Smart Shield Plan
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  • Avail riders
  • Tax Benefits
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SBI Smart Shield

SBI Life Smart Shield Plan is a traditional non-participating pure risk term plan offered by SBI Life Insurance company. With this plan, one can secure the future of their family in case of an unforeseen circumstance. The plan comes with a variety of options and benefits that are designed to meet all your insurance needs. It offers great financial protection and support to your loved ones in your absence.

SBI Smart Shield Plan is designed to provide you with top-notch financial protection at a reasonable price. The plan ensures that it takes care of your loved ones when you are no longer around them.

Keep reading to know all about the SBI Life Smart Shield Term Insurance plan.

Eligibility Criteria of SBI Life Smart Shield Plan

Let's take a quick look at the plan’s eligibility criteria highlighting all the requirements that need to be fulfilled while buying SBI Smart Shield Policy.

Entry Age

Min: 18 years
Max: 60 years

Age at maturity

Max: 80 years

Basic sum assured

Min: Rs.25,00,000 (In multiples of Rs.1,00,000)
Max: No limit

Policy Term

Min: 5 years
Max: 80 years less age at entry

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

Benefits of SBI Life Smart Shield Plan

The plan comes with several benefits and unique features. For your better understanding, we have mentioned some of the unique benefits. Take a look:

Death Benefit

On the death of the policyholder

Non-Smoker Benefits

The plan offers special

Financial Coverage

The plan provides lifetime

Two Plan Options

The plan offers two plan options

Enhanced Protection with Riders

With this plan, customers have the option

Rebates on High Sum Assured

One can avail of a rebate

Tax Benefits

All the premiums paid are eligible

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 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.

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.

Rebates on High Sum Assured

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 AmountDiscount as a Premium of Percentage
50 lakhs to 99 lakhs10%
1 crore to 4.99 crores20%
5 crores and above30%
Tax Benefits

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

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

SBI Life - Accidental Total & Permanent Disability Benefit Rider

If you opt for this rider,

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 totally and permanently disabled due to an accident.

Sample Premium of SBI Smart Shield Plan

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.

For Level Term Assurance

Age of the Policyholder20 years30 years40 years
Premium Amount (in Rs.)4446291,245

For Increasing Term Assurance

Age of the Policyholder20 years30 years40 years
Premium Amount (in Rs.)5709321,983

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.

Explore SBI Term Insurance

Know more about SBI Term Insurance, its claim process, buying process, and contact details by clicking on the sections below:

Claim Process

Click to know SBI Term Insurance Claim Process.

Buying Process

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Contact Us

Click Here to Check SBI Life Term Insurance Contact Details.

Explore Other SBI Term Insurance Plans

You can find other term policies offered by the SBI Term Insurance company in the section below:

SBI Life Arogya Shield

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

  • Dual Benefit under a single plan.
  • Cashless cover for health claims.
  • Death benefit under life cover.

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

  • Terminal illness benefits.
  • Choice of 3 plan options.
  • Life cover up to 100 years.

SBI Life Saral Jeevan Bima

An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.

Unique Features

  • Affordable premiums.
  • Flexibility in Prewmium Paying Terms.
  • Avail tax benefits.

Offers Critical illness cover and coverage for 36 Critical Illnesses with premium waiver benefit on the diagnosis of any of the covered Critical Illnesses.

Unique Features

  • 'LifeStage Re-balancing' feature.
  • Avail Critical Illness Benefits.
  • Premium Waiver Benefit.

SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.

Unique Features

  • Coverage at an affordable cost.
  • Lower premiums for non-smokers.
  • Discount on larger sum assured.

A Life insurance, saving product with a return of premium. This plan provides fixed life cover throughout the term along with maturity benefits.

Unique Features

  • Maturity benefit.
  • Death benefit.
  • Flexible premium amount.

SBI Life Grameen Bima

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

  • Death benefit available.
  • Surrender allowed after 1st year.
  • No medical examination required.

SBI Life Smart Shield Plan: 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. What are the premium payment options for the SBI Life Smart Shield plan?

You can pay the premium of the SBI Life smart shield plan in a single payment, monthly, quarterly, half-yearly, or yearly installment.

5. How I can buy the SBI Smart Shield plan?

You can purchase the SBI Smart Shield plan from your nearest SBI Life branch or request a callback by visiting the SBI Life Insurance official website.

6. How will the SBI Insurance Smart Shield plan be affected if the premium is not paid on time?

Your insurance will lapse If you don't pay the policy premium within the grace period.

7. What plan options are available under the SBI Smart Shield plan?

SBI Smart Shield plan offers four types of plan option:

  • Level term insurance
  • Increasing term insurance
  • Decreasing term insurance (Loan protection)
  • Decreasing term insurance (Family protection)

SBI Term Insurance Reviews

Read what our customers have to say about SBI term insurance company

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Munmum Pathak

Pune

October 4, 2021

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

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Rahul Kakoti

Allahabad

September 30, 2021

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

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Guni Das

Chandigarh

September 28, 2021

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

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Himanta Biswa

Mysore

September 28, 2021

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!...

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Salman A

Bengaluru

September 27, 2021

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

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Jayesh

Gurgaon

September 22, 2021

the reputation of the company got me to approach SBI ...I bought a life plan and added riders etc ...so pretty sure its good enough coverage

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Krutika Kalra

Jaipur

September 21, 2021

buyed my 1st plan from sbi ...took help from policyx who guide me to this ! so so pleased !very happy

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Girish Saikia

Mumbai

September 20, 2021

very healthy discussion I did with policyx.com...i only wanted to buy SBI life plan so when I told them they helped me customize a good policy that I hope will be helpful