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SBI Life - Saral Shield

SBI Life - Saral Shield

Introduction

SBI Life - Saral Shield is a traditional non-participating pure term Insurance plan. At an affordable cost, SBI Life Saral Shield provides cover for your family and ensures that a proper safety net is created. Thus, it guarantees that there will be no compromise on your dreams and ambitions for your loved ones.

Key Features

  • Hassle-free, convenient and easy issuance.
  • Financial Security.
  • Freedom from your liability by choice on one of the following plan options:
    • Level Term Assurance;
    • Decreasing Term Assurance (Loan Protection);
    • Decreasing Term Assurance (Family Income Protection)
  • Special premium discounts for women.
  • Large sum assured rebates.
  • Enhance your protection by availing two riders-SBI Life- Accidental Death Benefit Rider and SBI Life- Accidental Total and Permanent Disability Rider.
  • Tax benefits as per prevailing norms under the Income Tax Act, 1961*.

Plan at a Glance

Age^ at Entry Min: 18  years Max: 60 years
Age^ at Maturity Max: 65 years
Plan Options Level Term Assurance
Decreasing Term Assurance (Loan Protection)
Decreasing Term Assurance (Family Income Protection)
Sum Assured (x 50,000/-)   Min: Rs. 7,50,000  Max: Rs. 24,00,000 
Policy Term Min: 5  years
Max:
Level Term Assurance &
Decreasing Term
Assurance(Family Income
Protection)
30 years
Decreasing Term
Assurance(Loan Protection)
Equal to the outstanding loan term subject to maximum of 30 years
Premium Paying Term

Regular Premium - pay premium till the chosen policy term
Single Premium - pay premium once for coverage till the chosen policy term

Premium Modes

For Level Term Assurance:
Single Premium (SP), or 
Regular Premium(RP) : Yearly / Half-yearly / Quarterly / Monthly#

For Decreasing Term Insurance (Loan Protection) & Decreasing Term Insurance (Family Income Protection) : Single Premium

Min Premium Amounts
Regular Premium:  
Yearly: Rs. 2,000/-
Half-yearly: Rs. 1,100/-
Quarterly: Rs. 600/-
Monthly: Rs. 250/-
Single Premium: Rs. 10,000/-

* All the references to age are age as on last birthday.

# For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card).

For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.

Benefits:

  • Death Benefit: In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.
  • Maturity Benefit: No survival benefit available at the end of the term.
  • Riders:
    • SBI Life - Accidental Death Benefit Rider: In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit.
    • SBI Life - Accidental Total and Permanent Disability Benefit Rider: The Rider Sum Assured will be paid on the Life Assured being found eligible for the Total Permanent Disability Benefit as defined in the policy document.

Instant Premium Reckoner##

Age of
Life Assured
(years)
For SA -  Rs. 10 Lakhs  For SA -  Rs. 20 Lakhs
Policy Term (in years)/ Premium (in Rs) Policy Term (in years)/ Premium (in Rs)
10 15 20 25 10 15 20 25
25 NA** NA** NA** 2187 3120 3120 3366 3774
30 NA** 2184 2457 2839 3382 3768 4314 5078
35 2518 2904 3422 4042 4436 5208 6244 7484
40 3378 4064 4850 5783 6156 7528 9100 10966
45 4914 5943 7131 NA** 9228 11286 13662 NA**
>

##Note: The above annual level term assurance premiums are for a standard, healthy male life and are inclusive of large sum assured rebate. The above rates are exclusive of service tax. SA: Sum Assured. NA**: Not Available for this combination.

Tax Benefits

  • Tax deduction under Section 80 C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
  • Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.
  • *Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

These are only summary of the product features. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

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