SBI Life Insurance Launches Future-Ready Term Insurance Plan, 'Smart Shield Plus' for Evolving Protection Needs

SBI Life Insurance has launched "SBI Life - Smart Shield Plus", a future-ready term insurance plan designed to address the evolving protection needs of today's consumers. The plan offers three options - Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit - and includes optional features such as the Better Half Benefit and SBI Life-Accident Benefit Riders. The product provides flexible death benefit payout options and adapts to an individual's growing responsibilities across life's key milestones.

SBI Life Insurance, a leading private life insurer in India, has launched "SBI Life - Smart Shield Plus," a future-ready term insurance plan designed to meet the evolving protection needs of today's consumers. This individual, non-linked, non-participating, pure risk life insurance product offers a flexible and scalable term insurance plan that adapts seamlessly to an individual's growing responsibilities across life's key milestones [1].

The product features three main plan options: Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit. The Increasing Cover Benefit automatically increases the sum assured at a 5% simple rate per annum, up to a maximum of 200% of the 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 [2].

Additionally, the product includes optional features such as the Better Half Benefit, which provides the surviving spouse with an additional life cover of ₹25 lakhs or 50% of the sum assured chosen by the life assured at inception (whichever is lower). This benefit ensures continued financial security for the spouse after the life assured's demise. The product also offers SBI Life-Accident Benefit Riders, covering accidental death and partial permanent disability, to provide comprehensive financial protection in the face of unexpected events [1].

SBI Life - Smart Shield Plus offers flexible death benefit payout options, including lump sum, installments, or a combination of both, to the nominee. The product is available through both physical and digital channels and offers hassle-free documentation [1].

Commenting on the launch, Mr. M Anand, President and Chief Distribution Officer, SBI Life Insurance, stated, "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 products by offering milestone-based enhancements and life-stage adaptability—empowering individuals to make proactive, informed decisions for long-term financial security" [2].

With up to 100 years under the 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 segments. The product is available through both physical and digital channels, with hassle-free documentation [1].

References:
[1] https://equitybulls.com/category.php?id=360705
[2] https://finance.yahoo.com/news/sbi-life-launches-sbi-life-062800697.html