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SBI Life - Smart Shield Plan

 The SBI Smart Shield Plan is a traditional non-participating pure term plan by SBI. With this particular insurance solution, you can easily plan for any unforeseen circumstance. The SBI Smart Shield Plan is designed to meet all your insurance needs and offers great financial protection and support to your loved ones. The benefits and options that can be availed with the SBI Smart Shield Plan are tailored to offer you top class financial protection at a cost that is affordable for you. In case you are not around, the plan ensures to watch over the ones you care for.

Eligibility – Who is the SBI Smart Shield Plan for?

In order to buy the SBI Smart Shield Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

Parameters Criteria for eligibility
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 70 years
Plan options to choose from
  • Decreasing Term Assurance (Family Income Protection).
  • Decreasing Term Assurance (Loan Protection).
  • Increasing Term Assurance.
  • Level Term Assurance.

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured – It is the amount that is paid out to the nominee or family of the insured individual in the event of the assured's unfortunate demise, critical illness or permanent disability. The minimum sum assured in case of the SBI Smart Shield Plan is Rs.25,00,000. There is no limit on the maximum sum insured.

Minimum Sum Assured Rs.25,00,000 (x 1,00,000)
Maximum Sum Assured No limit

Premium - Premium is the amount that you pay at one go or at regular intervals to keep your policy running. Premiums may vary depending upon factors like location, term of the plan, age, etc. The minimum term of the SBI Smart Shield Plan is 5 years. The maximum term of the policy is 30 years. For Increasing Term Assurance and Level Term Assurance, the premium payment modes that can be availed are monthly, quarterly, half yearly, annually or single. However, for Decreasing Term Insurance (Family Income Protection) and Decreasing Term Insurance (Loan Protection), only single premium payment mode can be availed.

Minimum Term of the policy 5 years
Maximum Term of the policy 30 years
Premium Payment Mode for Increasing Term Assurance and Level Term Assurance Monthly, quarterly, half yearly, annually or single
Premium Payment Mode for Decreasing Term Insurance (Family Income Protection) and Decreasing Term Insurance (Loan Protection) Single
Minimum Single Premium Amount Rs.15,000
Maximum Single Premium Amount No limit
Minimum Monthly Premium Amount Rs.450
Maximum Monthly Premium Amount No limit
Minimum Quarterly Premium Amount Rs.1,250
Maximum Quarterly Premium Amount No limit
Minimum Half-yearly Premium Amount Rs.2,500
Maximum Half-yearly Premium Amount No limit
Minimum Yearly Premium Amount Rs.5,000
Maximum Yearly Premium Amount No limit

Disclaimer – Premiums may vary depending upon factors like location, term of the plan, age, etc.

Plan Coverage – What the SBI Smart Shield Plan covers?

The SBI Smart Shield Plan is tailored to meet your insurance needs. The key highlights of the SBI Smart Shield Plan are mentioned below:

  • The plan rewards the insured for maintaining a good and healthy lifestyle.
  • The assured sum is substantially large and the assured rebates decreases the cost of insurance.
  • There are different plan options to choose from. These options offer freedom from different liabilities.
Level Term Insurance If the insured wishes to avail the plan for a lifetime, then this can prove to be the ideal option. Keeping in mind the requirements of the family, the insured individual can choose the sum assured.
Increasing Term Assurance If the insured does not wish to compromise on the future plans and standard of living, then this option can be ideal. If an individual chooses this option, even if the liabilities increase, he/she will not need a fresh policy.
Decreasing Term Assurance (Loan Protection) This particular option is available if the individual has taken a loan for buying a car or a house for his/her family. The outstanding loan is taken care of by the cover.
Decreasing Term Assurance (Family Income Protection) If the individual wants to avail a stable income for his/her family on a monthly basis, this plan can prove to be ideal.

Illnesses covered under the SBI Smart Shield Plan:

  • Multiple Sclerosis.
  • Motor Neuron Disease.
  • Coma.
  • Surgery of Aorta.
  • Stroke
  • Paralysis.
  • Major Organ Transplant.
  • Major Burns.
  • Kidney Failure.
  • Heart Valve Surgery.
  • Heart Attack.
  • Coronary Artery Bypass Surgery.
  • Cancer.

Riders/Add-on plans - Additional coverage under the SBI Smart Shield Plan?

The riders available with the SBI Smart Shield Plan are as follows:

  • ADB (Accidental Death Benefit) Rider.
  • (ATPD) Accidental Total and Permanent Disability Benefit Rider.
ADB (Accidental Death Benefit) Rider
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 70 years
Term of the policy Equal to the term of the base policy
Minimum Sum Assured Rs.25,000
Maximum Sum Assured Rs.50,00,000
Accidental Total and Permanent Disability (ATPD) Benefit Rider
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 70 years
Term of the policy Equal to the term of the base policy
Minimum Sum Assured Rs.25,000
Maximum Sum Assured Rs.50,00,000

Exclusions – What the SBI Smart Shield Plan does not cover?

Suicide Exclusion – In case the life assured commits suicide, whether insane or sane, within a period of one year from the from the date of commencement of the policy or date of revival of the policy, 90% of the premium will be paid for the policies that come with single premiums.

Rider exclusions include the following:

  • Physical Infirmity.
  • Hazardous sports or pastimes.
  • Aviation.
  • Nuclear contamination.
  • Civil commotion and war.
  • Criminal acts.
  • Drug abuse.
  • Self-inflicted injury.
  • Infection.

Accelerated Critical Illness Exclusions:

  • Physical Infirmity.
  • Hazardous sports or pastimes.
  • Aviation.
  • Nuclear contamination.
  • Civil commotion and war.
  • Criminal acts.
  • Drug abuse.
  • Self-inflicted injury.
  • Infection.
  • Diseases in presence of HIV infection.
  • Diseases that previously occurred in the assured individual.
  • Any disease that happens within a period of 90 days from the date of commencement of the SBI Smart Shield Plan.

Other Key Features of SBI Smart Shield Plan:

Grace period A grace period of 30 days can be availed by the insured for clearing the premium payment for quarterly, half yearly and yearly modes. In case of monthly premium payment mode, a grace period of 15 days can be availed by the insured individual.
Revival Revival of the policy is allowed, in case it got lapsed. The revival of the policy must be done within a period of three years from the date of first unpaid premium.
Free look period In case you do not like the terms and conditions of the SBI Smart Shield Plan, you can return the policy within a period of 15 days. However, you must state your objections and the reasons for it.

Tax Benefits – How you can save with the SBI Smart Shield Plan?

Along with all the attractive benefits and features, the SBI Smart Shield Plan also offers Tax Benefits. These benefits are mentioned below:

  • Benefits under Section 80C of IT Act, 1961 on premium.
  • Benefits under Section 10(10D) of the It Act, 1961 on death proceeds under this policy.
  • Benefits under Section 80D for premium that are paid for cover of Accelerated Critical Illness.

Why you should buy the SBI Smart Shield Plan from SBI?

SBI Life Insurance is one of the top financial institutions in India that offers amazing products and services. The insurance solution provided by SBI come with immense flexibility and innovation. The SBI Smart Shield Plan is designed to meet all your insurance needs and offers great financial protection and support to your loved ones. The benefits and options that can be availed with the SBI Smart Shield Plan are tailored to offer you top class financial protection at a cost that is affordable for you.