January 10, 2012 by akhilendra
SBI Life Policy- Smart Shield Review & Details
SBI Life Policy- Smart Shield is a traditional term plan. This is a affordable plan which provides financial solution for those who are not looking for any investment value in the life insurance policy. SBI Policy Smart shield is very good for these kind of customers.
SBI Life Policy- Smart Shield‘s Key Features:
- Establishes a solid foundation for a lifetime of financial security for your family at a low cost.
- Rewards you for maintaining a healthy lifestyle.
- Wide variety of plan options to give you complete freedom from your liabilities.
- Large Sum Assured rebates, substantially lowering your cost of insurance.
- Riders available with SBI Policy Smart Shield areAccidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Accelerated Critical Illness cover option.
- Tax benefits as per prevailing norms under the Income Tax Act, 1961.
SBI Life Policy- Smart Shield Plan Options
Option I Level Term Assurance
Option II Increasing Term Assurance
Option III Decreasing Term Assurance (Loan Protection)
Option IV Decreasing Term Assurance (Family Income Protection)
Term
Minimum Policy Term 5 years
Maximum Policy Term For Option I, II & IV – 30 years
For Option III – Equal to the outstanding loan term subject to maximum of 30 years
Premium
Minimum Premium Single Premium: – Rs. 15,000/-
Regular Premium:-
Yearly: Rs. 5,000/-
Half-Yearly: Rs.2,500/-
Quarterly: Rs.1,250/-
Monthly: Rs. 450/-
Premium Mode Single/ Yearly / Half yearly / Quarterly / Monthly **
Age*
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Maturity Age 70 years
Sum Assured
Minimum Sum Assured Rs. 25, 00,000 (× Rs. 1, 00,000)
Maximum Sum Assured No Limit
Riders Available
SBI Life – Accidental Death Benefit Rider
SBI Life-Accidental Total & Permanent Disability Benefit Rider
Options Available under the Product
Accelerated Critical Illness Benefit
Benefits:
• Death Benefit: Depending on the plan option chosen, the nominee will receive the effective Sum Assured under this policy.
• Maturity Benefit: No survival benefit available at the end of the term.
Rider Benefit available with Smart Shield:
- SBI Life – Accidental Death Benefit Rider: In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit.
- SBI Life – Accidental Total and Permanent Disability Benefit Rider: The Rider Sum Assured will be paid on the Life Assured being found eligible for the Total Permanent Disability Benefit as defined in the policy document.
- Cover Option: You have the option to further enhance your Level Term Assurance and Increasing Term Assurance by opting for the Accelerated Critical Illness benefit.
- This option is available with Level Term Assurance and Increasing Term Assurance benefit.
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