Overview of Smart Shield Premier
SBI Life Smart Shield Premier is a pure term insurance plan for buyers seeking life cover of ₹2 crore or more, subject to underwriting. It offers two options: Level Cover, which keeps the cover fixed, and Increasing Cover, which raises it at scheduled intervals. Coverage can extend up to age 85, with regular or limited premium payment options. The nominee can choose a lump sum, monthly installments, or a combination of both. Optional accident riders provide additional protection against accidental death and specified permanent partial disabilities. There is no maturity benefit, although qualifying limited-pay policies can provide an early-exit payment through Unexpired Risk Premium Value.
Experts' Review of Smart Shield Premier
Written by Monish Vora
Chief Editor
SBI Life’s Smart Shield Premier is a premium, customizable term plan designed for those seeking high coverage starting from ₹2 crore. It offers two death benefit options : Level Cover (fixed sum assured) and Increasing Cover (sum assured rises 10% every five years, capped at 100%), helping protection keep pace with inflation. Beneficiaries can choose to receive the death benefit as a lump sum, monthly income (5, 10, or 15 years), or a 50-50 split, providing flexible financial support.
Riders like the Accident Benefit Rider (ADB) and Accidental Permanent Partial Disability (APPD) are available as well. This pure term plan has no maturity or surrender benefits, and coverage type or payout structure cannot be changed mid-policy. It does not include critical illness, waiver of premium, return of premium, or terminal illness benefits.
Overall, the Smart Shield Premier plan is ideal for buyers with relatively higher income who want to be in control of their life cover with best suited premium and payout options.
Pros
SBI Life has a solid track record with a good CSR, minimal complaints, and high business volumes.
Offers accidental disability benefits for total and partial permanent disability.
Offers increasing cover option where the cover amount increases by a certain amount periodically.
Cons
Premiums are relatively high compared to other term plans.
The plan lacks modern features like instant partial payout on claim, premium break option and health management services offered by other insurers.
The plan lacks critical illness benefit, premium waiver, terminal illness, and cover increase options, reducing overall policy flexibility.
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 Premier
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 Premier offers accidental death benefit nonetheless.
Add-ons of Smart Shield Premier
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 Premier
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 Premier
Level Cover
Under this plan, the Sum Assured remains unchanged for the entire policy term.
Increasing Cover
Under this variant, the sum assured increases by 10% every 5 years, up to a maximum of 100%. This increase stops once the life assured turns 71.
What's missing in Smart Shield Premier
No Zero Cost Option
No Terminal Illness Benefit
No Top-Up Option
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 option to increase cover at life milestones
No Insta Payout Benefit
Reviews for Smart Shield Premier
S
Sanjana Saxena
Signed up for Smart Shield Premier payout choice feels practical and payout choice lump sum or income feels practical Good value Works well till
S
Shivam Nair
Took Smart Shield Premier income payout option se ghar ka cashflow set and income payout option se ghar ka cashflow set Feels reliable ok overall
M
Mukta U. Sharma
Signed up for Smart Shield Premier payout choice feels practical and payout choice lump sum or income feels practical Satisfied No stress quite
A
Aditi Q. Sood
Picked this plan payout choice lump sum or income feels practical but once chosen options can t be changed later Would recommend with care value
N
Neel Khanna
Chose this plan payout choice lump sum or income feels practical and payout choice lump sum or income feels practical Overall happy ok helps
Frequently Asked Questions
What is the SBI Life Smart Shield Premier?
What are the benefits of SBI Life Smart Shield Premier?
What riders can customers opt for?
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