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Launch Date Product Code UIN Status
3/11/2017 1G  111N089V02 Active

About the SBI Life e-shield

The SBI Life e-Shield is an individual, non-linked, non-online pure term plan that has been made available online. The plan makes available a death cover keeping in mind the affordability factor. This plan is available with two riders and also offers two benefit structures.

Let’s understand this plan in brief before getting into its details:

Modes of Payment
  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly
Claim Settlement Ratio of the insurer 98.31%
USPs of the Policy
  • Flexibility to choose between two options
    1) Level cover
    2) Increasing cover
  • The sum assured increases by 10% every 5th policy year for the increasing cover option
  • Offers pay-out on diagnosis of terminal illness for both options
  • Tax benefits u/s 80(C) and 10(10D) of Income Tax Act, 1961
  • Unlimited sum assured available under this plan

 

Illustration
If a 30-year-old non-smoker male chooses the level cover option and chooses a term of 20 years for a death benefit of INR 50,00,000, he has to pay a premium of INR 4,660.
If a 40-year-old non-smoker male chooses the level cover option and chooses a term of 20 years for a death benefit of INR 50,00,000, he has to pay a premium of INR 9,495.

How does this plan work?

An individual has 2 options to choose from:

  • Level cover: There is no addition to the sum assured in this option
  • Increasing cover: This option automatically increases your sum assured by 10% after every 5th policy year without increasing your premium

 

Both plans are available with the accelerated terminal illness benefit. If the insured is diagnosed with a terminal illness, a benefit equal to the death benefit will be paid before the individual dies. Here, terminal illness, as defined by the insurer, is a conclusive diagnosis of an illness because of which the insured can face death within 180 days.

All plans have a maximum policy term of 30 years. The minimum term for level cover and level cover with accidental death benefit is 5 years, whereas for increasing cover and increasing cover with accidental death benefit is 10 years (accidental death benefit is a rider offered with both options of the plan).

The minimum sum assured is INR 35 lakhs. Minimum premium payment can be done for INR 2,779 on an annual basis, INR 1,418 on a half-yearly basis, and INR 237 on a monthly basis.

Death Benefits

The sum assured on death is the higher of the following:

  • 10 times the annualised premium
  • 105% of all the premiums paid as on date of death

Why should you buy SBI Life eShield plan?

In addition to the benefits mentioned earlier, here are some other features of the SBI Life e-Shield plan:

  • Easily purchasable online
  • The accelerated terminal benefit is a built-in benefit available with any option of the plan
  • It offers an increasing cover benefit to protect against inflation, whose benefits grow 10% after every 5th policy year
  • Available with essential riders such as accidental death benefit and disability benefit
  • Discounts for women

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Who should buy SBI Life eShield plan?

Minimum age to purchase plan is 18 for any option. Maximum age for level cover is 65 years and for increasing cover, it is 60 years. The plan serves as an affordable life insurance plan for lengthy terms.

Riders & Add On

Here are the riders that are offered with the SBI Life e-Shield plan:

  • Accidental Death Benefit Rider: An additional sum will be paid to the nominee if the insured dies within 120 days of an accident. The maximum amount of this rider, after adding to the sum assured, cannot cross INR 50,00,000.
  • Accidental Total and Permanent Disability Benefit Rider: This rider is triggered when an accident causes total and permanent disability of the life assured.

Claim Process

Know Claim Process of SBI Life eShield

Claim Process

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.

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