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SBI Life Smart Shield -Level Term Assurance Plan

Objective

This is a simple term insurance policy that aims to provide financial   assistance to family members in case of an unfortunate event of death of the breadwinner.


What does it do?

This term plan pays sum assured to the nominee in case of death of the insured. The plan allows single premium policyholders to surrender the policy after second year. The surrender value will be calculated according to the pre-specified formula. It does not pay any survival benefit.
The policy offers optional riders to increase the scope of the coverage.


Pros

Policies with sum assured above Rs 50 lakh can avail rebate on premium.
Women and non-smokers also get discount on premium.
The policy offers a surrender value.
Critical illness rider covers 13 illnesses unlike other term plans that cover 6 diseases on an average.
Premiums paid toward the policy qualify for tax deduction under section 80C of Income Tax Act.


Cons

Riders can be availed only at inception of the policy.
There is a waiting period of 90 days to avail Accelerated Critical Illness cover.


Suited for

A simple term policy is recommended for all.


Our View

Evaluate your insurance needs and understand the policy details before buying a term life cover. Even though the policy can be surrendered, you should not do this because buying a new one at later age will cost more.
A life insurance policy is not meant for the policyholder's benefit but family members in policyholder's absence. If you are young go for an online term plan which will be cheaper due to elimination of agents and middlemen.

Eligibility
Entry Age (years) 
Minimum18
Maximum65
Maximum Maturity Age (years)70
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum2500000 and in multiples of Rs 1 lakh thereafter
MaximumNo limit
Minimum Premium (Rs) 
Yearly5000
Half-Yearly2500
Quarterly1250
Monthly450
Single15000
Premium Payment FrequencySingle, Yearly, Half-yearly, Quarterly, Monthly (through ECS)
Premium Payment TermSingle, Equal to policy tenure
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodYou are allowed to pay premiums within 30 days of premium due date for Yearly/ Half-yearly/Quarterly premium payment and 15 days from premium due date in case of Monthly premium payment. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy ReinstatementYou may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
ExclusionsIn case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Surrender ValueAllowed for Single Premium Plans only. It is calculated as: 75%* Single Premium (exclusive of service tax)* outstanding term to maturity / total term
Customer Service 
AddressSBI Life Insurance Corporate Address: "Natraj",
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai - 400 069
Mail To[email protected]
Call On1800 22 9090, 1800 425 9010 from 9am to 9 pm on all days
Available Rider(s)Accidental Death Benefit (ADB) Rider: covers death due to an accident
Accidental Total and Permanent Disability Benefit Rider: covers Accidental dismemberment (loss of limbs and/or eye(s) and Permanent total disability
Accelerated Critical Illness Benefit: covers 13 Critical Illnesses namely, Cancer, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neuron Disease and Multiple Sclerosis
Rider Conditions 
Entry Age (years) 
Minimum18
MaximumADB Rider and Accidental Total and Permanent Disability Benefit Rider: 65 Accelerated Critical Illness Benefit Rider: 60
Maximum Maturity Age (years)ADB Rider and Accidental Total and Permanent Disability Benefit Rider: 70 Accelerated Critical Illness Benefit Rider: 65
Rider Term (years) 
MaximumEqual to base policy term
Sum Assured (Rs) 
MinimumADB Rider and Accidental Total and Permanent Disability Benefit Rider: 25000 Accelerated Critical Illness Benefit Rider: 500000
MaximumADB Rider and Accidental Total and Permanent Disability Benefit Rider: Lower of 5000000 or Base Sum Assured Accelerated Critical Illness Benefit Rider: 3000000
Rider Premium (Rs)Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider and Accidental Total and Permanent Disability Benefit Rider for Rs 5 lakh sum assured over a 10 year tenure; the annual ADB rider premium works to Rs 250 or Rs 1,745 in case of a single premium plan and the annual Accidental Total and Permanent Disability Benefit rider premium works to Rs 200 or Rs 1395 in case of single premium payment plan. Similarly, Critical Illness benefit of 5 lakh for a policy tenure of 5 years costs Rs 751 per annum
Annual Premium Option for Male
Policy term(years)Age(years)
253035404550556065
554445548628878361056815344221083306851672
10544455486360852412352182842723242108NA
1554445576718410128148642226033904NANA
20544462048392120281784027088NANANA
255628714498841435621552NANANANA
30634483001168417212NANANANANA
Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female
Policy term(years)Age(years)
253035404550556065
55328547257446836869212240178442320833872
1053285472574470769804144882035227756NA
155328547260808180117761684023756NANA
2053285472692096601364019464NANANA
255328611680801116415764NANANANA
3055927004926812852NANANANANA
Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax

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