SBI Life - Saral Shield Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
Caring for the welfare of your family for breadwinner's is always the first priority and keeping that in mind, SBI Life has launched the Saral Shield Plan. With SBI Life Saral Shield Plan, customers can save for the future welfare of their family, with the benefit of structuring an annuity plan at affordable premiums. The SBI Life Saral Shield Plan comes with benefits such as premium discounts for women, additional death and accident riders, tax benefits, a large sum assured at the point of maturity and above all financial security for the entire family.
Eligibility - Who is the SBI Life Saral Shield Plan for?
To be eligible for the SBI Life Saral Shield Plan, customers need to meet certain criteria with regard to the entry age, maturity age and the minimum policy term.
| Parameters | Details |
| Entry Age | Minimum: 18 years Maximum: 60 years |
| Maturity Age | Maximum: 65 years |
| Policy Term | Minimum: 5 years Maximum: 30 years |
Sum Assured and Premium Range - What you get and what it costs?
Sum Assured: Depending on the policy term chosen by the policyholder, the minimum sum assured at the end of the policy is Rs.7.5 lakh and the maximum is Rs.24 lakh.
Premium: Policyholder can either choose a Single Premium or a Regular Premium. In addition, policyholders have the choice of choosing the payment mode - annual, half-yearly, quarterly, monthly.
| Policy Term | Minimum: 5 years Maximum: 30 years |
| Premium payment modes | Annually, half-yearly, quarterly, monthly |
| Regular Premium | Annually: Rs.2,000 Half-yearly: Rs.1,100 Quarterly: Rs.600 Monthly: Rs.250 |
| Single Premium | Rs.10,000 |
Plan Coverage - What the SBI Life Saral Shield Plan covers?
The SBI Life Saral Shield Plan has three plan options for policyholders - Level Term Assurance, Decreasing Term Assurance (loan protection) and Decreasing Term Assurance (family income protection).
| Level Term Assurance | Offered at an affordable premium, with the Level Term Assurance policyholders can choose the sum assured they wish to be liable to at the end of the term. In case of untimely death of the policyholder during the term, the nominee is liable for the entire sum assured. |
| Decreasing Term Assurance (Loan protection) | Offering coverage for liabilities (loans), policyholders can choose the sum assured to cover liabilities in case of an eventuality. In case of untimely death of the policyholder, the plan will cover the liabilities of the policyholder. |
| Decreasing Term Assurance (Family income protection) | This plan offers coverage and financial security of the family in the case of an untimely death of the policyholder. Here, the sum insured is split by the term month and the family is liable to a fixed income through the policy tenure. |
Additional Coverage under the SBI Life Saral Shield Plan:
To offer additional coverage to the policyholder, he/she can purchase the Accidental Death Benefit Rider and the Accidental Total or Permanent Benefit Rider. To be eligible for the riders, customers need to meet certain eligibility criteria. Listed below is also the sum assured with the riders.
| Accidental Death Benefit Rider and the Accidental Total or Permanent Benefit Rider | |
| Entry Age | Minimum: 18 years Maximum: 60 years |
| Maximum Maturity Age | 65 years |
| Policy Term | Same as base policy term |
| Sum Assured | Minimum: Rs.25,000 Maximum: Rs.24 lakh |
Exclusions - What the SBI Life Saral Shield Plan doesn’t cover?
Base Policy Exclusions:
If the policyholder commits suicide within 12 months of the commencement of the policy, no claim will be payable. For those subscribed to the Single Premium Policy, 90% of the total premiums paid will be passed on to the nominee.
Rider Exclusions:
Listed below is the exclusion list of the riders of the SBI Life Saral Shield Plan. Policyholders are not liable to any coverage if the below list of events and eventualities occur:
- Death or disability caused by a spread of infection barring infection caused by accident wounds.
- Death or disability under the influence of drugs, alcohol, psychotropic substance or any sort of narcotics.
- Self-inflicted injury.
- Death or disability arising out of criminal activity of the policyholder.
- War and civil unrest.
- Nuclear contamination.
- Death or disability caused from any flying activity if the policyholder is not a commercial licensed pilot.
- Any hazardous sport leading to death or disability.
- Any physical infirmity.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are the key features of the SBI Life Saral Shield Plan.
| Grace Period | Policyholder are granted a grace period of 30 days to pay the due premium for annual, half-yearly and quarterly mode and 15 days in the case of monthly mode of premium payments. |
| Revival | Policyholders have the option of reviving their policy within three years of the first unpaid premium. Provided that the due premiums are paid and the policy revived, the policyholder is liable to all the benefits. |
| Nomination | Policyholders can make nominations as per Section 39 of the Insurance Act, 1938. |
| Free Look Period | Policyholders are granted a free look period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, he/she can return the policy and receive a refund for the premium - minus cancellation and stamp duty charges. |
| Surrender of the policy | Policyholders can surrender the policy only after two year of initiating the policy. On surrendering the policy, policyholders are liable up to 75% of the base fund and premiums paid. |
Tax Benefits – How you can save with the SBI Life Saral Shield Plan?
Policyholder enrolled with the SBI Life Saral Shield Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
- Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
- Section 10 (10D) of the Income Tax Act, 1961, for proceeds from the riders and the death maturity benefits.
Other Benefits – How you can save with the SBI Life Saral Shield Plan?
The SBI Life Saral Shield Plan comes with a number of other benefits, they are listed below:
- Hassle-free issuance of policies. Customers can purchase policies on the SBI Life Insurance page with ease and convenience.
- Policyholders can buy plans using their net banking account, credit cards, debit cards, e-wallets, etc.
- Premium discounts for women.
- Large sum assured rebates.
Why you should buy the SBI Life Saral Shield Plan from SBI Life Insurance?
Headquartered in Mumbai, India, SBI Life Insurance was formed following a joint venture between India’s largest state owned bank State Bank of India and French multinational bank BNP Paribas Cardif. Having an authorized capital of $20 billion, SBI Life Insurance has branches spread across the country, offering insurance products to thousands across the country. The insurance company banks heavily on their expert customer service that functions round-the-clock to bring the utmost satisfaction to its customers. In 2007, SBI Life Insurance was given a AAA/Stable/P1+ rating by CRISIL Limited.
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