Max Life Smart Insurance plan and SBI Life Smart Shield Insurance Plans are the leading plans, every person needs to get at least one plan to make secure their lives. These plans have a lot of benefits through coverages, exclusions, premiums, etc. to claim under these life insurance plans.
About MAX LIFE:
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life has a total claim paid ratio of 99.35% as per the annual audited financials for FY 20-21.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Axis bank and its two subsidiaries – Axis Capital limited and Axis securities limited collectively own a 12.99% stake in Max Life Insurance Company giving the status of co-promoter to Axis Bank in the company.
Axis Bank is the leading private sector bank in India after ICICI & HDFC, which is eyeing to increase the share in Max Life insurance company to 20% in a few months' time. Max Life insurance has been the Bancassurance partner for Axis Bank for a very long time providing life insurance services to Axis customers.
Max Life insurance company has different life insurance products such as max term life insurance plans, Return of premium insurance, Annuity insurance products, Child plans, Investment plans, Money-Back plans, ULIPs, etc. Max Life insurance has started offering Health insurance plans after the Insurance regulator has given nod for life insurance companies to provide health insurance to their customers.
About SBI LIFE:
SBI Life is a joint venture between State Bank of India, the largest state-owned banking and financial services company in India and BNP Paribas Cardiff – a French Multinational bank and financial services company with HO in Paris. SBI Life insurance company, one of the most trusted life insurance companies in India, was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001.
SBI Life insurance company is serving millions of customers across India with their diversified products which cater to the group as well as individual customers. The approach of SBI Life is “Customer First” which means that it places great emphasis on maintaining World-class operating efficiency and providing a hassle-free claim settlement experience to the customers.
SBI Life insurance company has a vast presence in Pan India through its 947 offices which are operating from different parts of the country. They have a productive individual network of 1,70,096 agents, 57 Corporate agents, a widespread Bancassurance network of 14 partners, more than 28,000 partner branches, and 107 brokers and other insurance marketing firms. SBI Life was able to touch over 4.3 Lakhs direct beneficiaries through various CSR initiatives.
SBI Life insurance company has different insurance products that suit individual as well as institutional customers. Their range of products includes SBI life insurance term plans, SBI life term insurance with return of premium, SBI term plan with investment, Money back plans, Annuity plans, Retirement plans, Child plans, ULIPs, etc.
MAX Life Smart Term Plan vs SBI Life Smart Shield:
Let us compare the two-term life insurance products from Max Life insurance company and SBI Life insurance company:
||Max Life Smart Term
||SBI Life Smart Shield|
|Minimum Entry Age
|Maximum Entry Age
|Premium Payment- Single pay
|Premium Payment - Regular Term
|Premium Payment- Limited Pay
|Premium Payment- Pay till 60
|Minimum Policy Term
|Minimum Policy Term
|Premium Payment Mode- Single
|Premium Payment Mode- Yearly/Half-yearly/ Quarterly/ Monthly
|Basic Sum Assured
|Maximum Sum Assured
|Level Term Assurance
|Increasing Term Assurance @ 5% each year
||Yes, for premium back variants
|Premium Waiver Rider
|Rider- Critical Illness
|Accident Cover Option
Key Features of Max Life Smart Term Plan:
There are Max Life Smart Term Plan benefits which are described below:-
Choice of 7 Death Benefit Variants:
The option of increasing or reducing the sum assured death benefit payout as monthly income or lump sum, all can be availed as per the flexibility of the insured customer. A detailed description of the death benefit variants are mentioned below:-
- Life Cover: Under the life cover death benefit variant option, in case of death of the policyholder the sum assured chosen by the policyholder at the time of inception of the policy, would be paid to the nominee immediately. The sum assured selected by the insured policyholder would be paid to the beneficiary in case of the death of the policyholder as a lump sum amount.
- Income Protector: Under this plan, a fixed monthly income for pay-out the duration of 10 years, 15 years, and 20 years as chosen by the policyholder at policy inception will be paid to the beneficiary post the date of death of the Life Insured. The monthly income will be paid each month on the policy anniversary date, starting from the next monthly anniversary post the date of the death of the life insured. In simple terms, a monthly income will be paid to the beneficiary of the policyholder, in the event of the death of the policyholder.
- Income Protector + Inflation Protector: Increasing monthly income for pay-out the duration of 10 years, 15 years or 20 years as chosen by the policyholder at policy inception will be paid to the beneficiary on the death of the life insured. The first monthly income shall be equal to that chosen by the policyholder and thereafter the income would increase every year by 10% (simple interest) on the first monthly income payable. The monthly income payable shall be payable each month on the policy anniversary date, starting from the next monthly anniversary post the date of the death of the life insured. In simple words, the beneficiary of the deceased would get increasing monthly income with each passing year. This option enables the beneficiary of the policyholder to fight inflation and helps them maintain the lifestyle by taking inflation into account.
- Life Cover + Income: On the death of the policyholder, a lump sum life cover amount chosen by the policyholder at policy inception will be paid to the beneficiary immediately on the death of the life assured. In addition to the lump sum amount, a level monthly income of 0.4% of the lump sum life cover amount will be paid for 10 years, such that the total of 120 regular monthly incomes will be equal to 48% of the policy sum assured. Under this option, the beneficiary would get a lump sum amount as well as a monthly income for a certain period of time as selected by the policyholder at the time of policy inception. This option helps the beneficiaries to clear the loans or liabilities, if any, with the lump sum amount paid and the monthly income helps the beneficiaries to lead a normal life.
- Life Cover + Increasing Income: On the death of the policyholder, a lump sum life cover amount chosen by the policyholder at policy inception will be paid to the beneficiary immediately on the death of the life assured. In addition to the lump sum amount, an increasing monthly income will be paid for 10 years, wherein the first year's monthly income shall be equal to 0.4% of the lump sum life cover amount. The income will increase every year by 10% per annum (simple interest) of the monthly income payable in the first year. Under this option, a lump sum amount would be paid to the beneficiary and in addition to this, a monthly increase income would be paid for the next 10 years from the date of payment of the lumpsum amount. This model helps the beneficiary to clear the loans or liabilities and then enjoy the income with an option to fight inflation.
- Increasing Cover: Under this variant, the sum assured payable increases by 5% per annum (simple interest) of the lump sum life cover amount chosen by the policyholder at policy inception on each policy anniversary. Immediately on the death of the life insured, the sum assured effective as on the last policy anniversary will be paid to the beneficiary as lumpsum. In simple words, under this option, the beneficiary would be paid increasing income with each passing year. The income paid would be increased by 5% per annum and the increased income would be paid to the beneficiary from the next anniversary. This option enables the beneficiary to lead a comfortable life by battling inflation.
- Decreasing Cover: Under this option, the sum assured payable decreases by 5% per annum (simple interest) of the lump sum life cover amount, on completion of every 5th policy year. Immediately on the death of the Life Insured, the sum assured effective as on the last policy anniversary will be paid to the beneficiary as lumpsum.
Enhance Cover with Changing Needs:
There is an option to increase the sum assured in the future at various stages of life such as Marriage, Child Birth, or House Loan. Let us understand each of these in detail:-
- Marriage: In the case of marriage after the policy start date, 50% of the death benefit sum assured chosen at the time of inception can be increased subject to a maximum of Rs.50 Lacs. This option is available only once per policy term and is not applicable if the insured is already married. This helps to increase the sum assured of the policyholder in the event of marriage which comes with an increase in premium which would be calculated from the time of increased sum insured date.
- Child Birth: 50% of the death benefit sum assured chosen at the time of policy inception, not exceeding Rs.25Lacs would be added to the base sum assured. This option can be availed twice during the policy period for each childbirth. The increased sum assured would be charged as per the premium decided by the insurance company and the increased premium would be payable from the date of increase of the sum assured. For each childbirth, 50% sum assured would be increased up to a maximum of Rs.25 Lacs depending on the base sum assured of the policyholder.
- House Loan: In case the policyholder goes for a house loan, 50% of the death benefit sum assured chosen at inception not exceeding Rs.50 Lacs would be increased on payment of additional premium. This option can be availed once during the policy term at the time of house purchase on loan. It is very important to purchase the life insurance cover after availing of the housing loan to prevent the burden of repayment on the family members in case of the untimely death of the policyholder. Then maximum sum assured that can be increased under this option would be Rs.50 Lacs or 50% of the base sum assured whichever would be lower.
Return of Premium:
There is a premium back variant available under the Max Life Smart Term Plan which should be opted only at the policy inception time and cannot be availed at a later date. Under this plan, if the life assured survives through the policy period, the premium amount payable during a policy year chosen by the policyholder (excluding the underwriting extra premium, loading for modal premium, rider premiums, and applicable taxes) will be paid at the end of the policy period and the policy will terminate. In simple words, the premium paid by the policyholder throughout the policy period would be returned to the policyholder if he/she survives the policy period.
The premiums payable for a policy with “Return of premium” cover would be slightly higher than that of a normal policy as the premium has to be returned to the policyholder at the end of the policy period after which the policy would be terminated. The return of premium policy enables the customer to get back the premiums paid during the policy period if he/she is able to survive the policy period.
The Max Life Smart Term plan provides comprehensive protection to the customer by ensuring the protection against death, diseases, and disability by adding Max life Waiver of premium plus rider & against any accidental death by adding Accident cover option.
Max Life Waiver of premium plus rider provides a waiver for all future premiums under the policy and all other attaching riders or additional options on the earlier happening of any of the following events:
- Critical Illness
- Death( when Insured & policyholder is different)
In the case of the above-mentioned cases, the entire future premium would be waived off by the insurance company so that the policyholder would continue to enjoy the life insurance coverage without paying any premiums for the remaining policy term. If the policyholder is dead within the policy period, then the entire sum assured would be payable to the beneficiary.
The Accident cover option is an add-on under the Max Life smart term plan where the beneficiary would get 100% of the accident sum assured irrespective of the death benefit chosen by the policyholder. In simple terms,, the death benefit would be payable to the beneficiary in addition to the accident sum assured which would be over and above the base sum assured under the policy. For this add-on,, there would be an additional premium to be paid by the policyholder for the period of coverage of the add-ons.
Accelerated Critical Illness Benefit:
Accelerated critical illness benefit is payable on diagnosis of any of the 40 critical illnesses during the CI benefit cover period, provided the policy is in force and meets the terms and conditions. The ACI sum insured has to be chosen in intervals of Rs.5 Lacs. The ACI Sum insured shall accelerate the death benefit sum insured to the extent of ACI Sum insured with the remaining death benefit payable on death.
In simple terms, a part of the base sum assured of your term policy would be paid to you in case of diagnosis with any of the 40 mentioned critical illnesses. The Max life term plans would continue to cover the policyholder till the death after the ACI benefit paid under the policy. No extra Sum assured would be paid in case of diagnosis with any of the mentioned critical illnesses, hence the name accelerated CI benefit.
Longer Cover duration:
The maximum term under which the policy can be availed with the Max Life Smart term plan is 85 years. The maximum policy term is 50 years under the policy. The longer cover under the Max Life smart term plan enables the customer to get life insurance coverage for an extended period of time.
Choice of premium payment terms:
Max Life smart term plan offers the customers to pay the premium as per their convenience in accordance with the choices available under the plan. There are different choices which are available under the plans such as
- One-time premium payment- The life insurance premium is paid in a lump sum and the cover is available for the entire policy period.
- Limited period premium payment- The policyholder can choose to pay the premium for a limited period such as 5 years, 10 years, 15 years till the age of 60 years, etc.
- Throughout the policy term- Under this option, the customer can pay the premiums regularly throughout the policy period. Each year the premium can be paid to the insurance company and the coverage can be extended for the time the premium is paid.
The final premium to be paid under the Max Life smart term plan depends on the base sum assured selected, riders opted, premium payment term, age of the policyholder, and any other terms and conditions.
Key Features of SBI Life Smart Shield Plan:
There are certain key features of the SBI Life Smart Shield Plan which are described below:-
There are two plan options under the SBI Life Smart shield plan which are described below:-
- Level Term Assurance: Under this option, the policyholder can have the same level of coverage throughout the policy period. For example, if you opt for Rs.50 Lacs sum assured at the time of taking the policy then the sum assured would remain constant throughout the policy period without any increase or decrease. The premium to be paid throughout the policy period would be determined by the insurance company before the policy issuance. In case of the death of the policyholder at any point of time during the policy period, the entire sum assured would be payable to the beneficiary.
- Increasing Term Assurance (@5% per annum): The increasing term assurance plan provides an option to increase the sum assured under the policy by 5% each year for a small increase in the premium amount to be paid by the policyholder. The increasing term assurance increase the base sum assured by 5% each year which adds to the existing sum assured mentioned under the policy. Simple interest is added to the base death benefit sum assured under the plan each year for a nominal premium. This option is highly beneficial if we consider the factors such as inflation, a higher standard of living, etc. Instead of taking a new term insurance policy each time your income or standard of living increases, you can simply opt for this option where the sum assured increases each year.
Comprehensive Risk coverage:
The SBI Life smart shield plan provides comprehensive risk coverage to the policyholders as part of the policy which includes:
- Accidental Death Benefit Rider: The accidental death benefit rider provides additional coverage to the policyholder in case of the death of the policyholder due to accidental means. A total of 100% accidental death benefit sum assured would be paid to the nominee on the death of the policyholder in addition to the base death benefit sum assured mentioned under the policy. For instance, if the base sum assured under the policy is Rs.50 Lacs and the accidental death benefit rider sum assured is Rs.50 Lacs, in case of death of the policyholder due to accidental means the beneficiary would get a total of Rs.1 Crore (50 lacs base + 50 lacs rider). The sum assured provided under this option would be over and above the base, sum assured for an additional premium to be paid by the policyholder.
Accidental Total and Permanent Disability Rider:
In case of accidental total and permanent disability to the policyholder, a sum assured would be provided to the policyholder by the insurance company. The sum assured to the provided under this rider would be separate from that of the base death benefit sum assured. For instance, if the base sum assured under the policy is Rs.50 Lacs and the accidental total and permanent disability rider sum assured is Rs.50 Lacs, in case of accidental disability of the policyholder he/she would get a total of up to Rs.1 Crore which includes the base sum assured as well as the rider sum assured. To avail of this rider policyholder has to pay a certain amount of premium to the insurance company.
In case of unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits depending on the plan option chosen. The death benefit is the base sum assured available under the SBI Life Smart shield plan. In the case of a level assurance term plan, effective sum assured as on date of the plan would be paid to the nominee of the policyholder and this sum assured would be the death benefit under the policy. In case of increasing term assurance @5% simple per annum, the effective sum assured at the time of death of the policyholder would be the sum assured increased at 5% per annum each year till the death.
The death benefit as mentioned above is the basic sum assured under the SBI Life smart shield term plan. Any sum assured above this plan would require an extra premium to be paid for riders such as Accidental death benefit and Accidental Total and permanent disability benefit rider.
Special Premium Discounts:
There are special premium discounts offered to the customers opting for large sum assured. The premium discounts are offered on the basis of the sum assured selected by the policyholder. Below is the table showing the special premium discounts available for the customers opting for high sum assured:-
|Sum Assured Slab (Rs.)
||Discount as a percentage of premium
|50 Lacs to 99 Lacs
|1 Crore to 4.99 Crore
|5 Crore and Above
Then discount in premium is calculated on the total premium which is displayed at the end of the policy premium calculation. This is an incentive to encourage the customers to have adequate life insurance coverage.
The SBI Life smart shield product provides a 5% discount on the tabular premium for regular policies and 6.5% discount on the tabular premium for single premium life insurance policies for employees, retired employees, VRS holders, Minor children & spouses of employees of SBI Life insurance company, State Bank of India, RRBs sponsored by SBI and subsidiaries of State bank group. It is to be noted that the discount in premium is applicable for both the regular premium payment policies and single premium payment policies.
Surrender value is the amount of premium refunded to the policyholder after a few years of premium payment. The surrender value is paid to the policyholder at the time of surrender of the SBI Life smart shield life insurance policy.
Surrender is only allowed for single premium cases where the premium is paid in lump sum to the insurance company. Surrender benefits will be paid immediately on the request, surrender is allowed from the first policy year. The surrender value is paid as per the plan option opted by the policyholder.
In the case of level term assurance, the surrender value is calculated as a Single premium multiplied by 75% of the outstanding term to maturity/ total term. In case of increasing term assurance, the surrender value is calculated as a Single premium multiplied by 80% of the outstanding term to maturity/ total term again multiplied by the average of effective sum assured at surrender and effective sum assured at the time of maturity/ Average of initial SA and effective SA at maturity.
No Surrender value benefit is available for regular premium policies.
Grace period is the amount of time offered by the SBI life insurance company to the policyholder to make the renewal premium payment. The grace period starts from the date of expiry of the policy and is valid for 30 days from the premium due date for yearly/ half-yearly/ quarterly premium payment modes and 15 days for the monthly premium payment mode.
The policy shall remain in force during the grace period, if any premium remains unpaid at the end of the grace period, the policy shall lapse. The policy benefits thereafter would have no further value except as provided under the non-forfeiture provisions. The grace period also applies to the rider premium to be paid under the term insurance policy.
In case your policy is lapsed due to non-payment of renewal premiums and you wish to reinstate the policy, then the revival facility from SBI Life Insurance Company can be availed. A lapsed life insurance policy may be revived within 5 consecutive years from the date of the first unpaid premium and before the date of maturity while the life assured is still alive.
The revival would be done subject to satisfactory proof of insurability as required by the insurance company from time to time. The revival of base policy and riders will be affected as per the prevailing board-approved underwriting policy.
Max Life Smart Term Plan vs SBI Life Smart Shield Term Plan-FAQs
Know-how and why these questions are the benefits for taking an insurance plan with top companies as Max Life Term Insurance and SBI Life Shield Term Insurance Plans.
FAQs of Max Life Smart Term Plan:
What is the entry age under the Max Life Smart Term plan?
The minimum entry age under the Max Life smart term insurance plan is 18 years and the maximum entry age is 60 years for the regular pay option and 44 years for the limited pay option.
What is the Maturity age Max Life Smart Term Plan?
The Maturity age under the max Life smart term plan for base death benefit is 85 years, Accelerated critical illness benefit option is 75 years and for Accident cover option it is 85 years. The maturity age for the Max Life Smart term plan would be 85 years.
How can the premium payment be done?
The premium payment under the Max life smart term plan can be done in the following ways;
By visiting the website Life Insurance and making the premium payment directly to the insurance company.
By visiting any of the branches located in pan India to deposit the renewal premium of your life insurance policy.
Can the premium mode of payment be changed?
Below are the premium modes offered by the insurance company for making the payment for the life insurance policy:-
- Annual – In which the policyholder can make the payment once a year.
- Semi-Annual – In which the policyholder can make the payments twice a year.
- Quarterly – In which the policyholder can make the payments four times in a year.
- Monthly – In which the policyholder can make the payments every month in a year.
- Lumpsum- Entire premium under the life insurance policy can be paid at a single time.
- The premium mode can be changed by sending a signed form to the insurance company.
Can I revive my Max Life Smart Term Plan?
The Max Life smart term plan may be revived within the revival period as prescribed in the policy contract, by sending the completely filled in health declaration form and providing evidence of insurability acceptance to the insurance company.
Can I add/delete riders under Max Life Smart Term Plan?
Yes, you can add/ delete the riders under your Max Life smart term plan just by sending a filled policy amendment request form and submitting the required documents subject to the prevailing underwriting rules. The addition of riders comes with the addition of premium while the deletion of riders comes with a refund of the premium paid by the customer.
How to cancel the Max Life Smart Term Plan?
Max Life's term smart life insurance plan can be canceled by the policyholder at any point of time after the policy start date by writing to the insurance company and filling the cancellation form. If the policy is to be canceled within the free look period, it can be done without any premium deduction by the insurance company. If the policy is to be canceled after the free look period, a pro-rata premium would be charged by the insurance company from the customer.
I’m a smoker, can I avail myself Max Life Smart Term plan?
Yes, even a smoker can avail of the Max life smart term insurance plan. The premiums to be paid by smokers are slightly higher when compared to the non-smokers as the mortality ratio in smokers is high. The chances of getting claimed under the critical illness rider are high in the case of smokers as smoking leads to many types of cancer.
What is the right time to buy Max Life Smart Term Plan?
The last best time to buy Max Life smart term insurance plan was at the age of 18 years and the next best time to buy is now. The best time to buy a Max life smart term insurance plan is immediately after you start earning.
Can I have two term insurance plans?
Yes, you can have multiple term insurance plans as long as you declare the details of your previous term insurance plans at the time of taking a new term insurance plan. You can either take all the term insurance plans from a single insurer or from multiple insurers. With age, increase in income, inflation, lifestyle change it would be imperative to buy multiple term insurance plans.
What are the riders in term insurance?
Riders or add-ons are those which provide extra coverage for your life under the term insurance plan on payment of additional premium. There are riders such as Critical illness riders, Accident cover riders which enhances the protection under your Max life smart term insurance plan.
How to purchase Max Life Smart term insurance plan?
Max life smart term insurance plan can be purchased online from the portal Life Insurance or you can dial the toll-free number 1800-123-4003 to get assistance from our life insurance expert who can help you with the term plan purchase.
FAQs of SBI Life Smart Shield Plan:
What is SBI Life Smart Shield Plan?
SBI Life Smart Shield insurance plan is a comprehensive term insurance plan introduced by the company to provide life insurance cover to their customers. The life insurance cover is provided which includes the base death benefit sum assured in addition to the accidental critical illness and accidental death and disability riders that can be availed on payment of additional premium.
What is the Maturity age SBI Life Smart Shield Plan?
The Maturity age under the SBI Life smart shield term plan is 80 years. The age is calculated on the basis of the last birthday.
How can the premium payment be done?
The premium payment under the SBI life smart shield term plan can be done by the following ways;
By visiting the website Life Insurance and making the premium payment directly to the insurance company.
By visiting any of the branches located in pan India to deposit the renewal premium of your life insurance policy.
What is Grace period?
The grace period is the time given to the policyholder to make the renewal payment after the due date. The grace period in SBI life term is 30 days from the premium due date. During the grace period, the policy coverage remains intact and the customer has the option to renew the policy on payment of premium. If the premium is not paid during the grace period, the policy will lapse and the existing coverage ceases to exist.
Is a medical examination required for the SBI Life Smart Shield plan?
Current health status and personal medical history are the key factors in the insurance evaluation process. While the low sum assured is granted on the basis of the proposal form declaration, higher sum assured cases require a medical examination of the client which is conducted through impaneled diagnostic centers. Similarly, if the client is having any previous medical history then also a medical examination is needed to evaluate the current health status of the client. Based on the medical examination reports the insurance company would decide on the acceptance of the risk and the maximum coverage that can be provided.
Will the premium increase after purchasing the SBI Life Smart Shield term insurance policy?
The life insurance premium in SBI Life company is calculated before the policy issuance and the same premium would continue for the rest of the policy period unless and until there are a few changes that necessitate the change in premium. For instance, the change in sum assured or the addition or deletion of riders may vary the premium to be paid by the policyholder for the remaining period of time. Under normal circumstances, the premium would remain the same throughout the policy period and would not change after purchasing the SBI Life Smart Shield term insurance plan.
What should I do if I lose my term insurance plan?
If you lose your term insurance policy document you can apply for a duplicate term insurance policy document from the insurance company. The insurance company may charge you a certain amount toward the document preparation charges and may also require you to sign an indemnity.
Can I revive my SBI Life Smart Shield Plan?
The SBI Life smart shield term plan may be revived within the revival period as prescribed in the policy contract, by sending the completely filled in health declaration form and providing the evidence of insurability acceptance to the insurance company. If the premiums of the term insurance policy are not paid within 15 days for monthly frequency policies and 30 days for other premium frequency modes, the term insurance policy lapses.
Once the policy has lapsed it can only be revived after paying the required premium as mentioned by the insurance company. The insurance company might request for a medical test and check for the indemnity and the health condition of the customer before reviving the term insurance plan to ascertain the health condition of the policyholder and the risk status the company would be taking once the proposal for revival is accepted.
What is the difference between Nomination and Assignment?
A nomination is an act by which the policyholder can authorize another person to receive the policy money in the event of the death of the policyholder. The person authorized in this way by the policyholder is known as Nominee. The assignment is a method by which the policyholder can transfer the right, title and interest in the policy to another person either wholly or in part. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be absolute or conditional contingent upon the happening of a specified event.
What are the riders under SBI Life Smart Shield Plan?
There are two riders available under the SBI Life Smart Shield Plan. They are:-
- Accidental Death Benefit Rider– Under this rider the policyholder will get the extra sum assured for any accidental death during the policy period. The sum assured under this rider would be independent of the base death benefit sum assured under the term insurance plan. The accidental death benefit rider is available on payment of an additional premium. For instance, if the policy base death benefit sum assured is Rs.50 Lacs and the accidental death benefit rider sum assured is taken as Rs. 50 Lacs, in case of death of the policyholder due to an accident a total of Rs.1 Cr would be paid to the nominee of the policyholder.
- Accidental Total & Permanent Disability Rider- Disability is the state of physical condition that limits a person’s movements, senses, or activities. Disability can be total and partial as well as permanent and temporary. The accidental total and permanent disability rider cover the life of the policyholder against any accidental disability which is total and permanent in nature. The sum assured under this rider is independent of the base death benefit sum assured. For instance, if the policy base death benefit sum assured is Rs.50 Lacs and the accidental total & permanent disability benefit rider sum assured is taken as Rs. 50 Lacs, in case of accidental disability of the policyholder the accidental disability sum assured of Rs.50 Lacs would be paid to the policyholder and the policy would continue to provide death benefit cover till the end of the policy period. In case of death of the policyholder at any time during the policy period, the remaining base death benefit sum assured would be paid to the beneficiary of the policyholder.