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SBI Life eShield Brochure

In this SBI Life eShield Brochure, this policy called the SBI Life eShield Plan is under discussion. This is an individual, non-linked, and non-participating pure risk premium plan. Because this is an online plan, the entire process is extremely simple. By obtaining life insurance under this plan, a person can protect their family at extremely affordable premiums.

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This online plan has many features, which will be discussed in this SBI Life eShield Brochure, along with eligibility, benefits, the process to purchase, documents required, terms and conditions, and exclusions. The beauty of this plan is that it provides:

  • Security by ensuring the protection of the family 
  • Flexibility by choosing from two rider options and two benefit structures
  • The simple online process for ease of purchase
  • Extremely reasonable premiums
  • A medical second opinion provides reliability

Eligibility Criteria of SBI Life eShield Plan

In this SBI Life eShield Brochure, the eligibility of the plan is as follows:

Types of Benefit Structure – Level Cover and Increasing Cover

Minimum Entry Age– 18 years

Maximum Entry Age:

  • Level Cover – 65 years
  • Increasing Cover – 60 years

Maximum Maturity Age:

  • Level Cover – 80 years
  • Increasing Cover – 75 years

Minimum Basic Sum Assured – 35 lakhs INR

Maximum Basic Sum Assured – No Limit, Subject to Board Approved Underwriting Policy (BAUP)

Premium Payment Modes – Yearly, Half-yearly, Quarterly, and Monthly

The premium for Non-annual Modes:

  • Half-yearly – 51% of yearly premium 
  • Quarterly – 26% of yearly premium
  • Monthly – 8.5% of yearly premium 

Minimum Policy Term

  • Level Cover – 5 years
  • Increasing Cover – 10 years

Maximum Policy Term

  • Level Cover – Age of entry subtracted from 80 years
  • Increasing Cover – Age of entry subtracted from 75 years

Premium Payment Term – Equal to the Policy Term

Minimum Premium Amount

  • Yearly Premium – 2779 INR
  • Half-yearly Premium – 1418 INR
  • Quarterly Premium – 723 INR
  • Monthly Premium – 237 INR

Maximum Premium Amount – No Limit, Subject to Board Approved Underwriting Policy (BAUP)

Salient Features of SBI Life eShield Plan

Within the SBI Life eShield Brochure, the following features make up part of the plan: 

  • Assurance of financial security and protection for the family.
  • For additional coverage, there are options of two riders. The plan already provides Accelerated Terminal Illness Benefit within the plan structure. 
  • Because the application process is fully online, it is very simple to apply for.
  • There are discounts on premiums for non-smokers. 
  • Another feature of this plan is the provision of a medical second opinion.

Core Benefits/Advantages of SBI Life eShield Plan

The various advantages of the plan are given in the SBI Life eShield Brochure:

  1. Advantages

    • The family gets financial security.
    • There are two benefit options and two rider options. All of them together can give comprehensive cover.
    • The online application process is seamless and straightforward.
    • The discounts are highly affordable. Furthermore, non-smokers can get discounts on that too. 
    • Medical experts can provide a second medical opinion, making this plan extremely reliable.
  2. Benefits

    The following benefits are offered under the plan:

    1. Death Benefit

      For the level cover, it is the highest between:

      • Ten times the annualized premium 
      • Total paid premiums on the death of death and an additional five percent on top of that.
      • The Sum Assured payable on death is also known as the absolute amount assured.

      For the increasing cover, it is the highest between:

      • Ten times the Annualized Premium 
      • Total paid premiums on the death of death and an additional five percent on top of that.
      • The Sum Assured payable on death, which is also known as the absolute amount assured.

      Note: See further in the SBI Life eShield Brochure to know about the difference between Sum Assured under both covers

    2. Accelerated Terminal Illness Benefit

      • If the policyholder gets diagnosed with any terminal illness, the amount equal to the death benefit becomes payable, and the policy terminates upon payment.
      • Terminal illness is when a person is expected to not live beyond 180 days from the date of the diagnosis.
    3. Rider Benefit

      • Accidental Death Benefit rider
      • Accidental Total & Permanent Disability rider
    4. Maturity Benefits

      This plan does not offer maturity benefits.

The Process to Purchase SBI Life eShield Term Plan

In this SBI Life eShield Brochure, the steps to purchase the eShield plan are given. They are generally common for most other plans too:

Step 1: Visit the official website. 

Step 2: Based on the understanding of the SBI Life eShield Brochure, purchase the correct coverage option.

Step 3: Agree to purchase.

Step 4: At this point, enter personal details.

Step 5: The premium amount and mode need to be finalized.

Step 6: The Sum assured is the next confirmation.

Step 7: Agree to the term of the policy. 

Step 8: Add rider options, if necessary.

Step 9: Do not withhold any information. 

Step 10: Peruse and agree to the terms and conditions. 

Step 11: Go forward with payment. 

Step 12: An acknowledgement copy follows. 

Step 13: A soft copy of the policy follows on approval. 

Step 14: Finally, the hard copy of the policy follows. 

Documents Required to Buy SBI Life eShield Term Plan

To purchase this plan as given in the SBI Life eShield Brochure, one needs to have the following documents:

  1. KYC Documents 

    • Identity Documents – Aadhar Cards and PAN Cards are in this category.
    • Address Proofs – Gas Bills, Electricity Bills, Telephone Bills, Water Bills, Driving Licenses, etc., fall in this category.
    • Age Proofs – Passport comes in this category
    • Photographs – Ideally passport-sized.
  2. Income Documents

    • Income Tax Returns
    • Salary Payslips

Other Features

In the SBI Life eShield Brochure, two different cover options have been mentioned. Their details are provided here:

  • Level Cover Option – In this, the Sum assured remains the same as in the beginning.
  • Increasing Cover Option – In this option, the Sum assured increases at the rate of ten percent every five years, without any change in premiums.

Terms and Conditions

The plan covered in this SBI Life eShield Brochure has the following terms and conditions:

  • Effective Sum Assured
    • Level Cover
    • Increasing Cover
  • Premiums
  • Grace Period
  • Non-forfeiture Benefits
    • Paid-Up Benefit
    • Surrender
  • Revival
    • Premiums must be paid in the grace period so that policy does not lapse
    • From the date of the first unpaid premium and within the next 5 consecutive years, the policy may be revived
  • General Terms
    • Free-look period
    • Suicide Exclusion
    • Policy Loan – No one is eligible for any loans under this policy
  • Charges
    • Charge – As this is a non-linked insurance product, no explicit charges exist under this plan.
  • General Terms – Miscellaneous
    • Nomination – At any time when the policy is affected, and before it matures, the policyholder may choose a person as the nominee, who shall receive the benefits in case of the demise of the policyholder.
    • Assignment – One may assign as per the relevant laws of India.
    • Death Claim – When the nominee, or the legal heir, comes to claim the death benefit, they shall ensure to inform of the death of the life assured and further provide policy number, cause of death, and date of death.
    • Terminal Illness Claim – Paid to the beneficiary, nominee, assignee, or legal heir, as requested.
    • Survival Claim – There is no survival benefit in this plan. 
    • Maturity Claim – There is no maturity claim in this plan. 
    • Surrender Claim – There is no surrender claim in this plan. 
    • Rider Benefit – Additional premium is required for riders. 
    • Non-disclosure – Policy is given based on statements regarding personal details, medical records, and other relevant information with the web form. 
    • Misstatement of Age – On misstatement, eligibility will be re-checked.
    • Taxation – Taxes and benefits are subject to Indian laws and their amendments.
    • Date formats – Unless otherwise stated, they are in DD/MM/YYYY format.
    • Electronic transactions - Fully approved to receive premiums electronically.
    • Communications – Hand, post, facsimile, email, and any other approved methods are appropriate for communication.  
  • Complaints
    • Grievance Redressal Procedure
  • Relevant Statutes
    • Governing Laws and Jurisdiction
    • Section 41 of the Insurance Act 1938, as amended from time to time
    • Section 45 of the Insurance Act 1938, as amended from time to time
    • Rule 13 of Ombudsman Rules, 2017
    • Rule 14 of Ombudsman Rules, 2017
    • Protection of Policyholder’s Interest
  • Rider Documents
    • SBI Life – Accidental Death Benefit Rider
      • General Conditions
      • Definition of Accident
      • Exclusions
      • Paid-Up Value 
      • Surrender
      • Termination
    • SBI Life – Accidental Total & Permanent Disability Benefit Rider
      • General Conditions
      • Definition of ATPD
      • Definition of Accident
      • Exclusions
      • Paid-Up Value 
      • Surrender
      • Termination
    • Annexure I
      • Section 38 - Assignment and Transfer of Insurance Policies
    • Annexure-II
      • Section 39 - Nomination by Policyholder
    • Annexure III
      • Section 45 - Policy cannot be called for misstatement after three years.

Key Exclusions of SBI Life eShield Term Insurance Policy

Within the SBI Life eShield Brochure, the exclusions for the plans are as follows:

  • There are no exclusions except the suicide clause.
  • The suicide clause states that if within the first 12 months from either the date of commencement of risk under the policy or the date of revival of the policy, the policyholder commits suicide, then the nominee of the policyholder becomes entitled to at least four-fifths of the total value of the premiums paid up to the date of death, as long as the policy is still in force. On the payment of this benefit, the contract is terminated, and no further benefits are payable.

For the Accidental Death Benefit Rider and the Accidental Total & Permanent Disability Rider, the exclusions are as given below:

  • Infection: Death as a result or contribution from an infection, except caused due to an external wound that was sustained as an accident.
  • Drug Abuse, alcohol
  • Self-inflicted injury – Intentional injuries or self-harm, including injuries that may arise due to attempted suicide
  • The person’s participation in criminal or illegal acts, with criminal and/or illegal intent.
  • Participation in War and Civil wars, invasion, hostilities, revolution, riot, civil  rebellion
  • Radioactive or hazardous features of nuclear fuel materials or property contaminated by nuclear fuel or related materials or accidents caused because of such features.
  • Aviation – The person’s inclusion in any activity of flying, other than as a passenger or a crew of a licensed commercial aircraft.
  • Hazardous or adventurous sports and hobbies – Participation in any hazardous activity not previously disclosed to the insurance provider.

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