SBI Life - eShield Next

Features of SBI Life eShield Next 

The SBI Life – eShield plan offers various unique features that help build financial immunity and prepares you for today’s changing world. Here’s a quick laydown: 

• Flexibility to choose from the following 3 plan options. 

• Level Cover – In this, the absolute assured amount paid on death remains the same throughout the tenure of the policy. 
• Increasing Cover – The absolute assured amount paid on death increases by 10 % yearly of the SA (sum assured) after the 5^th policy year. 
• Level cover with future-proofing – The life assured has the option to enhance cover with important stages of life such as weddings or undergoing any medical test, etc. 

You can select any option as per your requirements and financial liabilities. 

• Customization of the plan as per your needs through 

• Mode of paying the death benefits  
• The benefit of better half 
• Terminal illness option is available for all policy options 
• You can pay premiums as per your suitability. There are different options to pay premiums i.e. only one-time, limited period, or throughout the policy tenure. 
• Rider options are available under this plan that provides additional coverage. 

Eligibility Criteria of SBI Life- eShield Plan 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

Benefits of SBI Life- eShield Plan 

1. Death Benefit 

   The nominee or the beneficiary will receive the death benefit based on the plan option selected, provided the policy is in force as on the death date of the policyholder. 

   The sum assured on death is payable in case of assured’s death during the policy tenure is: 

   • For Regular and Limited Premium Payment: The nominee will receive the highest of the following: 
     • 10X of the annualized premium 
     • 105% of the total premium amount that is received up to the death date 
     • Absolute amount assured to be paid at the time of death 
   • For Single Premium Payment: The nominee will receive the highest of the following: 
     • 1.25X of the single premium 
     • Absolute amount assured to be paid at the time of death 

   Note – Absolution amount assured that is paid at the time of death depends on the type of plan chosen by the life assured while purchasing the policy. 

   Selected plan option	Absolute amount to be paid on death
   Level Cover	Sum Assured
   Increasing Cover	Base sum assured as on the death date along with the eligible benefit increased till the death date
   Level Cover with Future-Proofing Benefit	Base sum assured + Extra sum assured till the death date

2. Maturity Benefit 

   No maturity benefit is available under this plan 

   

3. Terminal Illness Benefit 

   If the life assured has been diagnosed with the terminal illness during the policy tenure or before 80 years of age (whichever comes first), the benefit will be payable as on the diagnosis date, subject to the maximum amount of Rs. 2,00,00,000 would be payable. The Terminal illness benefit shall be payable in any mode of payments i.e., lump sum, monthly installments, or lump sum + monthly installments.

4. Paid-up Benefit 

   No paid-up benefit is available for a regular premium under this plan 

   In case of limited premium payment, if at least 2 years of full premiums are paid and then no further premium is duly paid, then the policy becomes Reduced paid-up. Upon the policyholder’s death during the policy tenure, the ‘sum assured on paid-up’ is payable to the nominee/beneficiary as per the modes of the death benefit. 

5. Surrender Benefit 

   No surrender benefit is available for regular premium payment. In the case of a single premium, a policyholder has the option to surrender the policy anytime during the policy tenure. 70% of the single premium is payable as the surrender value. 

   In the case of Limited Premium payment, surrender value is valid if the premiums of 2 full consecutive years have been paid. 

6. Tax Benefits

   Get the tax benefits on premium paid as per the prevailing laws of the Income-tax Act, 1961. 

Sample Premium Illustration 

The below table illustrates the premium payable by a healthy male, non-smoker, for different ages and policy terms: 

1. For Level Regular Premium 

   For Healthy males, non-smoke				For healthy non-smoker female
   Age (years)	Term (years)			Age (years)	Term (Years)
   	10	20	30		10	20	30
   30	8,589	9,585	11,595	30	7,990	8,400	9,773
   40	14,453	19,620	23,470	40	11,793	15,394	18,708
   50	45,018	44,468	52,493	50	26,678	34,888	41,100

2. For Increasing Cover Regular Premium: 

   For Healthy males, a non-smoker				For healthy non-smoker female
   Age (years)	Term (years)			Age (years)	Term (Years)
   	10	20	30		10	20	30
   30	8,834	10,645	13,964	30	8,197	9,212	11,579
   40	15,028	22,512	28,898	40	12,211	17,572	22,980
   50	36,613	50,788	63,574	50	27,904	39,942	49,823

3. For Level Cover with Future-Proofing Benefit with Regular Premium:

   For Healthy males, a non-smoker				For healthy non-smoker female
   Age (years)	Term (years)			Age (years)	Term (Years)
   	10	20	30		10	20	30
   30	8,589	9,585	11,595	30	7,990	8,400	9,773
   40	14,453	19,620	23,470	40	11,793	15,394	18,708
   50	45,018	44,468	52,493	50	26,678	34,888	41,100

Rider Benefits 

Following Rider can be opted at the starting of the policy by the policyholder: 

SBI Life – Accidental Death Benefit Rider 

• The sum assured of a rider is payable, in case the policyholder dies within the 120 days of the accident date during the rider tenure, provided the policy is in force.  
• Accident Death Benefit Rider is available for all the plan options.

SBI Life – Accident Total and Permanent Disability Rider 

• In case of the policyholder’s accidental total and permanent disability during the rider tenure, then the basic sum assured of a rider is payable, provided the policy is in -force. 
• This rider is also available for all 3 plan options.  

Policy Details 

1. Grace Period 

   The plan offers a grace period of 30 days from the due date of the premium for yearly and half-yearly premium payment mode and 15 days for the monthly premium mode. During the grace period, the policy remains in force and lapses thereafter, if no further premium is paid. This grace period is also applicable for the rider premium payments. 

2. Free Look Period 

   Policyholders have the option to renew the T&Cs of the policy within 30 days from the issuing date of the receipt of policy for online channels (digital marketing and electronic policies) and 15 days for any other channel. Additionally, if a policyholder is not satisfied with the terms and conditions of the policy, then he/she can return the policy to the company for the cancellation purpose, mentioning the reasons for this step. The paid premiums will be refunded excluding the proportionate risk premium, expenses incurred on the medical check-ups, and the stamp duty charges. 

3. Revival 

   Policyholders have the option to revive the lapsed policy or a reduced paid-up policy in 5 consecutive years from the date of the first non-paid premium amount and before the maturity date. The rider and the policy revival will be depending on the prevailing underwriting policies. 

4. Loan 

   A loan facility is not available under this policy 

Discount on Online Purchase 

The following discount is applicable for those who have sourced their policies through online mode using the website of the company. 

Exclusions 

Suicide

If the life assured dies due to the suicide within 12 months from the date of inception of risk under the plan or the revival date of the policy, then the nominee/beneficiary will be eligible to receive at least 80 percent of the total premium amount till the death date or the surrender value (if any).

You may also like to read: Term Insurance Plan

FAQ's