Life is like a set of uncertain events that can change our lives. We are unaware of our future and what it is bringing. When it comes to planning for the unforeseen circumstances that meet different expectation and gives financial protection to your family. SBI Life Smart Shield is a pure term insurance plan which is non-participating in nature. It also provides rewards for living a healthy life and it also comes with additional benefits.
SBI Smart Shield comes with two options to choose from-
Level term insurance
In this term insurance plan, the level cover will be constant throughout the policy term.
Increasing term insurance
In this term insurance plan, the level cover will increase year on year with a small addition of premiums.
Benefit of Smart Shield
Death benefit
In case of the unfortunate demise of the policyholder then the nominee is entitled to get effective sum assured. The effective sum assured for a level term as on date of death will be level sum assured opted and the effective sum assured for increasing term insurance will be sum assured increased at 5% per annum.
Additional benefit of Smart Shield
The policyholder can choose from the different additional plan alongside this plan to further increase his cover. The list of additional plan available with this plan is as follows-
- SBI Life- Death Benefit Rider
- SBI Life- Accidental Total And Permanent Disability Benefit Rider
- SBI Life- Criti Care 13Non Linked Rider
Non- Smoker Rate
| Category/ policy term | 15 years | 20 years | 25 years |
| Smoker (in Rs) | 8,451 | 10,071 | 11,975 |
| Non-Smoker (in Rs) | 6,687 | 7,785 | 9,126 |
Rebate
| Sum assured | Rebate as a percentage of premium |
|---|---|
| 50 lakh to 99 lakh | 10% |
| 1 crore to 4.99 crores | 25% |
| 5 crore and above | 30% |
Eligibility for Smart Shield
| Age limit | Minimum: 18 years | Maximum: 60 years | |
| Maturity age | 65 years | ||
| Sum assured | Minimum: 25,00,000 | Maximum: No limit | |
| Policy term | Minimum: 5 years | Maximum: 30 years | |
| Policy paying term | Single Premium/Regular Premium | ||
| Premium modes | Single Premium Regular Premium(Yearly, Half-Yearly, Quarterly, Monthly) |
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| Premium frequency loading | Half-Yearly: 51.00% of annual premiums Quarterly: 26.00% of annual premiums Monthly: 8.50% of annual premiums |
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| Premium amount | Minimum | Maximum | |
| Single premium: | 11,000 | Depends on the Sum Assured | |
| Regular premium | |||
| Yearly Half-Yearly Quarterly Monthly |
3,000 1,500 750 300 |
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Surrender value of Smart Shield
Surrender of the policy is allowed for the only single premium paid.
| Plan option | Surrender value |
| Level term assurance | Single Premium *75% *Outstanding Term To Maturity/ Total Term |
| Increasing term assurance | Single Premium *80% *Outstanding Term To Maturity/ Total Term
*(Average Of Effective Sa At Surrender And Effective Sa At Maturity/ Average Of Initial Sa And Effective Sa At Maturity) |
Tax
Tax exemption is provided with this scheme under the section 80C of the Income Tax Law.
Free lookup period
You have an option to return the policy before 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 of Smart Shield
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
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.
- From the date of revival, the nominee is entitled to 80% of the total premium paid till the date of death.
