financial planning for your family’s secure future is an important aspect to accomplish. The first and the most important step to consider in this regard is opting for a great insurance plan. This is because a transparent and well-equipped insurance plan will help you not only secure your family’s financial security but will also help you live a stress-free life.
SBI Smart Shield plan is affordable and the perfect partner for your family’s financial security.
The plan comes with a two-plan option. It is mentioned below:
If you choose this option, you can go for a level cover throughout the entire term of the plan. It comes at an affordable cost. You can choose the sum assured and also keep your family’s requirement in mind.
You can increase term assurance at 5% Simple per annum with SBI Life Protection Plan. This is the ideal plan if you don’t want to compromise with the future. It increases your insurance cover, year on year, for a mere additional premium.
In case of death of the insured, the sum assured will be paid to the nominee/Heir. The effective sum assured for increasing term assurance as on date of death will be the sum assured increased at simple 5% per annum as per the schedule given you at the time of the commencement of the policy.
With SBI life insurance, special premium discounts are available with sum assured. Look for the same below:
|Sum Assured Slab||discount as Percentage|
|Rs. 50 Lakhs||10%|
|Rs. 1 crore||25%|
|Rs. 5 crores and above||30%|
The surrender value benefit is open to single premium cases. The benefits will be given out immediately on request or allowed from the first policy year. The option and surrender value is mentioned below:
|Plan Option||Surrender Value|
|Level Term Assurance||Single Premium 75%|
|Increasing Term Assurance||Single Premium 80%|
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The nomination will be as per Section 39 of the Insurance Act 1938 with SBI Smart Shield Plan.
The assignment will be as per Section 38 of the Insurance Act 1938.
The eligibility criteria for the Smart Shield Plan is mentioned below.
Look for Basic Sum Assured, Premium Frequency Loading and more.
|Entry Age||Minimum- 18 Years and Maximum- 60 Years|
|Age at Maturity||Maximum- 80 Years|
|Plan Options||i. Level Term Assurance ii. Increasing Term Assurance|
|Basic Sum Assured||Minimum- Rs. 25,00,000 (In Multiples of Rs. 1 Lakh|
|Basic Sum Assured Max||There is no limit. The maximum sum shall be as per the board approved underwriting policy|
|Policy Term||Minimum- 5 Years and Maximum- 80 Years Less Age of Entry|
|Premium Payment Term||Single Premium/ Regular Premium|
|Premium Modes||Yearly, Half-Yearly, Quarterly and Monthly|
|Premium Frequency Loading||Half-Yearly- 51% of annual Premium, Quarterly- 26% of Annual Premium and Monthly- 8.50% of Annual Premium|
|Premium Amounts Minimum||Single Premium- Rs. 11,000, Regular Premium- Yearly- Rs.. 3000, Half-Yearly- Rs. 1500, Quarterly- Rs. 750 and Monthly- Rs. 300|
|Premium Amount Maximum||It would depend on the sum assured is offered subject to the board approved underwriting policy|
You can contact them on
1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at firstname.lastname@example.org
SBI Smart Shield Plan is the one-stop solution to all your family’s financial security. Make sure to go through the policy-related documents carefully before applying.
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