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.
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.
Suited for
A simple term policy is recommended for all.
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.
Eligibility
Entry Age (years)
Minimum
18
Maximum
65
Maximum Maturity Age (years)
70
Policy Term (years)
Minimum
5
Maximum
30
Sum Assured (Rs)
Minimum
2500000 and in multiples of Rs 1 lakh thereafter
Maximum
No limit
Minimum Premium (Rs)
Yearly
5000
Half-Yearly
2500
Quarterly
1250
Monthly
450
Single
15000
Premium Payment Frequency
Single, Yearly, Half-yearly, Quarterly, Monthly (through ECS)
Premium Payment Term
Single, Equal to policy tenure
Policy Cover
Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation
In 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 Period
You 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 Reinstatement
You 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 Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions
In 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 Value
Allowed for Single Premium Plans only. It is calculated as: 75%* Single Premium (exclusive of service tax)* outstanding term to maturity / total term
Customer Service
Address
SBI Life Insurance Corporate Address: "Natraj",
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai - 400 069
Mail To
[email protected]
Call On
1800 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)
Minimum
18
Maximum
ADB 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)
Maximum
Equal to base policy term
Sum Assured (Rs)
Minimum
ADB Rider and Accidental Total and Permanent Disability Benefit Rider: 25000 Accelerated Critical Illness Benefit Rider: 500000
Maximum
ADB 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
Cost Details
| Annual Premium Option for Male | |||||||||
| Policy term(years) | Age(years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | |
| 5 | 5444 | 5548 | 6288 | 7836 | 10568 | 15344 | 22108 | 33068 | 51672 |
| 10 | 5444 | 5548 | 6360 | 8524 | 12352 | 18284 | 27232 | 42108 | NA |
| 15 | 5444 | 5576 | 7184 | 10128 | 14864 | 22260 | 33904 | NA | NA |
| 20 | 5444 | 6204 | 8392 | 12028 | 17840 | 27088 | NA | NA | NA |
| 25 | 5628 | 7144 | 9884 | 14356 | 21552 | NA | NA | NA | NA |
| 30 | 6344 | 8300 | 11684 | 17212 | NA | NA | NA | NA | NA |
| 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) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | |
| 5 | 5328 | 5472 | 5744 | 6836 | 8692 | 12240 | 17844 | 23208 | 33872 |
| 10 | 5328 | 5472 | 5744 | 7076 | 9804 | 14488 | 20352 | 27756 | NA |
| 15 | 5328 | 5472 | 6080 | 8180 | 11776 | 16840 | 23756 | NA | NA |
| 20 | 5328 | 5472 | 6920 | 9660 | 13640 | 19464 | NA | NA | NA |
| 25 | 5328 | 6116 | 8080 | 11164 | 15764 | NA | NA | NA | NA |
| 30 | 5592 | 7004 | 9268 | 12852 | NA | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 40 lakh policy for an age over different policy tenures exclusive of service tax | |||||||||
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