SBI Life - Smart Shield
Product Info
UIN
111N067V03
Status
Active
Launch Date
03/05/2016
Withdrawn Date
Product Overview
SBI Life Smart Shield Plan is a term insurance policy that offers a high coverage at an affordable premium. It is a pure term plan with no maturity benefits and offers only death benefit.
Product Description
- Establishes a foundation for a lifetime of financial security for your family at affordable cost.
- There are 4 versions of the term plan - level term, increasing term, decreasing term for loan and for family protection.
- Rebates on Large Sum Assured
COMPARE & BUY SIMILAR PLANS
Unique Features
- Wide variety of plan option to give you freedom from your liabilities
- Rewards you for maintaining a healthy lifestyle
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 18 years | ||||
| Age at Entry (Max) | 60 years | ||||
| Max age of Maturity | 70 years | ||||
| Min Premium Payable | Single Premium | Rs. 15,000 | |||
| Regular Premium | |||||
| Yearly | Rs. 5,000 | ||||
| Half yearly | Rs. 2,500 | ||||
| Quarterly | Rs. 1,250 | ||||
| Monthly | Rs. 450 | ||||
| Sum Assured | Minimum - Rs 25,00,000 (in x of Rs.1,00,000) | Maximum - No Limit | |||
| Plan Options | Level Term Assurance | ||||
| Increasing Term Assurance | |||||
| Decreasing Term Assurance (Loan Protection) | |||||
| Decreasing Term Assurance (Family Income Protection) | |||||
| Mode Available | For Level Term Assurance, Increasing Term Assurance: Single Premium(SP) , Or Regular Premium (RP) - Yearly, Half - Yearly / Quarterly / Monthly* | ||||
| Notes: *For monthly mode: Minimum 3 monthly premiums to be paid at the time of submitting the proposal. | |||||
| Policy Term | Minimum | 5 years | |||
| Maximum | |||||
| For Level Term Assurance and Increasing Term Assurance and Decreasing Term Assurance (Family Income Protection): 30 years | |||||
| For Decreasing Term Assurance (Loan Protection): Equal to the outstanding loan term subject to maximum of 30 years | |||||
| Premium Paying Term | |||||
| Regular Premium | Pay premium till the chosen policy term | ||||
| Single Premium | Pay Premium once for coverage till the chosen policy term | ||||
OneInsure App Benefits
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Product Benefit
- Maturity Benefit :
There are no maturity benefits under this plan. - Death benefit :
- In the event of death of the policyholder, 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.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Rider Benefits - Eligibility Criteria | ||||||
| 1) Accidental Death Benefit (ADB) Rider ( UIN: 111B015V01 ) | ||||||
| Age at Entry | Minimum | 18 Years | ||||
| Maximum | 65 Years | |||||
| Age at Maturity | 70 Years | |||||
| Term | Equal to Base Policy Term | |||||
| Sum Assured | Minimum | Rs. 25,000 | ||||
| Maximum | Rs. 50,00,000 | |||||
| Notes : The Rider Sum Assured can not be more than the Basic Sum Assured | ||||||
| 2) Accidental Total & Permanent Disability Benefit Rider(UIN : 111B016V01) | ||||||
| Age at Entry | Minimum | 18 Years | ||||
| Maximum | 65 Years | |||||
| Age at Maturity | 70 Years | |||||
| Term | Equal to Policy Term | |||||
| Sum Assured | Minimum | Rs. 25,000 | ||||
| Maximum | Rs. 50,00,000 | |||||
| Notes : The Rider Sum Assured can not be more than the Basic Sum Assured | ||||||
| Special Premium Discount | ||||||
| Sum Assured | Regular Premium (Available For Level Term / Increasing Term Assurance) | Single Premium ( Available for all Options ) | ||||
| Greater than equal to Rs 50Lakhs and less than Rs. 1 crore. | Rebate applicable on premium: 7% of premium | Rebate applicable on premium: 7% of premium | ||||
| Rs. 1 Crore and Above | Rebate applicable on premium: 7% of premium + Rebate applicable on SA Rs.0.25/- per Rs. 1,000 SA | Rebate applicable on premium: 7% of premium + Rebate applicable on SA Rs.1.50/- per Rs. 1,000 SA | ||||
| Rewards For Healthy Lifestyle( Premium for smoker & non-smoker for aged 35 years) | ||||||
| Categorization / Policy Term | 15 Years | 20 Years | 25 Years | |||
| Smokers | Rs.10,197 | Rs.12,053 | Rs.14,308 | |||
| Non-Smokers | Rs. 8,351 | Rs.9,756 | Rs.11,490 | |||
| Notes : * Coverage of Rs.50,00,000 (Rs 50 Lacs) Sum Assued | ||||||
| Surrender Value | Surrender is allowed from second year onwards | |||||
| Level Term Assurance | Single Premium ( Exclusive of service tax ) x 75% x Outstanding Term to Maturity / Total term | |||||
| Decreasing Term Assurance | Single Premium ( Exclusive of service tax ) x 75% x { Outstanding Term to Maturity / Total term } x { Effective Sum Assured at time of Surrender / Initial Sum Assured } | |||||
| Increasing Term Assurance | Single Premium ( Exclusive of service tax ) x 80% x { Outstanding Term to Maturity / Total term } | |||||
| Notes -: The Plan does not offer any Survival Benefit or Paid - up Value. Also, there is No Surrender Benefit for regular Premium Policies | ||||||
| Revival | Revived Within 3 years from the date of the first unpaid premium and before the date of maturity while the Life Assured is still alive | |||||
Add-ons
- Accidental Death Benefit Rider :
In case of death due to an accidentof the Life Assured, the Rider Sum Assured chosen will be paid to the nominee. - Accidental Total & Permanent Disability :
In the event of permanent disability to the Rider Life Assured due to an accident and if the disability is within 180 days from the date of an accident, the benefit amount payable as per the chart. - Accelerated Critical Illness Rider :
Critical Illness benefit pays Accelerated Critical illness Sum Insured (Minimum Rs. 5 lacs ; Maximum Rs. 30 lacs) on confirmed diagnosis of the Life Assured suffering from the listed diseases as per the policy conditions.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 90% of premiums paid or the surrender value.
Tax Benefits
Income Tax Benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.
Claim Process
Know Claim Process of SBI Life - Smart Shield
Company Overview
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices
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