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SBI Life Smart Shield -Level Term Assurance Plan

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 info@sbilife.co.in
Call On 1800 22 9090, 1800 425 9010 from 9am to 9 pm on all days
Additions to the Plan  
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