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SBI Life Smart Shield -Decreasing Term Assurance (Loan Protection)

Eligibility  
Entry Age (years)  
Minimum 18
Maximum 65
Maximum Maturity Age (years) 70
Policy Term (years)  
Minimum 5
Maximum Lower of outstanding loan term or 30 years
Sum Assured (Rs)  
Minimum 2500000 and in multiples of Rs 1 lakh thereafter
Maximum No limit
Minimum Premium (Rs)  
Single 15000
Premium Payment Frequency Single
Premium Payment Term Single
Policy Cover Policy Cover decreases with decrease in outstanding loan amount.
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 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}
Customer Service  
Address SBI Life Insurance Corporate Address: "Natraj",
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai - 400 069
Mail To info@sbilife.co.in
Call On 1800 22 9090, 1800 425 9010 from 9am to 9 pm on all days