SBI Life Saral Shield An Ultimate Risk Coverage Plan | Fusion - WeRIndia

SBI Life Saral Shield is a risk coverage life insurance plan to offer the financial protection to the dependents of the family in case of sudden demise of the family head who earns money. This is an ideal policy that provides comprehensive coverage with low premium. This policy is purely a risk plan, hence it does not have survival benefits to the policy holders.

SBI Life Saral Shield can be taken by any individual ranging from 18 years to 60 years. The minimum policy term is 5 years and the maximum term is 30 years. The maximum age of maturity should not exceed 65 years. The policy holders can opt for maximum term according to their age. For example, individuals who completed the age of 50 years can choose their maximum term for 15 years.

The minimum Sum Assured is Rs. 7,50,000 and the maximum is Rs. 24,00,000. Policy holders can opt for the coverage amount according to their annual salary, age and other related factors. Analysts advice that the coverage should be at least ten times to the annual income of policy holder. There are three options for the policy holders: Level Term Assurance, Decreasing Term Insurance (Loan Protection) and Decreasing Term Insurance (Family Income Protection).

Under Level Term Assurance, the Sum Assured is paid to nominees like spouses, children, parents etc.  The option Decreasing Term Insurance (Loan Protection) is suitable to clear any loans by policy holders. Here the Sum Assured will be equivalent to the amount of loan and decreasing simultaneously with the repayment of loan. The option Decreasing Term Insurance (Family Protection) protects the family members of policy holders in case of unexpected demise. The Sum Assured will be divided by policy term to get the number of months which will be paid to the nominees monthly till the end of policy term.

Premium can be paid either in a single premium mode or regular premium mode for Level Term Assurance, but it is paid in single premium mode for the other two options. Accidental death benefit, and Accidental Total and Permanent Disability Benefit Riders can be available with SBI Life Saral Shield.

Tax benefits are available with SBI Life Saral Shield. Under Section 80C, annual premium can be exempted from tax. The death claim is completely tax free under Section 10(10D). Visit the website of SBI for full details.\

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