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Overview
SBI Smart Shield is a new-age term insurance plan that offers pure protection, increasing life cover, two rider benefits, and tax benefits.
It offers an increased life cover as you age and comes in two plan options: 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 maximum sum assured. You can buy the plan from 18 years up to 60 years of age.
In addition to this, Smart Shield comes with numerous discounts such as rewards for maintaining good health, non-smoker discounts, and high sum assured discounts.
Key Benefits of SBI Life Smart Shield Plan
- Choice of Life Cover
- Increasing or Level Cover
- Tax Benefits as per prevailing laws
- Discounts for Non-Smoker
- Earn Rewards for Healthy Lifestyle
- Multiple Premium Payment Terms
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.
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Level Term Assurance
Under Level Term Assurance, you receive a consistent life cover throughout the policy term. A fixed sum assured is paid as a death benefit to your loved ones, helping them maintain their standard of living.
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Increasing Term Assurance
Under the Increasing Term Assurance, your life cover grows continuously as you age, for a small increase in premium.
Features of SBI Life Smart Shield Plan
Death Benefit
On the death of the policyholder, the nominee receives the sum assured. In increasing term assurance, coverage grows at 5% annually from policy inception.
Non-Smoker Benefits
Special premium discounts are available for non-smokers.
Financial Coverage
Provides lifetime financial protection to the nominee in case of the insured's unfortunate demise, at a reasonable premium.
Two Plan Options
Choose from two plan options: Level Term Assurance and Increasing Term Assurance, to suit your protection needs.
Enhanced Protection with Riders
Customers can 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.
High Sum Assured Discount
Avail discounts for choosing a higher sum assured.
Tax Benefits
Premiums paid are eligible for tax deductions under Sections 80C and 10(10D) of the Income Tax Act.
Multiple Premium Payment Terms
Flexible premium payment options, including single pay or regular pay, for your convenience.
Riders Associated with SBI Life Smart Shield Plan
You can add the following riders to your SBI Life Smart Shield Plan:
SBI Life Accidental Death Benefit Rider
Accidental Death Benefit Rider provides an additional sum if the policyholder dies within 120 days of an accident.
SBI Life Accidental Total and Permanent Disability Rider
Accidental Total and Permanent Disability Rider covers the policyholder in case of permanent disability due to an accident.
Exclusions
- Death due to a pandemic is not covered by the company.
- Death due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not declared at policy inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefit is paid to the nominee.
