Robinhood Insurance Broker Private Limited

Which Are The Different Variants Available Under SBI eShield Plan?

SBI eShield is a pure term insurance plan which can be bought online. It provides financial security to the family of the policyholder in the event of death. Based on the policyholder's needs, s/he can choose any of the available 4 variants under the plan. The variants are discussed below.

Level cover - under this variant of sbi life term insurance, the sum assured chosen while subscribing to the plan will remain unchanged during the entire policy term. In the event of death of the life insured, the same will be paid to the nominee.

Level cover plus accidental death benefit - this variant comes with the basic sum assured chosen while subscribing to the policy, plus an accidental death benefit rider in case of death due to accident. The lower of the basic sum assured or 50 lakhs (accidental rider) will be paid to the nominee if the life insured dies due to an accident.

Increasing cover - under this sbi term plan variant, after every 5 years during the policy term, the basic sum assured gets an increment of 10% simple interest. However, the premium chosen at the inception of the policy remains constant; it does not increase with the increase in the basic sum assured.

Increasing cover with accidental death benefit - this variant is a combination of increasing cover and level cover with accidental death benefit. That means, after every 5 years during the policy term, the basic sum assured gets an increment of 10% simple interest. Plus, there's an accidental death benefit rider in case of death due to accident. The lower of the basic sum assured or 50 lakhs (accidental rider) will be paid to the nominee if the life insured dies due to an accident.

Note: one must remember, since it's a pure term plan, no benefits will be paid on maturity of the plan.

For further insights on sbi insurance plans, get in touch with us on 86559 86559 or drop us an email at support@oneinsure.com.

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Tab 3

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