Smart Shield Plan
Smart Power is a non-participating Unit Linked plan with customized cover options at lower rates providing the dual benefit of insurance and market investment.
The insured will get the total Fund Value on Maturity Under the Settlement Option, the Fund Value can be withdrawn in five equal instalments over 5 years after the end of the policy term On death, higher of Fund Value less partial withdrawals already made or the base SA is payable subject to a minimum of 105% of all premiums paid till death Under the rider benefit, 100% of the death benefit is paid immediately following a disability Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Additional Features or Riders
There is an inbuilt Accelerated Total and Permanent Disability Rider. Exclusions The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date. For the riders, disability due to drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, pre-existing illnesses, HIV infection etc. are excluded
It is a unit linked plan with regular premium payment option There are 2 protection cover options namely – Level Cover option and Increasing Cover option The Sum Assured increases under the Increasing cover option by 10% from the 6th policy year and thereafter every 5 years Inbuilt Disability rider for increased protection There are 2 funds options – Trigger Fund Option and Smart Fund Option The Trigger Fund Option automatically allocates the premium in equity and bond funds in the ratio of 80:20 and the ratio is maintained as it automatically adjusts any shortfall or excesses The Smart Fund option has 7 funds to choose from: Equity Fund Top 300 Fund Equity Optimizer Fund Growth Fund Balanced Fund Bond Fund Money Market Fund
Details About Premium Illustration for a policy term of 10 years with Gold covers option Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Two free partial withdrawals are allowed every year which should be a minimum of Rs.2000 and maximum of 15% of the Fund Value as on the date of withdrawal Premium redirection is available from the 2nd policy year 2 free switches are allowed per policy year Fund options can also be altered from trigger fund to smart fund option and vice-versa under the Portfolio Transfer option
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. BNP Paribas Cardif Proposes to Increase Stakes in SBI Life Insurance to 36% IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders The Biggest Refund Order of Rs. 275 Crore Issued by IRDA to Sbi Life