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SBI Life Smart Shield Premier is an individual, non-linked, non-participating pure term plan for people who want a large life cover. The minimum sum assured is ₹2 crore, with no upper limit subject to underwriting. If you die during the policy term while the policy is in force, your nominee receives the death benefit. There is no maturity benefit. You choose between two benefit options at the start. Level Cover keeps the sum assured constant. Increasing Cover raises the amount assured on death by 10% of the sum assured at the end of every 5th policy year, up to double the original amount, with the premium staying fixed. The increases stop at age 71. Entry age is 18 to 60, and cover can run up to age 85, with a policy term of 10 years or more. You can pay throughout the policy term or for a limited period of 5, 10, 15, 20 or 25 years, yearly, half-yearly or monthly. The minimum yearly premium is ₹9,500. Your nominee can take the death benefit as a lump sum, as monthly instalments over 5, 10 or 15 years, or half and half. You can add the Accident Benefit Rider for accidental death and partial permanent disability. The brochure names suicide in the first 12 months as the exclusion.
High-cover pure term plan with level or increasing cover and flexible premium payment options.
Finzony reads Smart Shield Premier as a no-frills high cover plan. It starts at ₹2 crore, it keeps the structure simple with two benefit options, regular or limited pay and one optional rider, and it covers you up to age 85. The brochure shows a healthy non-smoker male aged 30 paying about ₹14,588 a year for ₹2 crore of Level Cover over 20 years, and a female of the same age about ₹12,722. Buying online earns a 7.5% discount, and staff discounts run from 3% to 10%. Know the limits. The plan has no maturity benefit, so nothing comes back if you outlive the term. The minimum sum assured is ₹2 crore and the minimum policy term is 10 years. Increasing Cover is slower than the one in Smart Shield Plus: it adds 10% of the sum assured at the end of every 5th year rather than 5% every year, and it stops at age 71. The brochure lists no single pay option, Better Half Benefit or Future Proofing, which Smart Shield Plus has. Regular pay policies have no surrender value, and there is no paid-up value or policy loan. Death benefit instalments are monthly only. If you want cover between ₹25 lakh and ₹2 crore, or life-stage increases and spouse cover, compare it with SBI Life Smart Shield Plus before you decide.
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
98.3% CSR, calculated as a 3-year average
SBI Life settles 98.3% of all claims it receives, demonstrating strong credibility.
Contact Details
1800 267 9090
Headquarters: Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai – 400 069, Maharashtra, India
SBI Life Smart Shield Premier is an individual, non-linked, non-participating pure risk plan built for high cover. If the life assured dies during the policy term while the policy is in force, the nominee receives the death benefit and the policy ends.
There is no maturity benefit.
Choose Level Cover or Increasing Cover when you buy. The option cannot be changed during the policy term, and the premium depends on the option, sum assured, gender, smoking status, premium payment term and policy term.
Premium stays constant through the term. In the brochure samples, Increasing Cover costs more than Level Cover.
The sum assured stays constant throughout the policy term.
The amount assured on death goes up by 10% of the sum assured at the end of every 5th policy year while the policy is in force, up to a maximum increase of 100%. There is no increase once the life assured is 71.
Brochure example: age 35, ₹2 crore for 30 years, death in the 14th policy year pays ₹2.40 crore (two increases of ₹20 lakh). Age 20 with a 65-year term pays ₹4 crore in the 60th year.
If you die during the policy term while the policy is in force, the nominee gets the highest of: the absolute amount assured on death, 11 times the annualised premium, or 105% of the total premiums paid up to the date of death.
The absolute amount assured is the sum assured on Level Cover, and the sum assured plus the increases so far on Increasing Cover.
Pays an additional sum assured if death is caused by an accident, on top of the base death benefit. The rider sum assured can go up to ₹2 crore, and up to three times the base sum assured.
Rider UIN 111B041V01. Entry age 18 to 65, rider term up to age 75, and the rider premium cannot exceed 100% of the base premium. Brochure example for a 35-year-old: ₹9,400 a year for ₹2 crore.
Pays a benefit if an accident causes a partial permanent disability covered by the rider. The rider sum assured can go up to ₹1.5 crore, and up to the base sum assured.
There is no waiting period for death cover. The only time-based condition named in the brochure is the suicide clause: if the life assured dies by suicide within 12 months of the risk start date or the revival date, the nominee gets the higher of 80% of premiums paid or the surrender or unexpired risk premium value, instead of the death benefit.
Conditions or treatments that the policy clearly says it will not cover.
Not applicable. This is a life cover plan with no list of illnesses. Death from any cause during the policy term, whether illness or accident, is covered when the policy is in force, except suicide in the first 12 months.
Insurer
SBI Life plans and claim process
It is an individual, non-linked, non-participating pure term plan from SBI Life Insurance for people who want a large cover. The minimum sum assured is ₹2 crore, and it pays your nominee a death benefit if you die during the policy term. It has no maturity benefit.
Level Cover keeps the sum assured constant throughout the policy term. Increasing Cover raises the amount assured on death by 10% of the sum assured at the end of every 5th policy year, up to double the original amount. You choose one at the start, and it cannot be changed later.
At the end of every 5th policy year, your amount assured on death goes up by 10% of the original sum assured, while the policy is in force, up to a total increase of 100%. There is no increase once you are 71. For example, with ₹2 crore for 30 years taken at age 35, death in the 14th policy year pays ₹2.40 crore. Your premium stays fixed.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official SBI Life website before purchasing.
Official Website
sbilife.co.in
Visit the official SBI Life website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Brochure example: losing a hand pays 50% of the rider sum assured, ₹75 lakh on ₹1.5 crore. About ₹5,100 a year for a 35-year-old. You can take this option, the death option, or both, at inception or at a later policy anniversary during the premium payment term.
The nominee gets the highest of the amount assured on death, 11 times the annualised premium, or 105% of the total premiums paid. The nominee can take it as a lump sum, as monthly instalments over 5, 10 or 15 years, or as 50% lump sum and 50% monthly instalments, and can take the present value of future instalments as a lump sum at any time.
The minimum premium is ₹9,500 a year. For ₹2 crore of Level Cover on regular pay, the brochure shows a healthy non-smoker male aged 30 paying about ₹14,588 a year for 20 years and ₹17,436 for 30 years, and a female aged 30 paying ₹12,722 and ₹14,810. Buying directly online gets a 7.5% discount. Your own premium depends on age, gender, smoker status, option, sum assured and term.
The minimum sum assured is ₹2 crore, in multiples of ₹1 lakh, with no maximum subject to underwriting. The policy term is a minimum of 10 years and a maximum of 85 less your age at entry.
Entry age is 18 to 60, and cover is available up to age 85.
You can pay for the whole policy term (regular pay) or for 5, 10, 15, 20 or 25 years (limited pay), with a minimum policy term of 10, 15, 20, 25 and 30 years for the limited terms in that order. You can pay yearly, half-yearly or monthly. There is no single pay option.
No. It is a pure term plan, so nothing is paid if you outlive the policy term and no premium is returned.
The exclusion named in the brochure is suicide within 12 months of the risk start date or the revival date. In that case the nominee gets the higher of 80% of total premiums paid or the surrender or unexpired risk premium value instead of the death benefit. The Accident Benefit Rider has its own exclusions.
You get 30 days to pay a yearly or half-yearly premium and 15 days for monthly. If the premium is not paid in time, the policy lapses and all benefits stop. You can revive within 5 consecutive complete years from the first unpaid premium, by paying overdue premiums with interest and proving good health.
There is no policy loan and no paid-up value. A regular pay policy pays nothing on surrender. A limited pay policy pays an unexpired risk premium value after at least two full years of premiums.
You have 30 days from receiving the policy document to review it. If you cancel and have not claimed, you get your premium back less a proportionate risk premium, medical examination costs and stamp duty.
It is an optional rider (UIN 111B041V01) with two options that you can take alone or together. Accidental Death Benefit pays an extra sum if an accident causes death, up to ₹2 crore and three times the base sum assured. Accidental Partial Permanent Disability pays if an accident causes a covered disability, up to ₹1.5 crore and the base sum assured. The rider premium cannot exceed the base premium.
Smart Shield Premier starts at ₹2 crore, has two benefit options, covers up to age 85, and has no single pay option. Smart Shield Plus starts at ₹25 lakh, has three options including Future Proofing, an optional Better Half Benefit and single pay, and covers up to age 79 or 100 for whole life. Increasing Cover also differs: Premier adds 10% every 5th year, while Plus adds 5% every year.
The nominee informs SBI Life of the death and submits the claim documents listed in the policy document. The helpline is 1800 267 9090 (24x7). You may get income tax benefits under the prevailing laws, and the brochure notes that individual life insurance is exempt from GST from 22 September 2025.