SBI Life - Smart Shield

SBI Life - Smart Shield is a very traditional life insurance plan that gives you a one stop solution to meet all your insurance needs, this is a non - participating . The plan is tailored to suit individuals with the best financial protection at a very affordable price. With this plan you can help in your absence. The eligibility for the SBI Life - Smart Shield is the individual applying for the policy needs to be between the age of 18 to 60 years and the maturity age of 70 years, the policy must be taken for a minimum of 5 years and maximum of 30 years. Premiums can be paid in 2 different payment methods, Regular - wherein premium is paid until the end of the policy or Single - wherein the payment is paid in full for coverage till the end of the policy term chosen.

The SBI Life - Smart Shield has 4 different plans from which you can choose:

  1. Level Term Assurance
  2. Increasing Term Assurance
  3. Decreasing Term Assurance with Loan Protection
  4. Decreasing Term Assurance with Family Income Protection

Depending on the plans chosen by the policyholder the nominees will receive benefits.

Key features and benefits of this plan: 

Plan Term Minimum: 5 years; Maximum: 30 years (Level Term Assurance, Increasing Term Assurance and Decreasing Term Assurance.
Sum Assured Minimum: Rs. 25,00,000; Maximum: No Limit
Premiums Single premium: Rs. 15,000 Regular Premium Yearly: Rs. 5,000; Half-yearly: Rs. 2,500; Quarterly: Rs. 1,250 Monthly: Rs. 450
Premium Payment Yearly/half-yearly/quarterly / monthly
Coverage This policy does not offer any survival benefits at the end of the term. However, coverage can be customized by choosing from several additional benefits such as Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider and Accelerated Critical Illness cover. This policy ensures financial security for the family apart from offering rewards for a healthy lifestyle. Death Benefit: If the life assured dies during the term, the nominee will receive the benefits. Accelerated Critical Illness benefit: Customers can enhance Level Term Assurance and Increasing Term Assurance
Riders SBI Life - Accidental Death Benefit Rider: The Rider Sum Assured is paid besides normal death benefit. SBI Life - Accidental Total and Permanent Disability Benefit Rider: The Rider Sum Assured will be paid if the Life Assured is eligible for the benefit.
Surrender period/value Applicable only for single premiums. The surrender value calculated is calculated as follows:
  • Level term assurance
  • Surrender value = single premium x 75% (total term)
  • Decreasing term assurance Surrender value = single premium x 75% (total term) x (effective sum assured at surrender)
  • Increasing term assurance
  • Surrender value = single premium x 80% (total term)
Free-look period If customers are not satisfied with the policy, policy can be returned within 15 days of receiving the contract. The premium will be returned excluding medical examination and stamp duty charges.

 Eligibility criteria: 

  • Minimum Age at Entry: 18 years
  • Maximum Age at Entry: 60 years
  • Age at Maturity: 65 years

An example: 

Swaraj Mahajan, a 35 -year-old software professional in Bangalore, opts for a sum assured of Rs. 2 crore for 20 years at an annual premium of Rs. 15,000. Tragically Mr. Mahajan passes away after paying ten premiums. Therefore, his nominee gets Rs. 2 crore as the sum assured.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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