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As we grow older our responsibilities grow. Are you worried that your term plan might not be enough as your life will move forward? Fret not! SBI Life Smart Shield is a plan that grows as you grow. The plan offers an increased life cover as you age and comes in 2 plan options:
SBI Smart Shield is a new age plan that offers pure protection, increasing life cover, 2 rider benefits, and tax benefits. 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:
Chosen Sum Assured | Discount as a Percentage of Premium |
---|---|
50 to 99 L | 10% |
1 to 4.99 Cr | 25% |
5 cr and above | 30% |
Let's take a quick look at the plans eligibility criteria highlighting all the requirements that need to be fulfilled while buying SBI Smart Shield Policy.
Min: 18 years
Max: 60 years
Max: 80 years
Min: Rs.25,00,000 (In multiples of Rs.1,00,000)
Max: No limit
Min: 5 years
Max: 80 years less age at entry
Single premium, regular premium (yearly, half yearly, quarterly, monthly)
Half-yearly - 51% of the annual premium, Quarterly - 26% of the annual premium, Monthly - 8.50% of the annual premium
Smart Shield plan has two different plan options that you can choose from. Let's have a look at both of them.
The plan comes with several benefits and unique features. For your better understanding, we have mentioned some of the unique benefits. Take a look:
On the death of the policyholder
The plan offers special
The plan provides lifetime
The plan offers two plan options
With this plan, customers have the option
One can avail of a rebate
All the premiums paid are eligible
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.
Sum Assured Amount | Discount as a Premium of Percentage |
50 lakhs to 99 lakhs | 10% |
1 crore to 4.99 crores | 20% |
5 crores and above | 30% |
All the premiums paid are eligible for tax deductions under the Income Tax Act as per sections 80C and 10(10D).
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:
Under this rider, the nominee of the policyholder
If you opt for this 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.
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.
Given below is a 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 Policyholder | 20 years | 30 years | 40 years |
Premium Amount (in Rs.) | 444 | 629 | 1,245 |
Age of the Policyholder | 20 years | 30 years | 40 years |
Premium Amount (in Rs.) | 570 | 932 | 1,983 |
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.
Know more about SBI Term Insurance, its claim process, buying process, and contact details by clicking on the sections below:
Click to know SBI Term Insurance Claim Process.
Click to know SBI Term Insurance Buying Process.
Click Here to Check SBI Life Term Insurance Contact Details.
You can find other term policies offered by the SBI Term Insurance company in the section below:
Standard Plan
SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.
Unique Features
Online Plan
A protection plan offering 3 plan options to choose from along with a Terminal Illness Benefit that allows you to enhance your protection with Riders.
Unique Features
Standard Plan
An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.
Unique Features
Cancer Plan
This plan provides extensive coverage from Minor Stage Cancer to Advanced Stage Cancer, offering up to 150% of the Sum Assured, while maintaining fixed premiums for 5 policy years.
Unique Features
Rural Plan
A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.
Unique Features
No, SBI Life Smart Shield does not provide any maturity benefit
No, a loan facility is not available under this 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.
You can pay the premium of the SBI Life smart shield plan in a single payment, monthly, quarterly, half-yearly, or yearly installment.
Your insurance will lapse If you don't pay the policy premium within the grace period.
SBI Smart Shield plan offers four types of plan option:
The minimum age to purchase the SBI smart shield term plan is just 18 years of age.
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