SBI Term Insurance
SBI Life Smart Shield Plus Plan is a pure term insurance plan that off ...Read More
A quick read on what this SBI Term Insurance term plan covers and why it might be a fit for you.
SBI Life Smart Shield Plus Plan is one of the best term insurance plans that offer financial protection to your loved ones during the policy term. This plan offers the policyholders to choose from 3 plan options- Level Cover Benefit, Increasing Cover Benefit, and Level Cover with Future Proofing Benefit. You can choose coverage up to 100 years as per your requirement.
SBI Smart Shield Plus Plan offers you a range of benefits, including:
A quick honest summary — the strengths and the trade-offs.
Eligibility criteria pulled straight from the policy wording.
Let's understand how the SBI Life Smart Shield Plus Plan works with a simple premium illustration.
Mr Sharma is looking for a term plan that offers whole-life coverage along with an inbuilt terminal illness cover to provide a safety net to his loved ones.
While surfing, he visited PolicyX.com and booked a free appointment with their expert advisor. The advisor suggested Mr Sharma buy the SBI Life Smart Shield Plus Plan.
Mr Sharma bought a level cover benefit variant of SBI Life Smart Shield Plus Plan. Let's understand how the plan works for him with a simple premium illustration table.
| Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
| 30 years | Rs 1,25,928 | 70 years | 12 years | Rs 15,11,136 | Rs 2 crore |
Key Takeaways:
(i) In the case of Mr Sharma’s unfortunate demise before he turns 60, the death benefits worth Rs 2 crore will be paid to his nominee and the policy will lapse with effect.
(ii) In the case of Mr Sharma’s unfortunate demise after he turns 60, the death benefits worth Rs 1 crore will be paid to his nominee and the policy will lapse with effect.
You can choose the following riders with your SBI Life Smart Shield Plus Plan to enhance your plan coverage:
This rider offers additional benefits in case of the policyholder's uncertain death during the policy tenure.
Key features that make SBI Smart Shield Plus stand out.
Choice of Plan Options
SBI Life Smart Shield Plus Plan offers policyholders to choose from 3 plan options including Level Cover Benefit, Increasing Cover Benefit, Level Cover with Future Proofing Benefit.
Lower Rates for Females Lives
This plan offers special premium prices for female policyholders to encourage mass adoption.
Tax Benefits
The policyholders can avail of tax benefits under the Section 80 (C) and Section 10 (10D) of the Income Tax Act, 1961. The maximum benefits you can avail is Rs 1.5 lakhs.
Optional Better Half Benefit
This option is designed to ensure that in your absence, a sufficient coverage is available for your spouse. This is essential because the surviving spouse will have the sole responsibilityofthe familyand hence needs to be insured.
There are 3 plan options available that you can choose with your SBI Life Smart Shield Plus Plan:
| Plan Options | Benefits |
| Level Cover Benefit | Under this plan option, the sum assured would remain constant throughout the policy term. |
| Increasing Cover Benefit | With the Increasing CoverBenefit, your protection automatically increases, giving you enhanced security. |
| Level Coverwith Future Proofing Benefit | This option ensures that your protection evolves with you, aligning your insurance cover with key milestones in life. |
Here are the key benefits of the SBI Smart Shield Plus.
Guaranteed DeathBenefits
In case of the insured's unfortunate death during the policy tenure, death benefits are paid to the family. The death benefit is higher at 1.25 times single premium, 105% of annual premiums paid.
Whole Life Coverage
This plan offers coverage up to 100 years to the policyholders so that they can secure their loved ones.
Flexible PremiumPayments
The policyholders have the flexibility to pay premium throughout the policy term (Regular Pay) or for limitedperiod oftime (Limited Pay) orone time (Single Pay)
Rider Benefits
This plan offers enhanced protection with optional rider(SBI Life – Accident Benefit Rider).
Special Exit Value
With this plan, you will get the option to receive all premiums paid by choosing the limited pay options.
Here is the list of exclusions associated with the plan:
If the life assured dies by suicide within 12 months of the policy inception or revival, the death benefit is not paid. The claimant gets the higher of 0% of premiums paid or the unexpired risk premium, provided the policy is in force.
Better half is not payable if life assured and spouse dies simultaneously, or spouse's death is caused by the same event as LIfe assured, or spouse attains 60 years or dies within 12 months of the life assured's death.
SBI Life Smart Shield Plan is designed keeping in mind the changing needs of customers. This plan provides coverage to customers till the age of 100 years. You have the flexibility to pay the premiums either as a single payment or in regular installments.
If you are still confused about whether SBI Life Smart Shield Plus is the right choice for you or not, you can contact us at PolicyX.com.
We offer No Spam, No Gimmicks, and Only Expert Insurance Advice. So what are you waiting for? Book an appointment with us today.
SBI Life Smart Shield Plan is designed keeping in mind the changing needs of customers. This plan pr
The 5 most-asked questions about SBI Smart Shield Plus, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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