Smart Shield Plan
  • Secure your family's financial future
  • Know the features & benefits of the plan
  • Check the riders & eligibility criteria

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SBI Life Smart Shield Plan

SBI Life Insurance Company is a leading insurance provider in India and has a reputation for serving a wide range of customers across the country with its comprehensive insurance products and solutions. To carry forward this reputation, the company recently launched a new term life insurance plan:- SBI Life Smart Shield Plan. It is a premium product that is non-linked and non-participating in nature and has been designed for individuals. The plan comes with a variety of options and benefits that are specially designed to provide financial protection to the family of the insured person at affordable rates. There are only death benefits available and no maturity benefits are included in this plan.

In the sections ahead we've listed all important information about SBI Life Smart Shield Term Insurance plan. So, if you want a clearer understanding of this plan, keep reading along.

Key Features of SBI Life Smart Shield

  1. Financial Coverage

    The plan provides lifetime financial protection to the nominee of the insured person if in case anything unfortunate happens to them in future. The best part of this plan is that its premium amounts are available at reasonable costs which make this an affordable plan.

  2. Two Plan Options

    There are two options available within this plan- The Level Term Assurance option and Increasing Term Assurance. Both these options are designed to provide customers with complete freedom from liabilities.

  3. Riders

    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.

  4. Discounts and Rebates

    The plan provides special premium discounts to people who maintain a healthy lifestyle and also offers discounts on opting for a large sum assured.

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 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.

sample sum assured for level and increasing term options

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 the following riders available under the SBI Life Smart Shield Term Insurance plan:

  • SBI Life - Accidental Benefit Rider: 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.
  • SBI Life - Accidental Total & Permanent Disability Benefit Rider: 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 total and permanently disabled due to an accident.

Note that the rider sum assured can not be more than the basic sum assured. To opt for both of these riders, you will be required to fulfil pre-specified eligibility criteria. Details of these criteria are mentioned in the table given below.

CriteriaMinimumMaximum
Age at Entry18 Years65 Years
Age at MaturityNot mentioned75 years
Policy Term5 years75 less entry age
Sum AssuredRs. 25,000Rs. 50,00,00

Benefits of SBI Life Smart Shield Plan

For a better understanding of the plan and clarity relating to the terms and conditions, here are the benefits of the plan explained in detail.

1 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. The policy can be cancelled within 15 days (if it has been bought offline) and within 30 days (if it has been bought online).

2 Policy Revival

A lapsed SBI Smart Shield Policy can be revived within 5 consecutive years from the date of the first unpaid premium. Policy revival is possible only before the maturity date subject to a condition that the insured is alive.

3 Grace Period

A grace period of 30 days is provided under the SBI Smart Shield Plan. In case you miss out on 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.

4 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.

5 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 the issuance of the policy.

6 Staff Discounts

SBI Life Smart Shield Term Insurance plan offers a discount of 5% for single premium policies and a 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 the SBI group.

7 Sum Assured Rebate

You get a rebate in case you opt for a higher sum assured amount under the plan. Details of the discount are given below. Let's have a look at them.

Sum assured amountDiscount as a premium of percentage
50 lakhs to 99 lakhs10%
1 crore to 4.99 crores20%
5 crores and above30%

8 Surrender Value

You can avail of 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 valueSurrender 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 )

9 Non-smoker benefits

The plan offers special discounts on premium amounts to non-smokers. Given below is a table that illustrates the comparison between the regular premium amount for a smoker and a non-smoker 35-year-old male, opting for a coverage amount of Rs. 50,00,000 under level term assurance.

Policy termThe premium for a smoker personThe premium for a non-smoker person
15 yearsRs. 8,451Rs 6,687
20 yearsRs. 10,071Rs 7,785
25 yearsRs. 11,975Rs 9,126

Here is a graphical representation of the same data that will help you get a clearer picture of this concept.

Premium Illustration for a smoker and non-smoker person

Premium Illustration for a smoker and non smoker person

Eligibility Criteria of SBI Life Smart Shield Plan

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.

Criteria Minimum Maximum
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 less age at entry
Premium Amount Single 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 Modes Single premium, Regular premium (yearly, half yearly, quarterly, monthly)
Premium Frequency Loading Half-yearly - 51% of the annual premium
Quarterly - 26% of the annual premium
Monthly - 8.50% of the annual premium

Sample premium of SBI Smart Shield Plan

Given below is a graphical representation of the premium amount for different ages of the policyholder. Refer to this sample illustration to get an idea about how age affects the premium rate in an SBI Smart Shield Plan.

Data in the table is calculated for a non-smoker male, taking a policy worth Rs. 50,00,000 sum assured for a policy term of 25 years.

Age of the policyholderPremium amount (in Rs)
30 yearsRs 6,629
35 yearsRs 9,126
40 yearRs 13,050
45 yearsRs 19,031

Premium amount according to the age of the policyholder

Premium amount according to the age of the policyholder

Exclusions of SBI Smart Shield Plan

The suicidal case is an exclusion from 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 Term 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 the rewards they get for maintaining a healthy lifestyle. Policyholders are fully satisfied with the benefits provided under SBI Life Smart Shield Policy.

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FAQs

1. Does the SBI Life Smart Shield Plan provide maturity benefits?

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

  • Survival benefits
  • Maturity benefit

2. Can I avail loan facility on this plan?

No, a loan facility is not available under this plan.

3. How can I buy SBI Life Smart Shield Plan?

SBI Life insurance company does not provide an online buying option on SBI Life Smart Shield Plan. You can purchase this plan offline by visiting the nearest SBI Life branch.

4. Is it compulsory to buy riders along with a life insurance plan?

No, it is not mandatory to buy riders along with a life insurance policy. But it provides extra coverage so you should buy one.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (27 Total Rating)

October 4, 2021

Munmum Pathak

Pune

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti

Allahabad

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

Guni Das

Chandigarh

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

September 28, 2021

Himanta Biswa

Mysore

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A

Bengaluru

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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