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Knowledge Base Compare Life Insurance Term Plan Insurance: SBI Life Smart Shield Plan vis-à-vis Aegon Religare Increasing Term Plan
Monday, 12 March 2012 17:35

Term Plan Insurance: SBI Life Smart Shield Plan vis-à-vis Aegon Religare Increasing Term Plan

Written by  Yashish Dahiya
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Term Plan Insurance:  SBI Life Smart Shield Plan vis-à-vis Aegon Religare Increasing Term Plan


A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Smart Shield term plan is the term insurance plan of SBI Life.

Increasing term plan is the term insurance plan of AEGON Religare.

 

Age Eligibility:

For SBI Life Smart Shield, person aged between 18 years to 65 years can buy the term insurance plan. Smart Shield term plan maximum maturity age is 70 years.

For AEGON Religare Increasing term insurance, person aged between 18 years to 55 years can buy the term insurance plan. Increasing Level term plan maximum maturity age is 75 years.

 

Life Cover:

The minimum life cover that can be opted with SBI Life Smart Shield Rs 25 lacs and for and Increasing term plan, minimum cover is Rs 5 lacs. The maximum cover in SBI Life Smart Shield and Increasing term plan is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

 

Policy Term:

The policy term for SBI Smart Shield term plan is 5 years to 30 years.  The policy term for increasing term plan is from 10 years to 30 years.

 

Riders:

SBI Smart Shield term plan has Accidental death benefit, Accidental total and permanent disability rider and accelerated critical illness rider.

AEGON Religare Increasing term plan has accidental death, dismemberment and disability rider, critical illness rider.

 

Premium Comparison:

The premium comparison for few samples is given below:

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

SBI Smart Shield (level term)

30

Rs 50 lacs

20

7956/-

40

Rs  40 lacs

10

9402/-

 

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

AEGON Religare Increasing Term Plan

30

Rs 50 lacs

20

13622/-

40

Rs  40 lacs

10

14515/-

*kindly verify the premium for any changes. The premium for females is bit lower.

 

Reinstatement:

On policy lapse, SBI Smart Shield can be reinstated within 3 years and AEGON Religare Increasing Term Plan within 2 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

 

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period Q2, 2011, the claim settlement ratio for SBI Life is 84% whereas whereas for AEGON Religare, claim settlement ratio is 46%.

 

End Note:

SBI Life Smart Shield is flexible term plan, it has 4 options which you can choose from- level term assurance, increasing term assurance, decreasing term assurance (loan) and decreasing term assurance (family income protection).

Increasing term plan increases the life cover opted by 5% every year.

 

Compare with other term plans now!

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