SBI Life eShield is a non-linked, non-participating pure term insurance plan which provides high insurance coverage at a very affordable premium rate. This term plan is available for purchase on the company’s website. The online buying process of SBI Life e-Shield is very simple and hassle-free. This is a comprehensive plan that provides tailored benefits to the policyholder and secures the family of the insured against any type of eventuality. Moreover, the plan also provides a tax benefit to the policyholder.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Parameters |
Minimum |
Maximum |
Plan Options |
|
|
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 (Last Birthday) |
70 years |
|
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 |
|
Yearly Premium |
3500 |
No Limit |
Sum Assured |
20,00,000 |
No limit |
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 |
||
Smokers |
Non-smokers |
Smokers |
Non-smokers |
|
30 |
7770 |
4660 |
6275 |
3920 |
40 |
17,145 |
9495 |
12,260 |
6955 |
50 |
41,615 |
22,305 |
29,020 |
15,680 |
The sum assured amount for accidental death is equal to the death SA. So, the maximum Sum assured one can avail under this case is Rs. 50,00,000 and the minimum SA will be Rs. 5,00,000 for subsequent policies.
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 non-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 15 days of receipt of the policy documents, provided there has been no claim.
The policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.