SBI Life Insurance has launched its latest term insurance product, Smart Shield Plus, designed to meet the dynamic protection needs of today’s policyholders. The company describes it as a flexible and scalable term plan that evolves with an individual’s responsibilities at various life stages, ensuring that financial security keeps pace with personal and professional growth.

The plan is available in three distinct formats  Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit. Each of these options enables policyholders to align their life insurance coverage with their financial journey. For example, the Increasing Cover Benefit automatically enhances the sum assured by five percent annually on a simple interest basis, up to a maximum of double the original coverage. This feature is particularly valuable for individuals whose financial commitments grow steadily over time.

For those anticipating major life events such as marriage, the birth of a child, or purchasing a home, the Level Cover with Future Proofing Benefit allows an increase in coverage without the need for additional medical checks. This ensures that protection levels can rise in sync with important milestones, offering peace of mind when it is needed most.

Smart Shield Plus also offers versatile death benefit payout options, including a lump sum, instalments, or a combination of both, giving nominees the flexibility to manage the payout in a way that best supports their financial needs.

The plan includes optional add-ons to enhance coverage further. The Better Half Benefit, for instance, provides the surviving spouse with an additional life cover of up to Rs 25 lakh or half of the original sum assured, whichever is lower. This additional protection continues until the spouse reaches the age of 60, with no premiums payable after the policyholder’s passing. Moreover, accident benefit riders are available to cover accidental death and partial permanent disability, ensuring broader financial protection against unforeseen events.

By introducing Smart Shield Plus, SBI Life is aiming to redefine the term insurance space with a product that adjusts as life changes, making it more relevant and useful for long-term financial planning.

 

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