SBI Smart Shield

 

SBI Life Smart Shield Plan Review

 

SBI Life Insurance, which is backed by India’s largest bank State bank of India, is ranked No 1 amongst the private life insurance companies in the new business premium collected. SBI Life Smart Shield Plan is a term insurance policy that offers a high coverage at an affordable premium. It is a pure term plan with no maturity benefits and offers only death benefit.

 

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 Key Features of SBI Life Smart Shield Plan

• There are 4 versions of the term plan- level term, increasing term, decreasing term for loan and for family protection
• There is a discount for healthy lifestyle of non-smoking
• Additional rider benefits available 

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Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

Male Female

Tobacco?

Yes

No

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Benefits you get from SBI Life Smart Shield Plan

 

• Death Benefit – In case of death of the policy holder, the nominee gets the sum assured according to the plan option selected. In level term, the Sum Assured is fixed. In increasing and decreasing term plans, the sum assured increases or decreases.
• Maturity Benefit – There are no maturity benefits under this plan.
• Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

Eligibility conditions and other restrictions in SBI Life Smart Shield Plan

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	Rs.25,00,000	No Limit
Policy Term (in years)	5	30
Premium Payment Term (in years)	Equal to policy term	Equal to policy term
Entry Age of Policyholder (in years)	18	65
Age at Maturity	-	70
Single premium	Rs 15,000	No Limit
Payment modes	Yearly, Half-yearly, Quarterly, Monthly and Single for Level Term and Increasing Term Plan Only Single for Decreasing Term Plan

 
 

Sample illustration of premium amount in SBI Life Smart Shield Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years

 

 

 

Additional Features and Benefits of SBI Life Smart Shield Plan

 

Riders – There are 3 riders available in this plan.

1.       Accidental Death Benefit rider-

 Entry Age- 18-65 years, Maturity Age- 70 years; Sum Assured- Rs 25,000-Rs 50,00,000

2.       Critical Illness rider

Entry Age- 18-60 years, Maturity Age- 65 years;

Covers 13 Critical Illnesses

3.       Total and Permanent Disability Rider

Entry Age- 18-65 years, Maturity Age- 70 years; Sum Assured- Rs 25,000-Rs 50,00,000

 

 

 

What happens if?

 

You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse after the grace period ends. You can re-instate the policy within 3 years of lapsing by paying up all due premiums with interest.

 

You want to surrender the policy – Surrender Benefits are available only to Single Premium Policies

In Level Term Assurance, Surrender Value=Single Premium (exclusive of service tax) x75% x Outstanding Term to Maturity / Total Term

 

In Decreasing Term Assurance, Surrender Value= Single Premium (exclusive of service tax) x75% x {Outstanding Term to Maturity / Total Term} x{Effective Sum Assured at time of Surrender / Initial Sum Assured}

 

In Increasing Term Assurance, Surrender Value= Single Premium (exclusive of service tax) x80% x {Outstanding Term to Maturity / Total Term}

 

You want a loan against your policy – Loan facility is not available under this policy.