee of the insured person in case of his unfortunate demise. The plan offers financial coverage at a reasonable premium amount.

The plan offers two plan options and allows the policyholder to choose one accordingly. The two plan options available are:

Level Term Assurance

In case you just want a level cover throughout the policy term, this term plan is the best option for you. It comes at an affordable premium cost and is enough to help your family in maintaining a decent standard of living (even in your absence). The plan also gives you the freedom to choose a sum assured as per your budget.

Increasing Term Assurance @ 5% p.a.

This particular term plan increases your insurance cover with each passing year. If you consider inflation factors and dream of 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 their growing lifestyle habits.

With this plan, customers have the option to customize their coverage by choosing from a wide range of additional benefits including accidental death benefit rider and accidental total and permanent disability benefit rider.

One can avail of a rebate in case they opt for a higher sum assured amount under the plan. We have listed the details below.

All the premiums paid are eligible for tax deductions under the Income Tax Act as per sections 80C and 10(10D).

Under this rider, the nominee of the policyholder receives an additional benefit equal to the sum assured amount of the rider in case the death happens due to an accident.

If you opt for this rider, the company will offer you additional benefit equal to the sum assured amount of the rider if you become totally and permanently disabled due to an accident.