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Knowledge Base Compare Life Insurance Term Plan Insurance: SBI Life Smart Shield Plan vis-à-vis LIC Amulya Jeevan
Friday, 04 May 2012 11:04

Term Plan Insurance: SBI Life Smart Shield Plan vis-à-vis LIC Amulya Jeevan

Written by  Yashish Dahiya
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Term Plan Insurance: SBI Life Smart Shield Plan vis-à-vis LIC Amulya Jeevan


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.

Amulya Jeevan is the term insurance plan of Life Insurance Corporation of India.

 

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 LIC Amulya Jeevan, person aged between 18 years to 60 years can buy the term insurance plan. Amulya Jeevan plan maximum maturity age is 70 years.

 

Life Cover:

The minimum life cover that can be opted with SBI Life Smart Shield and LIC Amulya Jeevan is Rs 25 lacs.  The maximum cover in SBI Life Smart Shield and LIC Amulya Jeevan 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 Amulya Jeevan is from 5 years to 35 years.

 

Riders:

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

There are no riders available with LIC Amulya Jeevan.

 

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

8105/-

40

Rs  40 lacs

10

9578/-

 

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

LIC Amulya Jeevan

30

Rs 50 lacs

20

14438/-

40

Rs  40 lacs

10

15416/-

*kindly verify the premium for any changes.

 

Reinstatement:

On policy lapse, SBI Smart Shield can be reinstated within 3 years and LIC Amulya Jeevan within 5 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 for Life Insurance Corporation of India, claim settlement ratio is 77%.

 

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). LIC Amulya Jeevan is a good plan which also has minimum life cover of Rs 25 lacs and has long policy terms available. However there are no riders available with LIC Amulya Jeevan.

 

Compare with other term plans now!

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