SBI Life eShield insurance plan is pure term insurance plan which provides high insurance coverage at a very affordable premium rate. The plan allows tailored benefits to meet the requirements of the policyholder. This term plan is available for purchase on the company’s website. The online buying process of SBI Life eShield is very simple and hassle-free. This is a comprehensive plan that provides tailored benefits to the policyholder to meet their requirements and secures the family of the life assured against any type of eventuality. Moreover, the plan also provides a tax benefit to the policyholder.Read more
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Below mentioned are the key features of SBI Life eShield Plan:
It is a pure term insurance plan with regular pay premium paying options
Provides security to your loved ones at low premium rates
The hassle-free online process for securing the right life coverage
Add on benefits are also available of an accidental death benefit
The plan also rewards you for maintaining a healthy lifestyle
It has four protection variants to suit every individual’s needs:
Level cover with an accidental death benefit
Increasing cover with an accidental death benefit
It also provides tax benefits, under Sections 80C and 10(10D), as per the prevailing laws of ITA, 1961.
Here is a list of the eligibility criteria required to buy this SBI Term Insurance plan:
|Entry Age (Last Birthday)||18 years||For Increasing Cover and increasing cover with accidental death benefit – 60 years For Level and Level Cover with accidental death benefit - 65 years|
|Maturity Age||70 years|
|Sum Assured||20,00,000||No limit|
|Policy Term (PT) in years||For Level and Level Cover with accidental death benefit – 5 years For Increasing Cover and increasing cover with accidental death benefit – 10 years||30 years|
|Premium Paying Term (PPT) in years||Equal to the policy term|
|Premium Paying Frequency||Annual|
Below mentioned are the key benefits of SBI eShield Insurance:
Death Benefits - The nominee gets the Sum Assured on the death of the policyholder based on the plan option selected. Death benefits have been paid if you have completed all regular premium payments to date and your policy is in force as of the claim date.
Maturity Benefit – No maturity benefit is available under the plan.
Plan Options – The four plan options are available under this plan are as follows:
Level Cover – In this, the sum assured amount remains constant throughout the policy tenure.
Level Cover with Accidental Death Benefit – This option provides you additional coverage against the demise (due to an accident) during the policy tenure.
Increasing Cover – This benefit increases your SA automatically after every 5th year of policy without any rise in your premium amount.
Increasing Cover with Accidental Death Benefit – Additional coverage is provided against the life assured’s death due to an accident during the tenure of the policy. In this, the accidental death benefit cover will not increase during the policy tenure.
Accidental death cover – The sum assured amount for accidental death will be equivalent to the base death SA. However, the maximum accidental SA that you can opt for under this plan is Rs. 50 Lakhs. The minimum accidental SA is Rs. 5 Lakhs.
Discount for Non-Smokers – The plan offers a discount to non-smokers, thus helping them maintain a healthy lifestyle. The premium rate of non-smokers is comparatively lower for the sum assured of Rs. 50 lakhs and above.
Tax Benefit – 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.
Healthy Lifestyle Reward – Under this plan, you can also get a discount on life cover of Rs. 50 Lakhs and above if you are a non-smoker.
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The below graph illustrates the annual premium in Rupees for SBI Life Insurance policy term of 20 years and SA of 50 Lakhs.
|Age||Male Lives||Female Lives|
30 days grace period is allowed for payment of premium from the due date of premium. During the grace period, the policy will remain in force and will lapse if no further premium is paid.
The plan offers an option to revive the lapsed policy within the 2 policy years from the date of 1st un-paid premiums.
There is no option of surrendering the plan.
If you are not satisfied with the coverage, and terms and conditions of this SBI life insurance policy, you have the option of canceling the policy within 30 days (for online purchase) and 15 days (for offline purchase) of receipt of the policy documents, provided there has been no claim.
According to Section 39 and Section 38 of the Insurance Act 1938, nomination and assignment of the policy are allowed respectively.
You can buy the SBI Life eShield Insurance Plan from Policybazaar in a couple of easy steps, as mentioned below:
Step 1: Go to the Policybazaar’s official website and select ‘Term life insurance’
Step 2: Fill in your details, such as Name, DoB and Contact Number.
Step 3: Enter the rest of the details, such as smoking habits, annual income, qualification and occupation type, and click on ‘View Plans’.
Step 4: Select the SBI eshield plan and proceed to pay
*Note: Premiums are lower for non-smokers and females.
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
*Note: For the policy amount to be claimed after death due to accident, the policyholder must die within 120 days of the accident date and directly/solely due to accident injuries and no independent cause.
The policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.
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