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SBI Life Launches "Smart Shield Plus" Term Insurance Plan with Flexible Coverage Options.

Banking & Finance | Dated: 16 Aug 2025

On August 14, 2025, SBI Life Insurance Company Limited (SBI Life), a Joint Venture (JV) between State Bank of India (SBI) and BNP Paribas Cardif, introduced “SBI Life-Smart Shield Plus”, a future-ready term insurance plan tailored to meet customers’ evolving protection needs with flexible options and life stage benefits.

🎯 Key Highlights:

  • - SBI Life-Smart Shield Plus is an individual, non-linked, non-participating, pure risk term insurance plan. It has been designed to provide a high degree of adaptability, allowing customers to adjust coverage in response to changes in their financial responsibilities and personal milestones.
  • - The plan offers three distinct coverage options: Level Cover, where the sum assured remains fixed throughout the policy term; Increasing Cover Benefit, where the sum assured grows at a simple rate of 5% annually (capped at 100% of the original sum assured); and Level Cover with Future Proofing Benefit, which allows coverage enhancement at specific life events such as marriage, childbirth, and home purchase.

💡 Other Important Facts:

  • (i) Under the Level Cover with Future Proofing Benefit, policyholders can increase their coverage without undergoing additional medical underwriting at key life stages, ensuring continued protection as financial responsibilities expand over time.
  • (ii) The plan’s life cover extends up to 100 years of age for the Whole Life option, providing lifelong protection, while other term options offer coverage up to 79 years of age. This flexibility enables customers to choose a duration that aligns with their long-term planning goals.
  • (iii) With its flexible design, varied coverage structures, and milestone-based benefits, SBI Life-Smart Shield Plus aims to provide customers with comprehensive term protection that evolves with their life journey, ensuring financial security for families during uncertain times.

📚 Test Your Knowledge:

Which insurance company has recently launched the "Smart Shield Plus" term insurance plan with flexible coverage options?

Correct Answer: SBI Life Insurance

🚀 Quick Recap: