Monday, October 7, 2019

SBI Life – Smart Shield Plan

SBI Life Smart Shield Plan



SBI Life – Smart Shield is a traditional non-participating pure term plan, which is a one stop solution that meets all your insurance needs. With Options and benefits specially tailored for those who want best financial protection at an affordable cost, this is the perfect plan from your preferred insurance provider. Now your family stays protected, even when you are not around.

Key Features:

Establishes a solid foundation for a lifetime of financial security for your family.
Rewards you for maintaining a healthy lifestyle.
Wide variety of plan options to give you freedom from your liabilities.
Large Sum Assured rebates.
You can also customize your coverage by choosing from a wide range of additional benefits such as – Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Accelerated Critical Illness cover option.
Tax benefits as per prevailing norms under the Income Tax Act, 1961.

Product Snapshot:

Plan Options
Option ILevel Term Assurance
Option IIIncreasing Term Assurance
Option IIIDecreasing Term Assurance(Loan Protection)
Option IVDecreasing Term Assurance(Family Income Protection)
Minimum Policy Term5 years
Maximum Policy TermFor Option I, II & IV – 30 years
For Option III – Equal to the outstanding loan term subject to maximum of 30 years
Minimum PremiumSingle Premium :- Rs. 15,000/-
Regular Premium:-
Yearly: Rs. 5,000/-
Half-Yearly: Rs.2,500/-
Quarterly:  Rs.1,250/-
Monthly: Rs. 450/-
Premium ModeSingle/ Yearly / Half yearly / Quarterly / Monthly **
Minimum Entry Age18 years
Maximum Entry Age65 years
Maximum Maturity Age70 years
Sum Assured
Minimum Sum AssuredRs. 25,00,000 (× Rs. 1,00,000)
Maximum Sum AssuredNo Limit
Riders Available
SBI Life – Accidental Death Benefit Rider (UIN: 111B015V01)
SBI Life-Accidental Total & Permanent Disability Benefit Rider (UIN: 111B016V01)
Options Available under the Product
Accelerated Critical Illness Benefit

* All the references to age are age as on last birthday.
**For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT



Death Benefit: Depending on the plan option chosen, the nominee will receive the effective Sum Assured under this policy.
Maturity Benefit: No survival benefit available at the end of the term.
Other Benefits:
SBI Life – Accidental Death Benefit Rider (UIN: 111B015V01): In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit.
SBI Life – Accidental Total and Permanent Disability Benefit Rider(UIN: 111B016V01):The Rider Sum Assured will be paid on the Life Assured being  found eligible for the Total Permanent Disability Benefit as defined in the policy document.
Cover Option: You have the option to further enhance your Level Term Assurance and Increasing Term Assurance by opting for the Accelerated Critical Illness benefit.This option is available with Level Term Assurance and Increasing Term Assurance benefit.

Tax Benefits

Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
Tax deduction under Section 80 (D) is available for premiums paid towards Accelerated Critical Illness Benefit.
Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

These are only summary of the product features. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.


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4.5 out of 5 stars Reviewer:adminFebruary 05, 2021