SBI Life Saral Shield Policy Introduction
SBI Life Saral Shield policy is a traditional non participating pure term insurance plan. SBI Life Saral Shield policy provides a safety cover for your family. SBI Life Saral Shield policy provides a special Premium discount for women. This SBI Life Saral Shield policy provides Financial protection to your family. This SBI Life Saral Shield policy provides a Large sum assured rebates. SBI Life Saral Shield policy provides 3 options of term plan. They are Level term, decreasing term for loan and for family protection.
- Level Term assurance plan: This is a simple term insurance plan where nominee gets sum assured in case of death of insured person.
- Decreased term(loan protection):This option is available for individuals who have taken any loan for buying a house or car or anything for your family. The Sum Assured will be equivalent to the outstanding loan amount. As you keep paying the loan amount, the Sum Assured will keep decreasing as well.
- Decreased term(family protection): On death of life insured, regular monthly payment will be paid to the family members till the end of the policy term or lump sum amount will be paid. The monthly amount will be equal to Sum Assured divided by policy term (in months). Moreover, your Nominee can ask for the discounted value of the remaining monthly payouts.
Terms and Eligibility Conditions of SBI Life Saral Shield Policy
| Entry age |
|
| Maximum Maturity age |
|
| Sum Assured |
|
| Premium paying term |
|
| Policy term ( for Level Term Assurance andDecreasing Term Assurance(Family IncomeProtection) |
|
| Policy term(Decreasing Term Assurance(loan protection) |
|
| Policy Cover |
|
| Payment modes |
|
| Minimum Premium amounts |
|
| Grace Period |
|
SBI Life Saral Shield policy Rebates
Special premium discounts are available, when you opt for high sum assured
| Sum Assured(Greater than or equal to 15 lakhs) | For Level Term | For Decreasing Term Assurance |
| Regular Premium | Rebate on Sum assured: Rs.0.30 per Rs.1000 of sum assured |
Not Applicable |
| Single Premium | Rebate on Sum assured: Rs.0.95 per Rs.1000 of sum assured | Rebate on Sum assured: Rs.0.95 per Rs.1000 of sum assured |
Benefits of SBI Life Saral Shield policy
Death Benefit: In case of unfortunate death of policyholder, then his/her nominee would get sum assured as per policy documents and as per option chosen by policyholder. In Level Term Plan, the Sum Assured is fixed. But in Decreasing Term plans, the sum assured decreases at a pre-defined schedule.
Maturity Benefit: Since this is a pure term insurance plan, there is no maturity benefits available.
Rider Benefit
- Accidental death benefit: If in case of any unfortunate death due to an accident, then Sum Assured in addition to normal death benefit is payable to his/her policyholder.
- Accidental total and Permanent disability rider: If you opt for this rider, you may be charged with additional premiums. The Rider Sum Assured will be paid on the Life Assured.
Riders related documents and forms are attached below
SBI Life Accidental Death Benefit Rider
SBI Life Accidental Total and Permanent Disability Benefit Rider
Accidental Death Benefit Rider Policy Document Form 58
SBI Life Accidental Total Permanent Disability Benefit Rider
Eligibility Conditions for different types of riders
| For Accidental death benefit rider | For Accidental total and Permanent disability rider | |
|
Entry age(Years) |
|
|
|
Maximum Age of Maturity |
|
|
|
Sum Assured |
|
|
|
Policy term |
|
|
Riders are available only with Level term assurance plan. The Rider sum assured cannot be more than the basic sum assured opted for the policy.
Income Tax Benefit: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under Section 80C.
SBI Life Saral Shield policy Buying Procedure
Documents needed to apply for an SBI Life Saral Shield policy
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Required document for buying SBI Life Saral Shield policy are attached below
Policy document Saral Shield Form67
Claim Procedure of SBI Life Saral Shield policy
List of documents to be submitted during claim procedure.
- Duly filled claim form
- Original policy document
- Original death certificates
In detail documents to be submitted for claim procedure are attached below
SBI Life Saral Shield policy claim forms
SBI Life Saral Shield Policy Customer care
If any doubts regarding this SBI Life Saral Shield policy then call toll free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to info@sbilife.co.in
SBI Life Saral Shield policy Premium Calculator
The following details are required for calculating premium under SBI Life Saral Shield policy
- Type of term plan :
- Age :
- Policy term :
- Sum assured :
- Type of Benefit rider :
Example of SBI Life Saral Shield policy
Kiran had taken SBI Life Saral Shield policy, his following details are given below
- Age : 31 years
- Policy term : 20 years
- Sum assured : Rs. 8,50,000
- Type of Benefit rider
- For Accidental death benefit rider – term 15 years – Sum assured is Rs. 1,00,000
- For Accidental total and Permanent disability rider- term 15 years – Sum assured is Rs. 1,00,000
Case 1: If kiran had taken the option of Level term assurance plan then the Premiums are tabulated below
| Term(Years) | Sum assured(Rs.) | Premium(Rs.) | |
| Basic cover | 20 | 8,50,000 | 27506 |
| Accidental death benefit rider | 15 | 1,00,000 | 458 |
| Accidental total and Permanent disability rider | 15 | 1,00,000 | 367 |
- Single Installment Premium without tax – Rs.28331
- Single Installment Premium with tax – Rs.31833
Case 2: If kiran had taken the option of Decreasing term for loan protection assurance plan then the Premiums are tabulated below
Loan rate of interest – 6%
| Term(Years) | Sum assured(Rs.) | Premium(Rs.) | |
| Basic cover | 20 | 8,50,000 | 15946 |
- Single Installment Premium without tax – Rs.15946
- Single Installment Premium with tax – Rs.17917
Case 3: If kiran had taken the option of Decreasing term for family protection assurance plan then the Premiums are tabulated below
| Term(Years) | Sum assured(Rs.) | Premium(Rs.) | |
| Basic cover | 20 | 8,50,000 | 12032 |
- Single Installment Premium without tax – Rs.12032
- Single Installment Premium with tax – Rs.13520
Additional Information of SBI Life Saral Shield policy
Policy revival: 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.
Loan Facility: Loan facilities are not available under this SBI Life Saral Shield policy.
Free look Period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract. By cancelling some charges, the premium will be paid back minus some charges like medical examination, stamp duty.
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then Sum assured will be void and no claim will be payable. However, 90% of premium for what he had paid will be returned to his/her assignees or nominees.
Surrender value: Applicable only for single premiums and is allowed from second year onwards. For different term assurances the surrender value calculated as
- For Level term assurance, Surrender value = Single premium(exclusive of Service tax) x 75% (Outstanding term to maturity/total term)
- For Decreasing term assurance, Surrender value = Single premium(exclusive of Service tax) x 75% (Outstanding term to maturity/total term) x (Effective Sum assured at time of surrender/ Initial Sum assured)
FAQ’s of SBI Life Saral Shield policy
Is there any loan facility under this policy?
No, loan facilities are not available under this plan.
What happens if you stop paying the premium?
If you stop paying the premium, then a delay of 30 days is given to pay due premium under which is called grace period. After the grace period, your policy will be lapsed and if you are interested to continue this policy then you can reinstate the policy within 3 years of first unpaid premium.
Is surrender value is applicable for regular premiums?
No, Surrender value is not applicable for regular premiums. Only for single premiums surrender value is applicable.
SBI Life Saral Shield policy Documents and Forms
SBI Life saral shield brochure