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SBI Life Saral Shield -Level Term Assurance Plan

Objective

This is a simple term plan that aims to provide financial respite in the unfortunate event of death of the policyholder.


What does it do?

This term insurance policy pays sum assured to the family on demise of the insured member. This plan also provides an option to surrender the policy however there is no survival or maturity value. Surrender value will be calculated on the basis of a predefined formula.  


Pros

Women get a special discount of 3 per cent on premium.
The plan offers riders to enhance the scope of protection.
The plan offers rebates for opting sum assured higher than Rs 15 lakh.
Premiums paid towards this policy qualify for tax deduction under Section 80C of Income Tax Act.


Cons

Riders can be bought only at the time of purchasing the policy and not during the policy term.


Suited for

A pure term insurance policy is recommended for everyone looking after  dependents.


Our View

Accidental total and permanent disability rider is useful as it covers disability. Disability is burdensome condition when the insured loses a regular income while the medical expenses are unavoidable.
Opt for regular premium payment mode over single premium payment as single premium plan may prove to be expensive because you lock-in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.  

Eligibility
Entry Age (years) 
Minimum18
Maximum60
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum750000
Maximum2400000
Minimum Premium (Rs) 
Yearly2000
Half-Yearly1100
Quarterly600
Monthly250
Single10000
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 due to an accident.
Rider Conditions 
Entry Age (years) 
Minimum18
Maximum60
Maximum Maturity Age (years)65
Rider Term (years) 
Minimum10
Maximum30
Sum Assured (Rs) 
Minimum25000
MaximumLower of 2400000 or Base Sum Assured
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.
Annual Premium Option for Male
Policy Term (in years)Age (in years)
2530354045505560
531203348410653847664117701759426856
10312033824436615692281406421334NA
1531203768520875281128617194NANA
20336643146244910013662NANANA
2537745078748410966NANANANA
30432859868934NANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
530103230396652067418114001705026034
10301032644286595489341362620676NA
1530103638503472861093016662NANA
20324841686040881013236NANANA
2536444908724210620NANANANA
30418257908648NANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Male
Policy Term (in years)Age (in years)
2530354045505560
511420124041566021068306624777071804109590
102022623542315184428666862101856153416NA
1528610353344957872260108302163634NANA
20374504874871320104144155424NANANA
25473366464895926140252NANANANA
305906482608123684NANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
511022119761513420380296864628069594106246
10195642278030516429026480098744148758NA
1527696342184803470036104996158668NANA
20362704723069124100964150706NANANA
25458606265292992135988NANANANA
305723680074119918NANANANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax