SBI Life Smart Shield Plus Plan is one of the best term insurance plans that off ...Read More
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. ...Read Less
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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:
Minimum Age - 18 years Maximum Age - 65 years
Maximum maturity age- 100 years
Minimum policy term- 5 years to 79 minus entry age , Maximum policy term- 30 to 79 minus entry age
Base sum assured- Rs 25 lakhs to No limit
Policy loan is not available
Yearly, half-yearly, quarterly, and monthly
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. |
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.
Here are the benefits associated with the SBI Smart Shield Plus
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.
This plan offers coverage up to 100 years to the policyholders so that they can secure their loved ones.
The policyholders have the flexibility to pay premium throughout the policy term (Regular Pay) or for limited
period oftime (Limited Pay) orone time (Single Pay)
This plan offers enhanced protection with optional rider(SBI Life – Accident Benefit Rider).
With this plan, you will get the option to receive all premiums paid by choosing the limited pay options.
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.
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.
This plan offers special premium prices for female policyholders to encourage mass adoption.
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.
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.
Here is the list of exclusions associated with the plan:
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.
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There are various benefits of buying the SBI Smart Shield Plus plan including choice of plan option, flexible premium payment, whole life coverage, etc.
You can get maximum coverage up to 100 years of age or whole life.
You can buy Smart Shield Plus Plan either from PolicyX.com or SBI’s website.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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February 5, 2023
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