SBI Life eShield Plan

Note: Know more about what is term life insurance first before reading this article.

What Are The Key Features Of SBI Life eShield Plan?

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

  • Level cover with an accidental death benefit

  • Increasing cover

  • 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.

What are the Eligibility Conditions of the SBI Life eShield Plan?

Here is a list of the eligibility criteria required to buy this SBI Term Insurance plan:

What Are The Benefits Of SBI eShield Life Insurance?

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 policy's tenure. 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 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. 

Premium Illustration of SBI Life eShield Insurance Plan Premium

The below graph illustrates the annual premium in Rupees for SBI Life Insurance policy term of 20 years and SA of 50 Lakhs. 

What Are The Policy Details Of SBI Life eShield Plan?

Here are the policy details of the SBI Life eShield Plan:

1. Grace Period

   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. 

2. Revival and Lapse

   If premiums are not paid within the grace time, your plan lapses, and no benefits are paid under it. The plan offers an option to revive the lapsed policy within the 2 policy years from the date of 1st un-paid premiums.

3. Policy Termination or Surrender Benefit

   There is no option of surrendering the plan.

4. Free Look period

   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.

5. Assignment and Nomination

   According to Section 39 and Section 38 of the Insurance Act 1938, nomination and assignment of the policy are allowed respectively.

How to Buy SBI eShield Plan From Policybazaar?

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.

How to File a SBI Life Insurance Claim?

To claim SBI Life Insurance benefits, follow these steps:

• Notify SBI Life Insurance: Inform the company about the claim as soon as possible, ideally within a week of the policyholder's demise. This can be done by:

  • Email: For death claims, send an email to claims@sbilife.co.in.

  • Branch Visit: Submit the claim form and documents at the nearest SBI Life branch.

  • Post: Mail the duly filled claim form and supporting documents to:

    SBI Life Insurance Co. Ltd, 

    8th Level, Seawoods Grand Central, Tower 2, 

    Sector 40, Plot No.R-1, Seawoods, Nerul, 

    Navi Mumbai-400706

• Complete the Claim Form: Fill out the appropriate claim form, which can be downloaded from the SBI Life website. sbilife.co.in

• Gather Supporting Documents: Attach necessary documents such as the original or attested death certificate, policy document, identity proof of the claimant, and any other documents specified by SBI Life.

• Submit the Claim: Provide the completed claim form and supporting documents through one of the methods mentioned above.

• Claim Processing: SBI Life will review the submitted documents and process the claim. They may contact you for additional information if required.

What Are The Exclusions In SBI Life eShield Plan?

Here are the exclusions in the SBI Life eShield Plan:

• 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.

Documents Required to Buy SBI Life e-Shield Plan

The policyholder must fill out an' Application/ proposal form’ online and provide self-attested copies of KYC/AML Documents.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

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