SBI Life Insurance, one of India's most trusted private life insurers, announced the launch of its latest protection offering - SBI Life - Smart Shield Plus. This individual, non-linked, non-participating, pure risk life insurance product is designed to address the evolving protection needs of today's consumers. With its future-ready approach, SBI Life - Smart Shield Plus offers a flexible and scalable term insurance plan that adapts seamlessly to an individual's growing responsibilities across life's key milestones.
SBI Life - Smart Shield Plus is thoughtfully designed to make long-term protection planning more accessible and meaningful. It offers three plan options - Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit, enabling 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. upto 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.
The offering is further enhanced by optional features, including the Better Half Benefit, providing the surviving spouse an additional life cover of ?25 lakhs 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. 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.
Commenting on the launch, Mr. M Anand, President and Chief Distribution Officer, SBI Life Insurance, said, "Our nation is witnessing a significant economic shift, accompanied by a growing awareness around financial planning and protection. As individuals take on evolving responsibilities, they increasingly seek insurance solutions that are both comprehensive and adaptable. Keeping this in mind, SBI Life - 'Smart Shield Plus' has been thoughtfully designed to address these evolving needs. It goes beyond traditional term insurance product by offering milestone-based enhancements and life-stage adaptability - empowering individuals to make proactive, informed decisions for long-term financial security. He further added, "At SBI Life, we believe in liberating individuals to focus on what truly matters - their aspirations & their families- with the confidence that their financial protection is well looked after. With this offering, we aim not just to provide protection, but to be an enabler in our customers' financial journey - helping them stay prepared for tomorrow, while living more freely today."
With up to 100 years under whole life option, affordable premiums for high sum assured and female lives, multiple premium payment terms, SBI Life - Smart Shield Plus is a robust, inclusive protection solution curated for customers across all ages and income segment.
The product is available through both physical and digital channels, with hassle-free documentation.
Shares of SBI Life Insurance Company Limited was last trading in BSE at Rs. 1850.30 as compared to the previous close of Rs. 1833.35. The total number of shares traded during the day was 4871 in over 928 trades.
The stock hit an intraday high of Rs. 1852.65 and intraday low of 1826.50. The net turnover during the day was Rs. 8968628.00. |
