Indian insurer SBI Life Insurance announced Tuesday the launch of Smart Shield Plus, a term life insurance plan that includes coverage options designed to adjust with policyholders’ changing financial situations.
In a statement, the insurer has described the product as an “individual, non-linked, non-participating, pure risk life insurance” offering that provides three plan structures: Level Cover, Increasing Cover, and Level Cover with Future Proofing Benefit.
Under the Increasing Cover option, the sum assured automatically rises at a 5% simple rate annually, reaching a maximum of 200% of the original sum assured. According to SBI Life, the Future Proofing Benefit allows policyholders to increase coverage during major life events such as marriage, childbirth, or home purchases without additional medical examinations.
The plan includes optional features, including the Better Half Benefit, which provides surviving spouses with additional life coverage of ₹25 lakhs or 50% of the original sum assured, whichever is lower. This coverage continues until the spouse reaches 60 years of age.
“Our nation is witnessing a significant economic shift, accompanied by a growing awareness around financial planning and protection,” said M. Anand, president and chief distribution officer at SBI Life Insurance. “As individuals take on evolving responsibilities, they increasingly seek insurance solutions that are both comprehensive and adaptable.”
The product offers coverage up to 100 years under the whole life option and includes multiple premium payment terms. Death benefits can be paid as lump sums, installments, or a combination of both to beneficiaries.
SBI Life also offers accident benefit riders with the plan, covering accidental death and partial permanent disability.
The company, incorporated in October 2000 and registered with the Insurance Regulatory and Development Authority of India in March 2001, operates through 1,146 offices and maintains a network of approximately 253,799 agents across India.
The Smart Shield Plus product is available through both physical and digital distribution channels.
What are your thoughts on this new offering? Share your insights in the comments below.
