SBI Life Insurance launches ‘SBI Life - Smart Shield Plus’. Details here

SBI Life Insurance has announced the launch of its latest protection offering – SBI Life – Smart Shield Plus, an individual, non-linked, non-participating, pure risk life insurance product designed to address the evolving protection needs of today’s consumers.

SBI Life – Smart Shield Plus offers a flexible and scalable term insurance plan that adapts seamlessly to an individual’s growing responsibilities across life’s key milestones, according to a press release.

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SBI Life – Smart Shield Plus, a term insurance plan offering three options — Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit — allowing policyholders to tailor coverage to their changing financial and personal needs

The Increasing Cover Benefit option automatically increases the sum assured at 5% simple rate p.a. 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.

The product also provides flexible death benefit payout options, including lump sum, instalments, or a combination of both, to the nominee.

The offering is further enhanced by optional features, including the Better Half Benefit, providing the surviving spouse an additional life cover of Rs 25 lakhs or 50% of the Sum Assured chosen by the life assured at inception (whichever is lower), ensuring continued financial security after the life assured’s demise.

In such cases, the death benefit applicable for the Life Assured is paid, no further premiums are payable, and the spouse’s cover begins and continues till the attainment of 60 years of age. The product also offers SBI Life- Accident Benefit Riders, covering accidental death and partial permanent disability, to ensure comprehensive financial protection in the face of unexpected events.

“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 product by offering milestone-based enhancements and life-stage adaptability — empowering individuals to make proactive, informed decisions for long-term financial security,” said M Anand, President and Chief Distribution Officer, SBI Life Insurance.

He further added, “At SBI Life, we believe in liberating individuals to focus on what truly matters — their aspirations & their families— with the confidence that their financial protection is well looked after. With this offering, we aim not just to provide protection, but to be an enabler in our customers’ financial journey — helping them stay prepared for tomorrow, while living more freely today.”

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With coverage of up to 100 years under the whole life option, affordable premiums for high sum assured and female lives, and multiple premium payment terms, SBI Life – Smart Shield Plus offers an inclusive protection plan for customers across all ages and income segments.

The product is available through both physical and digital channels with easy documentation process.