SBI Life Smart Shield Term Insurance Plan

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 plan that offers a high coverage at an affordable premium. It is a pure term plan with no maturity benefits and offers only death benefit.hdfc life bannerKey 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

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 

SBI Life Smart Shield Term Insurance

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

Curated from SBI Life Smart Shield Term Insurance Plan

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