SBI Life Saral Shield is a traditional non-participating long term insurance plan, that’s available at an affordable cost to an individual looking to buy this plan. This plan helps you provide a safety net for you and your family, guaranteeing that they will not need to compromise on their dreams and ambitions.
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Based on your needs, you can choose from the 3 plans available on the SBI Life Saral Shield, the 3 plan options are:
Level Term Assurance - under this plan you can ensure that your family doesn’t compromise on their standard of living. After your unfortunate demise during the policy term, your nominee will receive the sum assured amount chosen.
Decreasing Term Assurance (Loan Protection) - one day you may need to take a loan to buy a new car or buy that dream home you’ve always wanted. The Decreasing Term Assurance applies only if you have taken a loan, when you’ve taken a loan and want to ensure that the loan is paid off on schedule, then this option makes the best sense. This will cover your outstanding loan amounts ensuring the liability doesn’t affect your family, after your demise.
Decreasing Term Assurance (Family Income Protection) - secure your family with a stable income even in your absence. Being the breadwinner for your home increases your responsibility to ensure the lives dependant on you, are taken care of financially when you are not around anymore. This Decreasing Term Assurance (Family Income Protection) plan gives you the option to divide your total sum assured into months of the policy and ensure your family receives the monthly amount as an income after your death.
Key features and benefits of this plan:
|Plan Term||Minimum: 5 years; Maximum: 30 years (Level Term Assurance and Decreasing Term Assurance|
|Sum Assured||Minimum: Rs.7,50,000 Maximum: Rs. 24,00,000|
|Premiums||Yearly:Rs.2,000;Half-yearly:Rs.1,100 Quarterly: Rs. 600; Monthly: Rs. 250|
|Premium payment||Yearly/Half-yearly/ Quarterly / Monthly|
|Riders||SBI Life - Accidental Death Benefit Rider: The Rider Sum Assured is payable in addition to the normal death benefit. SBI Life - Accidental Total and Permanent Disability Benefit Rider: The Rider Sum Assured will be paid as defined in the policy document.|
|Coverage||Death Benefit: The nominee will receive the benefits, if the life assured dies during the term of the policy This policy does not offer any survival benefit at the end of the term|
|Surrender period/value||Applicable only for single premiums. The surrender value calculated for Level term assurance and Decreasing term assurance is as follows: Surrender value = Single premium x 75% (total term) Surrender value = Single premium x 75% (total term) x (Sum assured at surrender)|
|Free-look period||If customers are not satisfied with the policy, they can return the policy within 15 days. The premium will be paid minus medical examination and stamp duty charges.|
- Minimum age at entry: 18 years
- Maximum age at entry: 60 years
- Age at maturity: 65 years
Since there are 3 plans under the SBI Life Saral Shield, there are 3 different plan pay-outs to understand.
Level term assurance:
Mr. Prakash Hegde, aged 35 years opted for a coverage of Rs. 20, 00, 000. for a policy term of 20 years. After paying 13 premiums Mr. Hegde dies under unfortunate circumstances. The nominee of the policy will receive Rs. 20, 00, 000 as the sum assured at the time of his death.
Decreasing Term Assurance (Loan Protection):
Again let’s take as an example Mr. Prakash Hegde, aged 35 years opted for a coverage of Rs. 17, 50, 000. for a policy term of 20 years. And Mr. Hegde has an outstanding home loan of Rs. 10, 00, 000. At the time of his demise overage will go towards paying the outstanding loan amount of Mr. Hegde.
Decreasing Term Assurance (Family Income Protection):
Mr. Prakash Hegde, aged 35 years opted for a coverage of Rs. 20, 00, 000. for a policy term of 20 years. After paying 10 premiums Mr. Hegde’s nominee will receives the Rs. 20, 00, 000 divided into monthly installments for the remaining of the term The amount provided to the nominee will be calculated as per (20,00,000/[20*12]) = Rs. 8,333.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017