SBI Life eShield Plan

Introduction/Overview – SBI eShield Life Insurance

SBI Life eShield is a non-participating pure term plan which is available for purchase through the company’s website. Like a term plan, this plan also provides high protection at very low premium rates.

Key Features of SBI eShield Life Insurance

• It is a pure term insurance plan with regular pay premium paying options
• It has 4 protection variants to suit every individual’s needs:

1. Level Cover
2. Level Cover with Accidental Death Benefit
3. Increasing Cover
4. Increasing Cover with Accidental Death Benefit

• Easy and hassle-free application process

Benefits of SBI eShield Life Insurance

• The nominee gets the Sum Assured on death of the policyholder
• In case of Increasing Cover, the SA increases by 10% every 5 years
• Inbuilt Accidental Death Benefit rider with options 2 & 4 equal to SA or 50 Lakhs, whichever is lower
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About SBI Life Insurance Premium

Annual premium in Rupees for a policy tern of 20 years and SA of 50 Lakhs

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium

Policy Termination or Surrender Benefit: there is no option of surrendering the plan.

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

• Premium discounts are given for non-smokers
• Premium discounts for female lives

Exclusions

• In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.
• For the rider, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.