SBI Life has launched a term insurance plan called ‘SBI Life – Smart Shield Plus’, designed for consumer’s evolving insurance needs, the insurer said in a statement.
Claiming to have some ‘future-ready features’, the term insurance plan comes with an increasing cover, whole life protection and optional benefits, it said.
“This individual, non-linked, non-participating, pure risk life insurance product is designed to address the evolving protection needs of today’s consumers,” the insurer said.
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SBI Life – Smart Shield Plus claims to offer “a flexible and scalable term insurance plan” that adapts seamlessly to an individual’s growing responsibilities in life at various key junctures.
‘SBI Life – Smart Shield Plus’ offers three plan options — Level Cover, Increasing Cover, and Level Cover with future-proofing benefit.
All three plans enable 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 p.a. 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.
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“The offering is further enhanced by optional features, including the ‘Better Half Benefit’, providing the surviving spouse an additional life cover of Rs 25 lakh 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,” the company said.
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.
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