SBI Life Saral Shield policy

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	Minimum – 18 years Maximum – 60 years
Maximum Maturity age	65 years
Sum Assured	Minimum – Rs.7,50,000 Maximum – Rs.24,00,000
Premium paying term	Policy term or Regular premium, Single Premium
Policy term ( for Level Term Assurance andDecreasing Term Assurance(Family IncomeProtection)	Minimum – 5 years Maximum – 30 years
Policy term(Decreasing Term Assurance(loan protection)	Equal to the outstanding loan term subject to maximum of 30 years
Policy Cover	Policy Cover decreases with decrease in outstanding loan amount.
Payment modes	For Level term assurance plan Yearly, Half-yearly, Quarterly, Monthly and single modes. Only Single for decreasing term plan.
Minimum Premium amounts	For Single Premiums – Rs.10,000 For Regular Premiums Yearly : Rs.2,000 Half- Yearly : Rs.1,100 Quarterly : Rs.600 Monthly : Rs.250
Grace Period	If the Premium is not paid within the time, then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period. 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.

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)	Minimum- 18 Maximum-60	Minimum- 18 Maximum-60
Maximum Age of Maturity	65 years	65 years
Sum Assured	Minimum – Rs.25,000 Maximum – Rs. 24 lakhs	Minimum – Rs.25,000 Maximum – Rs. 24 lakhs
Policy term	Equal to base policy term	Equal to base 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

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