SBI Life eShield Plan

SBI Life eShield is a non-participating pure term plan which is available for purchase through the company’s website. The online process of purchase of SBI Life e-Shield is very simple and hassle-free. It is a non-linked, non-participating pure term insurance plan which provides high insurance coverage at a very affordable premium rate. This is a comprehensive plan that provides tailored benefit 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.

SBI eShield Life Insurance Key Features

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

SBI eShield Life Insurance Benefits 

• 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 of SBI eShield Plan

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 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.

Additional Features or Riders

• Saving in premiums are given for non-smokers
• Saving on premium 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.