Smart Shield Plus

What this product is

A flexible term life plan letting you choose level cover, automatically increasing cover, or cover that can be bumped up at major life events like marriage or a home purchase.

You might need this if…

• You might need this if your income and responsibilities are likely to grow, and you want your cover to grow with them rather than staying fixed.
• You might need this if you'd rather not go through fresh medical underwriting every time your life changes — e.g. getting married or buying a house.
• You might need this if you want the option to add a spouse's life cover under the same policy at a low extra cost.
• You might need this if you want your family to have the choice of a lump sum or a steady income stream after your death, not just one or the other.

How it actually works

• Minimum sum assured is ₹25 lakh (no stated cap); entry age is 18 up (45 for the Whole Life option), with policy terms from 5 to 79 years.
• Three plan options: Level Cover (fixed sum assured), Increasing Cover (+5%/year up to 200% of original, until age 71), and Level Cover with Future Proofing (lets you bump cover at marriage, childbirth, or home purchase without medical checks, entry age capped at 40).
• Death benefit is the highest of 11× annualized premium, the sum assured, or 105% of total premiums paid (single pay uses 1.25× premium or sum assured instead).
• The optional Better Half Benefit extends ₹25 lakh level cover to your spouse (age gap ≤10 years) after your death, for a small added premium, until the spouse turns 60.
• An Accident Benefit Rider adds Accidental Death cover (up to ₹2 crore) and/or Accidental Partial Permanent Disability cover (up to ₹1.5 crore).
• Death benefit can be taken as lump sum, in installments over 5/10/15/20 years, or a mix of both.

Worked example

Worth knowing before you decide

• Regular Pay policies have no surrender value at all; only Limited Pay and Single Pay versions build any surrender value.
• There's no maturity benefit — if you outlive the term, nothing is paid back (it's pure protection, aside from the ROP variants elsewhere in SBI's range).
• Policy loans are not available on this plan.
• Future Proofing cover increases require submitting proof within 6 months of the life event and only work if the policy is still in force.

Official source

⌟ Official product brochure

Learn about this category

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