SBI Smart Shield Plan
SBI Smart Shield Plan is an individual, non-linked, non-participating, life insurance pure risk premium product. It is offered by SBI Life. Through this term plan, you can ensure the future financial security of your family members.
This is a completely term plan. You do not get Maturity Benefit in this. If you die during the policy term, then the death benefit is provided to the person nominated by you.
This term plan offers you two options – Level Term Assurance and Increasing Term Assurance. Also it comes with 2 two rider options. You can add these riders to your term plan as per your requirement.
Features Of SBI Smart Shield Plan
The features of SBI Smart Shield Plan are as follows-
- Financial Security: Through this term plan, you can ensure the future financial security of your family. Through this, even in your absence, your family does not face any problem financially.
- Two Options: This term insurance plan offers you two types of options – Level Term Assurance and Increasing Term Assurance. You can choose any of these as per your requirement.
- Plan Term: This term insurance plan is available to you for a minimum term of 5 years and a maximum term of 30 years. You can choose any duration as per your requirement.
- Sum Assured: In this term plan, you are provided with a minimum sum assured of Rs 25 lakh . There is no limit on the maximum sum insured.
- Premium Payment: In this term plan, you can choose the premium payment as per your ability. You can make the premium payment yearly/half-yearly/quarterly/monthly for this time plan.
- Riders: This term insurance plan also provides you the facility of adding two rider options. You can add these riders as per your requirement.
- Smoking: A non-smoker is offered a lower premium payment offer.
- Discounts: If you opt for a higher sum assured, then you are offered a discount on it.
- Free-look period: In this term plan you are provided with a free-look period of 15 days. If you are not satisfied with this term insurance policy, then you can choose to withdraw this policy. Your premiums are returned, excluding medical examination and stamp duty.
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Benefits Of SBI Smart Shield Plan
The benefits of SBI Smart Shield Plan are as follows-
- Death Benefits:
If the policyholder dies during the policy term, the death benefit is provided to the nominee depending on the plan option chosen by the policyholder.
- Maturity Benefits:
SBI Smart Shield plan is purely term insurance plan. Hence, you are not provided with any kind of maturity benefit in term insurance plans.
- Riders:
You are also provided with the option of adding riders to the SBI Smart Shield plan. You can further enhance the coverage in your term plan by adding these riders. In this, you are given the option of adding two types of riders, which are as follows-
- SBI Life – Accidental Death Benefit Rider
- SBI Life – Accidental Total and Permanent Disability Benefit Rider
- Tax Benefits:
Through this term insurance plan, you can also avail tax benefits under the income tax laws applicable in India. In this, you can get tax benefits under section 80C of the Income Tax Act 1961 on the premium.
Eligibility For SBI Smart Shield Plan
Eligibility for buying SBI Smart Shield Plan is as follows-
- Minimum Age at Entry: 18 years
- Maximum Age at Entry: 60 years
- medical history report
Documents Required For SBI Smart Shield Plan
The documents required for buying SBI Smart Shield Plan are as follows-
- Duly filled insurance application form or policy proposal form
- Medical History Report
- Age Proof:
- driving license,
- School / College Certificate,
- Passport, PAN Card,
- Birth certificate.
- Identity Proof:
- Passport,
- Voter ID Card,
- A letter from recognized public authority with photo confirming identity and address.
- Address Proof:
- Aadhar card,
- Passport,
- Voter ID Card,
- Bank Account Statement.
- Utility Bill (Electricity Bill, Telephone Bill)
- I Ratio:
- employer’s certificate,
- Income Tax Return.
SBI Smart Shield Plan Premium
In SBI Smart Shield plan, you are provided with the option of deferring the premium payment. You can pay the premium for your SBI Smart Shield plan in the following ways-
- monthly,
- quarterly,
- half yearly or
- annual.
How To Buy SBI Smart Shield Plan?
You can buy SBI Smart Shield term plan through both online and offline mode.
To buy SBI Smart Shield term plan through online mode, you have to visit the official website of SBI Life and you can easily buy SBI Smart Shield term plan through online mode by following the process there.
To buy SBI Smart Shield term plan through offline mode, you will have to visit your nearest SBI bank branch. You can buy this plan through offline there.