SBI Term Insurance
SBI Life Smart Shield is a pure-protection plan that comes with two pl ...Read More
A quick read on what this SBI Term Insurance term plan covers and why it might be a fit for you.
SBI Smart Shield is a new age term insurance plan that offers pure protection, increasing life cover, 2 rider benefits, and tax benefits.
It offers an increased life cover as you age and comes in 2 plan options i.e., level and increasing term insurance. The minimum life cover that the plan offers is INR 25 lakhs and there is no upper limit on the max sum assured. You can buy the plan at a very young age when you are just 18 years old and till 60 years of age.
In addition to this, Smart Shield comes bearing numerous discounts such as rewards for maintaining good health, non- smoker discounts and high sum assured discounts as given below:
SBI Life Smart Shield Plan offers you a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
In todays video, we are diving deep into the SBI Life eShield plan, a robust term insurance policy designed to provide comprehensive financial protection for you and your family.
Eligibility criteria pulled straight from the policy wording.
Let's understand how the SBI Life Smart Shield Plan works with a simple premium illustration.
Mr Irfan, a 30-year-old corporate manager, is looking for a term plan that offers high life cover at affordable premiums with a choice of two plan options.
His financial advisor advised him to buy the SBI Life Smart Shield Plan Work. He visited PolicyX.com.
Let's understand how the SBI Life Smart Shield Plan works for him with an example.
| Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
| 30 years | ₹1,054/month | ₹12,648/year | 30 years | ₹3,79,440 | ₹1 Crore |
Key Takeaways: If Mr Irfan passes away during the policy term, a sum assured equal to ₹1 Crore will be paid to the nominee.
You can add the following riders to your SBI Life Smart Shield Plan:
Accidental Death Benefits Riders provide an additional sum if the policyholder dies within 120 days of the accident.
Accidental Total and Permanent Disability Rider covers the policyholder if any accident occurs that leads to the permanent disability of the policyholder.
Key features that make SBI Life Smart Shield stand out.
Rebates on High Sum Assured
One can avail of a rebate in case they opt for a higher sum assured amount under the plan.
Tax Benefits
All the premiums paid are eligible for tax deductions under the Income Tax Act as per sections 80C and 10 (10D).
Multiple Premium Payment Term
Flexible premium payment terms allow you to pay premiums at your convenience, such as single pay or regular pay options.
Here are the key benefits of the SBI Life Smart Shield.
Plan Options Offered By SBI Life Smart Shield Term Policy
Smart Shield plan has two different plan options that you can choose from. Let's have a look at both of them.
Level Term Assurance
Under the level term assurance, you will be covered with the same level of life cover throughout the policy term, so that your loved ones can maintain the standard of living that they currently enjoy. In level term assurance a fixed sum assured will be paid as a death benefit at your untimely demise.
Increasing Term Assurance
Under the increasing term assurance life cover , your life cover continuously increases as you age for a small amount of increased premium.
Death Benefit
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.
Non-Smoker Benefits
The plan offers special discounts on premium amounts to non-smokers.
Financial Coverage
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.
Two Plan Options
The plan offers 2 plan options as per your protection needs; you can choose from any one of the following options: level term assurance and increasing term assurance.
Enhanced Protection with 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.
Here is the list of exclusions associated with the plan:
SBI Life Smart Shield is a pure risk term insurance product that offers you complete protection up to the age of 80. It is a one-stop solution that meets all your insurance needs. It offers three plan options, allowing policyholders to select the protection level.
If you want to know more about the plan or compare different plans, you can easily contact us through the website policyx.com or call us at 1800-4200-269.
SBI Life Smart Shield is a pure risk term insurance product that offers you complete protection up t
The 7 most-asked questions about SBI Life Smart Shield, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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