Overview of Smart Shield Plus
SBI Life Smart Shield Plus is a pure term insurance plan designed to provide flexible protection that can adapt as financial responsibilities grow. It is a non-linked, non-participating life insurance product that focuses purely on risk cover without any maturity benefit. The plan offers three protection structures: Level Cover, Increasing Cover, and Level Cover with Future Proofing. Policyholders can choose coverage up to age 79 or even whole life coverage up to age 100 depending on the option selected. The plan also includes optional benefits such as the Better Half feature that provides life cover for a spouse and riders like accidental death or disability cover.
Experts' Review of Smart Shield Plus
Written by Monish Vora
Chief Editor
SBI Life Smart Shield Plus is built around flexibility in how life cover evolves over time. The Level Cover option provides a fixed sum assured throughout the policy term. The Increasing Cover option automatically increases the cover by 5% every year up to a maximum of twice the original sum assured, helping the policy keep pace with inflation.
The Level Cover with Future Proofing option allows policyholders to increase their cover during major life milestones such as marriage, the birth of a child, or purchasing a house. These increases happen without fresh medical underwriting, although premiums adjust accordingly.
Another distinctive feature is the Better Half Benefit, which activates life cover for the spouse after the policyholder’s death, ensuring continued protection for the surviving partner. The death benefit can also be paid as a lump sum, installments, or a combination of both depending on the nominee’s preference.
Pros
SBI Life has a solid track record with a good CSR, minimal complaints, and high business volumes.
Offers level and increasing cover options with comprehensive disability protection benefits.
Gives the option to increase cover at a later stage.
Cons
The plan is not very feature-rich. Lacks a wide range of features like health management services and premium break option.
Premiums are relatively high compared to other term plans.
The plan lacks critical illness benefit and premium waiver add-ons and does not include terminal illness coverage.
SBI Life
Key Insights
Founded
2001
SBI Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.76% CSR, calculated as a 3-year average
SBI Life settles 98.76% of all claims it receives demonstrating strong credibility.
Complaints
6.67 complaints per 10,000 claims registered
SBI Life maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
95.42% of total claim amount settled
SBI Life demonstrates excellent claim payout efficiency, settling over 95.42% of the total claim amount filed, reflecting strong financial reliability.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Features of Smart Shield Plus
Accidental Death Benefit
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death, Smart Shield Plus offers accidental death benefit nonetheless.
Increase Cover at Life Milestones
Some policies extend the option of increasing your total term cover when you hit life milestones, like marriage, birth of children, and home purchase. Smart Shield Plus offers this benefit.
Cover amount Top-up
Some policies extend the option of increasing your total term cover even after you buy the policy. And while Smart Shield Plus doesn't offer you a blanket option to increase your cover, it does extend the provision to increase your cover during significant life events i.e. when you get married, when you have kids etc. The feature is called life stage benefit.
Add-ons of Smart Shield Plus
Accidental Death Benefit
Provides an additional payout in case of death due to an accident during the policy term.
Accidental Partial Permanent Disability
Provides a benefit payout in case of partial permanent disability due to an accident, which may help offset the financial impact of reduced earning capacity.
Exclusions in Smart Shield Plus
Conditions or treatments that the policy clearly says it will not cover.
Death by suicide within the first policy year is not covered.
Deaths arising from participation in criminal or unlawful activities are excluded.
If the nominee is found responsible for the insured’s death, the claim will not be payable.
If a death claim is proven to be fraudulent, the insurer will not pay out the benefit.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of Smart Shield Plus
Level Cover
Under this plan, the Sum Assured remains unchanged for the entire policy term.
Increasing Cover
The Sum Assured increases by 5% (simple rate) every year from the first policy anniversary, up to a maximum of 200% of the original amount.
Level Cover with Future Proofing
This option allows you to increase your Sum Assured at defined life events like marriage, childbirth, or house purchase. The increase requires no additional medical underwriting but will lead to a higher premium based on age and remaining policy term.
What's missing in Smart Shield Plus
No Zero Cost Option
No Terminal Illness Benefit
No Waiver of Premium
No option to decrease your cover over time
You can't recover your premiums after policy matures
No Critical Illness Benefit
No Special Exit Value
No Cover Continuance Benefit
No Insta Payout Benefit
Reviews for Smart Shield Plus
N
Neel Kashyap
Took Smart Shield whole life cover makes long term planning easy and whole life cover makes long term planning easy Worth it Honestly ok helps
H
Heena Chaudhary
Chose Smart Shield premium break exit feature is genuinely helpful and premium break exit feature is genuinely helpful Good value Honestly so
M
Meera Bajaj
Opted for this plan premium break exit feature is genuinely helpful and premium break exit feature is genuinely helpful Feels reliable ok felt
S
Suhani Agarwal
Took Smart Shield whole life cover makes long term planning easy but coverage age limit feels slightly low Overall okay No stress For me for
B
Bhavana Sinha
Picked Smart Shield terminal illness cover adds real peace of mind and terminal illness cover adds real peace of mind Overall happy For me simple
Frequently Asked Questions
What is the SBI Life Smart Shield Plus?
What are the benefits of SBI Life Smart Shield Plus?
What riders can customers opt for?
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