SBI Life has launched its latest protection offering - SBI Life - Smart Shield Plus, an individual, non-linked, non-participating, pure risk life insurance product designed to address the evolving protection needs of today's consumers.
With its future-ready approach, SBI Life – Smart Shield Plus offers a flexible and scalable term insurance plan that adapts seamlessly to an individual's growing responsibilities across life's key milestones.
SBI Life – Smart Shield Plus offers three plan options – Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit, enabling individuals to align their life cover with the evolving needs of their financial and personal journeys.
The Increasing Cover Benefit option automatically increases the sum assured at 5% simple rate per annum up to a maximum of 200% of sum assured.
The Level with Future Proofing Benefit option allows policyholders to increase their sum assured at significant life events such as marriage, childbirth, or home purchase, without any further medical underwriting. The product also provides flexible death benefit payout options, including lump sum, instalments, or a combination of both to the nominee.
The offering is further enhanced by optional features, including the Better Half Benefit, providing the surviving spouse with an additional life cover of INR2.5 million or 50% of the Sum Assured chosen by life assured at inception (whichever is lower), ensuring continued financial security after the life assured's demise.
In such cases, the death benefit applicable for the Life Assured is paid, no further premiums are payable, and the spouse's cover begins and continues till attainment of 60 years of age.
The product also offers SBI Life- Accident Benefit Riders, covering accidental death and partial permanent disability, to ensure comprehensive financial protection in the face of unexpected events.