SBI Life Smart Shield Plan

SBI Life Smart Shield Policy Introduction

SBI Life Smart Shield Policy is a pure term insurance plan which offers only death benefits and no maturity benefits are provided. SBI Life Smart Shield Policy provides high cover with low premium cost. SBI Life Smart Shield Policy provides financial protection to your family. Smart Shield term life insurance plan offers excellent rider options at extra premium. Availability of discount for healthy lifestyle of non-smoking in this SBI Life Smart Shield Policy. SBI Life Smart Shield Policy provides 4 options of term assurance plan. They are level term, increasing term, decreasing term for loan and for family protection.

Level Term: This is a simple term insurance plan where nominee gets sum assured in case of death of insured person.

Increased term: The Sum Assured is increased by 5% per annum. On death of life insured, the increased total sum assured will be paid to his/her nominee.

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. The monthly amount will be equal to Sum Assured divided by policy term (in months).

Terms and Eligibility Conditions of SBI Life Smart Shield Policy

Entry age	Minimum – 18 years Maximum – 65 years
Maximum Maturity age	70 years
Sum Assured	Minimum – Rs.25,00,000 Maximum – No limit
Premium paying term	Policy term or Regular premium, Single Premium
Policy term(for Level Term Assurance, Increasing term and Decreasing Term Assurance for Family Protection)	Minimum – 5 years Maximum – 30 years
Policy Term(Decreasing Term for loan protection)	Equal to the outstanding loan term subject to maximum of 30 years
Single Premium	Minimum – Rs.15,000 maximum – No limit
Payment modes	Yearly, Half-yearly, Quarterly, Monthly and Single for Level Term and Increasing Term Plan Only Single for Decreasing Term Plan.
Policy Cover	Cover keeps increasing at the rate of 5% every year.
Minimum Premium amounts	For Single Premium – Rs. 15,000 For Regular Premiums Yearly           : Rs.5000 half-Yearly   : Rs.2,500 Quarterly      : Rs.1,250 Monthly        : Rs.450
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 Smart Shield Policy Rebates

Maturity Amount	Rebate on  Regular Premiums(available for Level/Increasing term assurance)	Rebate on Single Premium(available for all options)
Rs.50,00,000 to Rs.1 crore	7% of regular premium	7% of single premium
Rs.1 crore and above	7% of regular premium + Rs.0.25 per 1000 SA	7% of regular premium + Rs.1.50 per 1000 SA

Benefits of SBI Life Smart 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.

Maturity Benefit: Since this is a pure term insurance plan, there is no maturity benefits available.

Rider Benefits: There are 3 rider benefits available under this plan.

• Accidental Death Benefit rider: Apart from normal death benefit, you can opt for accidental death benefit rider. Nominee would get accidental death benefit under this option. Under this benefit the sum assured will be from Rs.25,000 to maximum Sum assured.

• Critical Illness rider: For level term and increased term assurance options, you can enhance the sum assured by opting this Critical illness rider which covers 13 illnesses. For following 13 illnesses which are covered under this policy refer FAQ’s which are given below.

• Accidental total and Permanent disability rider: If you opt for this rider, you may be charged with additional premiums. Under this benefit the sum assured will be from Rs.25,000 to maximum Sum assured.

Riders related forms and documents are attached below

Accidental Death Benefit Rider Policy Document Form 58

SBI Life Accidental Death Benefit Rider

SBI Life Accidental Total and Permanent Disability Benefit Rider UIN 111B016V02

SBI Life Accidental Total Permanent Disability Benefit Rider

Eligibility Conditions for Different types of riders

Type of Rider	Age (Years)	Term plan	Sum assured(S A)
Critical Illness rider	Minimum- 18 Maximum- 60	5 years(fixed)	Minimum- Rs.5,00,000 Maximum- Rs. 30 lakhs
Accidental Death Benefit rider	Minimum- 18 Maximum- 60	Equal to base term policy	Minimum- Rs.25000 Maximum- Rs.50 lakhs
Accidental total and Permanent disability rider	Minimum- 18 Maximum- 60	Equal to base term policy	Minimum- Rs.25000 Maximum- Rs.50 lakhs

• Note: The rider sum assured cannot be more than the basic sum assured.
• Maximum maturity age of riders is 65 years.

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 Smart Shield Policy Buying Procedure

Documents needed to apply for an SBI Life Smart Shield Policy

• Identity Proof
• Age Proof
• Income Proof
• Address Proof
• PAN Number

Required documents for buying the SBI Life Smart Shield Policy are attached below

Policy document Smart Shield Form70

Smart Shield Proposal Form for Keyman 0614 081014

Claim Procedure of SBI Life Smart 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 Smart Shield Claim form

SBI Life Smart Shield Policy Customer Care

If any doubts regarding this SBI Life Smart 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 Smart Shield Policy Premium Calculator

The following details are required for calculating premium under SBI Smart Shield plan

• Smoker/Non-smoker :
• Type of term plan :
• Age :
• Policy term :
• Sum assured :
• Type of Benefit rider :

Example of SBI Life Smart Shield Policy

Rajeev had taken SBI Life Smart Shield Policy, his following details are given below

• Smoker/Non-smoker : Non Smoker
• Age : 31 years
• Policy term : 20 years
• Sum assured : Rs.25,00,000
• Premium type : Single premium
• Type of Benefit rider
  • For Accidental Critical illness cover option – term plan is 5 years and sum assured is Rs.5,00,000
  • For Accidental benefit rider- term plan is 20 years and the sum assured is Rs.50,000
  • For Accidental total and Permanent disability rider 20 years and the sum assured is Rs.20,00,000

Case 1: If Rajeev had selected for Level term assurance plan then following details of premium are given below

	Term(Years)	Sum assured(Rs.)	Premium(Rs.)
Basic cover	20	25,00,000	44660
Accidental Critical illness cover option	5	5,00,000	3301
Accidental benefit rider	20	50,000	269
Accidental total and Permanent disability rider	20	20,00,000	8600

• Single Installment Premium without tax – Rs.56830
• Single Installment Premium with tax – Rs.63855

Case 2: If Rajeev had selected for the option of Decreasing term Assurance plan (loan Protection)  then following details of premium are given below

Loan rate of interest – 6%

	Term(Years)	Sum assured(Rs.)	Premium(Rs.)
Basic cover	20	25,00,000	33898

• Single Installment Premium without tax – Rs.33898
• Single Installment Premium with Service tax – Rs.38088

Case 3: If Rajeev had selected for Decreasing term Assurance plan (Family income Protection)  then following details of premium are given below

	Term(Years)	Sum assured(Rs.)	Premium(Rs.)
Basic cover	20	25,00,000	25943

• Single Installment Premium without tax – Rs.25943
• Single Installment Premium with Service tax – Rs.29150

Case 4: If Rajeev had selected for Increasing term Assurance plan  then following details of premium are given below

	Term(Years)	Sum assured(Rs.)	Premium(Rs.)
Basic cover	20	25,00,000	80538
Accidental Critical illness cover option	5	5,00,000	3829
Accidental benefit rider	20	50,000	269
Accidental total and Permanent disability rider	20	20,00,000	8600

• Single Installment Premium without tax – Rs.93236
• Single Installment Premium with tax – Rs.104759

Additional Information of SBI Life Smart Shield Policy

Lapsed Policy Reinstatement or policy revival: You may reinstate or re-start 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 Smart 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 excluding some charges like medical examination, stamp duty.

Payment Method: The payment options for SBI Life Smart Shield Policy are cash, cheque subject to clearance, credit/debit card.

Surrender value: Applicable only for single premiums. 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)
• For Increasing term assurance, Surrender value = Single premium(exclusive of Service tax) x 80% (Outstanding term to maturity/total term)

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 is not paid to the nominee. However, 80% of premium for what he had paid will be returned to his/her assignees or nominees.

Total Rider Premium should not be greater than 30% of the base Premium.

FAQ’S of SBI Life Smart Shield Policy

Can you give the list of illnesses under this policy?

The following illnesses covered under this policy are

• 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
• Multiple Sclerosis

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.

Can you give brief description about death claim?

After the demise of policyholder, the nominee can apply for the death claim (Sum Assured) after filling claim forms along with submitting list of documents which will prove authenticity of the claim.

SBI Life Smart Shield Policy Documents and forms

SBI Life Smart Shield Brochure v02

About SBI Life Saral Shield policy

About SBI Life eShield Policy

About SBI Life Grameen Bima Policy