SBI Life Saral Shield is a traditional, non-participating pure term insurance plan. This plan creates a safety net for your family to complete their needs. Saral shield ensures and guarantees their customers that there will be no compromise on your dreams and ambitions for your family. This plan protects the family and creates a financial protection also, it comes with added protection plan with discounted rates.
Saral Shield Plan comes with three options to choose from
- Level Term Insurance
- Decreasing Term Assurance (Loan Protection)
- Decreasing Term Assurance (Family Income Protection)
Level Term Insurance
Level term insurance ensures that the family is protected at every moment. This plan provides the family of the policyholder to maintain the standard of living at the time of your unfortunate demise.
Decreasing Term Assurance (Loan Protection)
This option protects your family from unpaid loans. This plan will come into play if you have taken any loan. If an unfortunate event happens and you are not there to pay you outstanding loans then the plan does that for you so that there will be no burden in your family.
Decreasing Term Assurance (Family Income Protection)
This option protects your family by providing them with a monthly income at the time of your unfortunate death. The sum assured will be divided by the months the policy term is due with and paid to the nominee. The nominee can also ask for discounted value for the remaining monthly payouts.
Benefit of SBI Life Saral Shield Plan
Death benefit
Sum assured chosen by the policyholder will be provided as a death benefit and the policyholder can choose from three options available.
Additional benefit
The policyholder can choose from the different additional plan alongside this plan to further increase his cover. The additional plan available with this plan is as follows-
- SBI Life- Death Benefit Rider
- SBI Life- Accidental Total And Permanent Disability Benefit Rider
Rebate
| Sum Assured | For Level Term | For Decreasing Term |
|---|---|---|
| Regular premium | 0.30 per 1000 SA | Not applicable |
| Single premium | 0.95 per 1000 SA | 0.95 per 1000 SA |
Eligibility for SBI Life Saral Shield Plan
| Age Limit | Minimum: 18 Years | Maximum:60 Years |
| Maturity Age | 65 Years | |
| Sum Assured | Minimum: 7,50,000 | Maximum: 24,00,000 |
| Policy Term | Minimum: 5years | Maximum: 30 Years |
| Premium Paying Term | Regular Premium Single Premium |
|
| Premium Modes | For Level Term: Single Premium, Regular Premium(Monthly/Half-Yearly/Quarterly/Yearly) For Decreasing Term: Single Premium |
|
| Minimum Premium Amounts | Regular Premium Monthly: 250(x50) Half-Yearly: 1,100(x100) Quarterly: 600(x100) Yearly: 2,000 (x100) |
Single Premiums: 10,000x 1,000 |
Surrender value
The plan allows being surrendered after two years provided that all the premiums are paid. The surrendered value is paid as per the option-
| Plan option | Surrender value |
|---|---|
| Level term assurance | Single premium X 75% of the outstanding term to maturity/ total term |
| Decreasing term assurance (loan protection ) | Single premium X 75% of the outstanding term to maturity/ total term* (effective sum assured/initial sum assured ) |
| Decreasing term assurance (family income protection) | Single premium X 75% of the outstanding term to maturity/ total term* (monthly income X outstanding term /initial sum assured) |
Tax benefit of SBI Life Saral Shield Plan
Tax exemption is provided with this plan under the Income Tax Law.
Free lookup period
You have an option to return the policy before 15-30 days of the receipt of the policy day. In case you disagree with the policy terms and condition then you can return the policy and the full payment of the installment paid will be returned after deducting the documentation charges.
Revival
You can revive the lapsed policy within the 2 years from the date of the first unpaid premium provided that the all due premium will be paid.
Exclusion
Suicide exclusion
The benefits that this life insurance plan offers will be affected if the policyholder comes under the following situation-
- If the policyholder commits suicide within one year from the date of the inception of the policy. The beneficiary will get 80% of the all the premium paid. The policy becomes void and no death benefit is payable.
Rider exclusion
Rider exclusion for SBI Life ADB & ATDB is as follows-
- Infection: Death caused or contributed to by any infection, except infection caused by an externally visible wound accidentally sustained
- Drug Abuse: Life assured under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a registered medical practitioner
- Self-inflicted Injury: Intentional self- Inflicted injury including the injuries arising out of attempted suicide.
- Criminal acts: Life assured involvement in Criminal and/or unlawful acts with unlawful or criminal intent.
- War and Civil Commotion: War, invasion, hostilities, (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
- Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
- Aviation: Life assured participation in any flying activity, other than as a passenger in a commercially licensed aircraft.
- Hazardous sports and pastimes: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by the Company.
