SBI Life Saral Shield - Level Term Assurance Plan

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SBI Life Saral Shield -Level Term Assurance Plan


	Objective		This is a simple term plan that aims to provide financial respite in the unfortunate event of death of the policyholder.

What does it do?		This term insurance policy pays sum assured to the family on demise of the insured member. This plan also provides an option to surrender the policy however there is no survival or maturity value. Surrender value will be calculated on the basis of a predefined formula.

Pros		Women get a special discount of 3 per cent on premium. The plan offers riders to enhance the scope of protection. The plan offers rebates for opting sum assured higher than Rs 15 lakh. Premiums paid towards this policy qualify for tax deduction under Section 80C of Income Tax Act.

Cons		Riders can be bought only at the time of purchasing the policy and not during the policy term.

Suited for		A pure term insurance policy is recommended for everyone looking after dependents.

Our View		Accidental total and permanent disability rider is useful as it covers disability. Disability is burdensome condition when the insured loses a regular income while the medical expenses are unavoidable. Opt for regular premium payment mode over single premium payment as single premium plan may prove to be expensive because you lock-in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.

Eligibility

Entry Age (years)

Minimum		18

Maximum		60

Maximum Maturity Age (years)		65

Policy Term (years)

Minimum		5

Maximum		30

Sum Assured (Rs)

Minimum		750000

Maximum		2400000

Minimum Premium (Rs)

Yearly		2000

Half-Yearly		1100

Quarterly		600

Monthly		250

Single		10000

Premium Payment Frequency		Single, Yearly, Half-yearly, Quarterly,Monthly (through ECS)

Premium Payment Term		Single, Equal to policy tenure

Policy Cover		Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period		You are allowed to pay premiums within 30 days of premium due date for Yearly/ Half-yearly/Quarterly premium payment and 15 days from premium due date in case of Monthly premium payment. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.

Lapsed Policy Reinstatement		You may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.

Tax Benefits		Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.

Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Surrender Value		Allowed for Single Premium Plans only. It is calculated as: 75%* Single Premium (exclusive of service tax)* outstanding term to maturity / total term

Customer Service

Address		SBI Life Insurance Corporate Address: "Natraj", M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069

Mail To		info@sbilife.co.in

Call On		1800 22 9090, 1800 425 9010 from 9am to 9 pm on all days

Additions to the Plan

Available Rider(s)		Accidental Death Benefit (ADB) Rider: covers death due to an accident. Accidental Total and Permanent Disability Benefit Rider: covers Accidental dismemberment (loss of limbs and/or eye(s) and Permanent total disability due to an accident.

Rider Conditions

Entry Age (years)

Minimum		18

Maximum		60

Maximum Maturity Age (years)		65

Rider Term (years)

Minimum		10

Maximum		30

Sum Assured (Rs)

Minimum		25000

Maximum		Lower of 2400000 or Base Sum Assured

Rider Premium (Rs)		Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider and Accidental Total and Permanent Disability Benefit Rider for Rs 5 lakh sum assured over a 10 year tenure; the annual ADB rider premium works to Rs 250 or Rs 1,745 in case of a single premium plan and the annual Accidental Total and Permanent Disability Benefit rider premium works to Rs 200 or Rs 1395 in case of single premium payment plan.

Happy Investing!!

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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