Quick Overview

The SBI Life Smart Shield Plan is a pure term insurance policy designed for buyers seeking straightforward life cover. It offers only a death benefit, with no savings, investment, or maturity payout, along with flexible premium payment and payout options. 

The plan is available in two variants, Smart Shield Plus and Smart Shield Premier. Smart Shield Plus is competitively priced, while Smart Shield Premier is attractively priced for higher sum assured amounts. Rider options are limited to accidental death and accidental disability benefits. SBI Life’s strong claim settlement ratio of 98.24% and low complaint levels reflect reliable claims performance.

The SBI Life Smart Shield Plan is a straightforward term insurance offering from SBI Life Insurance, one of India’s most trusted insurers. It is backed by the State Bank of India and BNP Paribas Cardif. 

SBI Life is also the second-largest life insurer in India after LIC and is known for its strong claim settlement performance. This SBI Smart Shield term plan review will help you decide whether its Plus or Premier variant is the right fit for your protection needs.

Confused between SBI Smart Shield and other term plans? Speak to Ditto’s advisors for free, unbiased guidance; no spam, no sales.

Eligibility Conditions for SBI Life Smart Shield Term Plan

Eligibility ParametersSmart Shield PremierSmart Shield Plus
Entry Age18-60 years(Other than Whole Life): 18- 40/60/65 (depending on the plan option selected)
Maturity Age85 years79 - 100 years 
Policy Term10 years - (85 - entry age)5 years - (79/100 years - entry age)
Premium Paying Term (PPT)Limited Pay (5, 10, 15, 20, 25 years), Regular PaySingle Pay, Limited (10, 15, 20, 25 years), Regular Pay
Premium Payment ModesYearly, Half-Yearly, & MonthlySingle, Yearly, Half-yearly & Monthly
Sum Assured`2,00,00,000 - No maximum limit (subject to board underwriting)₹25,00,000  - No maximum limit (subject to board underwriting)
Plan VariantsLevel Cover Increasing CoverLevel Cover Benefit,  Increasing Cover Benefit, Level Cover with Future Proofing Benefit
Death Benefit Payout OptionsLump sum, installments, or a combinationLump sum, installments, or a combination

Key Features of SBI Life Smart Shield Term Plan

Pure Death Benefit Only

If the life insured dies during the policy term while the policy is active, the death benefit is paid to the nominee, and the policy ends.

Death Benefit Structure

At policy inception, you can choose how the death benefit is structured. Under the Level cover option, the sum assured remains constant throughout the term. With increasing cover, the sum assured rises over time to counter inflation: by 5% every year (simple interest) under Smart Shield Plus, and by 10% every five years under Smart Shield Premier, capped at 100% with no increase after age 71.

Future Proofing Benefit in Smart Shield Plus

Level cover with Future Proofing benefit allows you to increase cover during major life events: marriage (up to 50% of base sum assured, max ₹50 lakhs), birth/adoption of 1st or 2nd child (25% each, max ₹25 lakhs), and home purchase (once during the term, up to ₹50 lakhs or loan amount, whichever is lower).

Better Half Benefit in Smart Shield Plus

If the life insured dies, the spouse continues the policy without paying premiums until age 60 or the remaining policy term. If the spouse dies or is diagnosed with terminal illness before maturity, a lump sum of ₹25 lakh or 50% of the sum assured (lower) is paid. The benefit doesn’t apply if the spouse dies before the insured, both die together, or in case of suicide within 12 months.

Riders under SBI Life Smart Shield Premier

Unlike many modern term insurance plans that offer a wide range of add-ons, SBI Life Smart Shield keeps rider options limited to just two accident-related covers:

Accidental Death Benefit (ADB) Rider
This rider pays an additional lump sum over and above the base sum assured if the life insured dies due to an accident. While it may seem useful for dependents facing sudden financial disruption, we don’t typically recommend this rider at Ditto. Accidental deaths are already covered under the base term plan, and increasing the base sum assured usually offers broader, all-cause protection rather than accident-specific cover.

Accidental Partial and Permanent Disability (ATPD) Rider
This rider provides a payout if the life insured suffers a permanent disability due to an accident, provided the disability occurs solely because of the accident and within 180 days of it. The benefit is paid as a percentage of the rider's sum assured, depending on the severity of the injury, such as 75% for loss of hearing in both ears or 50% for loss of one hand.

Even if the disability is diagnosed after the rider's term ends, the claim remains valid as long as the accident occurred while the rider was active. However, the total payout is capped at the rider's sum assured, and multiple injuries to the same limb do not lead to additional payouts.

Note

SBI Life Smart Shield Term Plan does not offer Critical Illness (CI) cover, Waiver of Premium (WOP), Terminal Illness benefits, cover continuance options, or any health and wellness services. Any additional protection is available only through accident-related riders, and only under the Smart Shield Premier variant. These omissions make the plan feel bare-bones when compared to popular flagship plans from other insurers.  

If SBI Smart Shield feels a little limited on features, you can refer to our guide on the best term insurance plans for more comprehensive options. If you’re still unsure, Ditto’s advisors are happy to help - free, unbiased, and spam-free.

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What are the Exclusions in the SBI Life Smart Shield Term Plan?

Like most term insurance policies, the SBI Smart Shield plan comes with a set of standard exclusions, such as suicide within the initial policy period and certain claim-related limitations as defined in the policy wording. These exclusions are in line with industry norms and regulatory guidelines.

To understand these in detail, read more here: types of deaths not covered under a term insurance plan.

SBI Life Smart Shield Term Plan Premium Comparison

Profile considered: Premiums are based on a ₹2 crore sum assured, with coverage up to age 70, for a non-smoking male, with no added riders or 1st year discounts.

Age ABSLI Super Term Plan AMLI Smart Term Plan Plus HDFC Life Click2Protect Supreme Bajaj Life eTouch II ICICI Pru iProtect Smart Plus SBI Life Smart Shield Plus SBI Life Smart Shield Premier
25 ₹20,538 ₹18,400 ₹21,003 ₹16,105 ₹17,014 ₹18,498 ₹16,426
30 ₹24,400 ₹22,556 ₹26,471 ₹20,717 ₹21,237 ₹23,092 ₹20,268
35 ₹31,597 ₹28,506 ₹35,241 ₹26,953 ₹28,238 ₹30,298 ₹26,380
40 ₹41,779 ₹38,760 ₹44,798 ₹36,951 ₹39,594 ₹40,932 ₹35,444

Insights

Smart Shield Plus is priced mid-range, broadly in line with other large insurers but slightly higher than the most aggressive private plans like Click 2 Protect Supreme and Super Term Plan. Smart Shield Premier, however, is competitively priced for higher cover amounts, emerging as one of the lower-cost options in the ₹2 crore segment, especially as age increases.

In addition to analyzing the plan’s features, costs, and benefits, policyholders must also review the insurer’s long-term performance metrics to assess overall reliability and service quality.

Metrics of SBI Life Smart Shield Term Plan

SBI Smart Shield Term Plan Review

Key Insights: SBI Life shows strong claims reliability, with a high claim settlement ratio (98.24%), quick claim turnaround, and a very low complaint volume (5.62 per 10,000 claims), well below the industry median.

Its healthy solvency ratio (2.04) and large claims payout volumes further indicate solid financial stability and long-term service strength.

Why Choose Ditto for Term Insurance?

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SBI Smart Shield Term Plan Review
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Conclusion

The SBI Life Smart Shield term plan is a no-frills term insurance product from a financially strong, legacy insurer. It does its core job well, providing reliable death cover with flexible payout options, but remains limited on features, riders, and customization. 

If brand trust, claim reliability, and simplicity matter more to you than advanced add-ons, Smart Shield can work. However, buyers looking for richer benefits like critical illness cover or waiver of premium may find better value in other flagship term plans.

Disclosure

This review covers a non-partner insurer. All details have been sourced from policy documents available on the SBI Life website and other publicly disclosed sources. For Ditto’s methodology on how we assess insurers and plans, please refer to Ditto’s Cut.

Frequently Asked Questions

Is SBI Life Smart Shield a pure term insurance plan?

Yes, it offers only a death benefit with no maturity, savings, or investment component.

What is the difference between Smart Shield Plus and Smart Shield Premier?

Smart Shield Plus has a lower entry cover and Future Proofing benefit, while Smart Shield Premier starts at ₹2 crore and offers better pricing at higher sum assured levels with limited riders. However, Smart Shield Premier requires applicants to earn an annual income of at least ₹10 lakhs.

Does SBI Life Smart Shield offer Critical Illness or Waiver of Premium riders?

No, the plan does not offer CI, WOP, or terminal illness benefits.

What riders are available under SBI Life Smart Shield?

Only Accidental Death Benefit (ADB) and Accidental Partial Permanent Disability Benefit riders are available under SBI Life Smart Shield. 

Is SBI Life reliable for term insurance claims?

Yes, SBI Life has a 98.24% claim settlement ratio (FY 22–25) and a low complaint volume, indicating strong claims reliability.

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