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SBI Life - Smart Shield: Should you buy the life policy?

By Ambari Datta Gupta

SBI Life - Smart Shield: Should you buy the life policy?
SBI Life - Smart Shield is a non-participating term insurance plan that pays a lump sum amount of sum assured on the death of the life insured. The amount will be paid to the nominee depending on the chosen plan option.

Plan Options: Yo can choose from 4 plan options offered by SBI- Smart Shield. They are:


1. Level Term Assurance.

2. Increasing Term Assurance.

3. Decreasing Term Assurance (Loan Protection).

4. Decreasing Term Assurance (Family Income Protection).

Eligibility Criteria: A person aged between 18 years and 65 years can buy this plan. The maximum maturity term is 70 years.

Sum Assured: The minimum life cover that the plan offers is Rs. 25 lakhs and has no maximum limit.

Policy term: The policy term can be any tenure in between 5 years and 30 years.

Term of premium payment: In case you opt for level term assurance or increasing term assurance you can either pay single premium or pay regular premium that suits you the best. But if you choose decreasing term assurance or decreasing term assurance you have to pay single premium.

In single premium you have to pay the premium once for the coverage till the policy term while in regular premium you have to regularly pay premium till the policy term. Regular premium can be paid in monthly /quarterly / half-yearly or yearly basis.

Premium Amounts: The minimum single premium amount is Rs.15,000. For regular premium, you have to pay from the options of Rs 5000 on yearly basis, Rs.2500 on half-yearly basis, Rs.1250 for quarterly basis and Rs.450 on a monthly basis. Special premium discounts are available if higher sum is assured.

Reinstatement in case of policy lapse: Moreover, on policy lapse, SBI Smart Shield can be reinstated within three years from the date of unpaid premium. However, all the due premiums need to be paid during that time.


Cover Option: It also covers Accelerated Critical Illness benefit. If you want then you can have the option to further increase your Level Term Assurance and Increasing Term Assurance for opting accelerated critical illness benefit.

Rider Benefits: The insurance plan also offers the rider benefits. The rider benefits include:

* Accidental death benefit rider.

* Accidental total and permanent disability rider.

Tax Benefit: Tax benefit is available under section 80c.

Death Benefit: On death of the insurer, the nominee of is eligible to get a lump sum amount (sum assured) according to the plan chosen by the insurer.

Maturity Benefit: No benefit will be paid if the insurer survives throgh the term. Moreover, if the insurer commits suicide no benefits will be paid.

For more information see SBI - Smart Shield Brochure.

Considering all the benefits that SBI Life Shield offers, you can buy this term insurance plan if you are looking for one. The brand SBI and the high claim settlement ratio of SBI Life Insurance makes the plan more attractive which can be availed at an affordable cost.

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