SBI e-Shield Policy Premium Calculator

Let’s discuss SBI e-Shield Policy Premium Calculator in detail:

What is SBI e-Shield Policy Premium Calculator?  

SBI e-shield Policy Premium Calculator is an online tool available to help you calculate the monthly premium in order to get the estimated sum assured amount. The SBI Life term calculator is very simple to use when you are purchasing an SBI Life E-Shield term plan. SBI Life insurance offers an extensive range of term plans with varying amounts of sum assured. SBI e-Shield Policy Premium Calculator allows you to modify the SA you would want your family to receive after your death. 

Why Insurance Buyers Must Use SBI e-Shield Policy Premium Calculator?

The premium quotes of SBI Life e-shield vary from individual to individual. It depends on certain factors such as income, age, location, sum assured amount, medical history, smoking habits, etc. It can be difficult for insurance buyers to compute the premium rates of the plan manually on the basis of these factors. The SBI e-Shield Policy Premium Calculator is a freely available online tool that helps the policyholder to evaluate the premium quotes of the policy in an easy and hassle-free manner. Also, by using SBI term insurance premium Calculator, you can save a lot of money and time. 

How to Use SBI e-Shield Policy Premium Calculator? 

The calculation of SBI e-Shield policy premium rates is hassle-free and easy with the online premium calculator available on the official website. Follow the below steps to use SBI e-Shield Policy Premium Calculator: 

Step 1: Visit the official website of SBI Life Insurance 

Step 2: Click on the option ‘Individual Life Insurance Plans’ on the homepage under the ‘Products’ menu 

Step 3: Then, click on the particular plan you want to purchase such as SBI Life E-Shield 

Step 4: You will find the details of the plan including its features and benefits

Step 5: Click on ‘Calculate Premium’

Step 6: After opening the premium calculator page, enter the required details such as the desired sum assured, premium payment frequency, policy term, gender, age, smoking habits, name, contact details, and much more 

Step 7: Once all details have been entered, click on ‘Calculate premium

Step 8: The estimated premium amount of the plan will be displayed 

Step 9: If you have decided to buy the plan, then make the payment online after providing all the personal and medical information.

Benefits of Buying SBI e-Shield Policy Premium Calculator

Following are some of the benefits of using the SBI e-Shield Policy Premium Calculator: 

• Saves times and hassle-free: While comparing the SBI term plans using SBI e-Shield Policy Premium Calculator, you are not required to submit any documents. The premium rates will be displayed on a screen within a couple of minutes and then you can decide whether to buy a plan or not. 

• Free of cost: SBI Term Insurance Premium Calculator is an online tool that is easy to understand and free of cost 

• Comparison of different term plans in one platform: With SBI e-Shield Policy Premium Calculator, you can compare features and benefits of the SBI Life e-shield plan with other term plans. 

• Cost-effective: By using the premium Calculator, you can avail of the highest possible term cover amount that suits your needs. You can also buy add-ons at low premium rates. 

• The right amount of premium: This SBI e-Shield Policy Premium calculator provides the right premium amount for your term plan. The knowledge about the premium rates under different policies can help you compare and select the right-priced term plan for your suitable requirements. 

Benefits of SBI Life e-Shield Plan 

• The plan provides security to your loved ones at low premium rates 

• Easy online procedure for securing life cover 

• Rewards for maintaining a healthy lifestyle 

• The comprehensive range of plan options such as increasing and level cover 

• Riders benefits are also available such as Accidental death benefit 

• Get tax benefits under sections 80(C) and 10(10D) of the Income Tax Act, 1961

Factors Affecting the SBI Life e-Shield Premium Rates 

The premium quote of a term plan is the price that a buyer has to pay for buying an insurance plan. The term insurance premium quotes computed by SBI e-Shield Policy Premium Calculators are determined on the basis of the following factors: 

• Age: With an increase in age, the premium prices of the term plan also increase. This is because older people are more vulnerable to health complications in comparison to younger people. So it is advised to buy a term plan at an early age.  

• Gender: As per the experts, women have a longer lifespan than men. Thus, various life insurers offer lower premium quotes to women. 

• Policy Term: The longer you want term cover to continue, the longer the policy tenure and the lower the premium to be paid 

• Payment mode: Buying SBI Life e-Shield plan online attracts lower premium rates than buying it offline. 

• Add on Benefits: One can also add a number of additional benefits to their base term cover to increase the coverage of a plan 

• Mortality Rate: It is the insurance company’s anticipation of death among a specific group of the life assured lives at certain ages 

• Lifestyle: Lifestyle habits like smoking, tobacco, and alcohol consumption also affect life expectancy and thus the term insurance premium rates. Higher term insurance premium quotes are offered in case of existing health conditions. Also, the premium rates of non-smokers are less than the smokers. 

• Expenses: The gross premium of SBI Life e-Shield is calculated as net premium plus loading. The net premium amount depends on the investment earnings, mortality rate, lapse rate, whereas loading is the operating costs of the company.