Life is unpredictable, and as breadwinners, we want the best for our families now more than ever. Everyone wants their family to be safe and financially secure while they are away. The Term Plan is a standalone, non-participating, non-linked term plan. The plan is reasonable to have even in unforeseen circumstances, and it provides you with advantages that are specifically suited to you. With a single click, you may get insured without the need for time-consuming documentation. Anyone between the ages of 18 and 65 is eligible for this plan, with a choice of four plan types.
You work hard and save your money to guarantee that your loved ones have the finest possible level of living. You accomplish success in your job while increasing your money, allowing you to realize your aspirations when you reach retirement age. While you may believe you have a great strategy, there is one fundamental flaw in your preparation. Have you ever considered the possibility that you will not be present owing to an untimely death?
The plan has four variations :
1. Level Cover- In this option, the Effective Sum Assured is the Basic Sum Assured selected at policy inception.
2. Level Cover with Accidental Death Benefit- In this option, the Effective Sum Assured is the Basic Sum Assured selected at policy inception. There is an inherent Accidental Death Benefit rider, which pays an extra Death Benefit due to an accident equivalent to the Basic Sum Assured or Rs 50 lakhs, whichever is less. There are no Maturity or Surrender Benefits in this plan.
3. Increasing Coverage- In this plan, the Effective Sum Assured is the Basic Sum Assured, which rises by 10% simple interest after the fifth policy year without an increase in premium.
4. Increasing Coverage with Accidental Death Benefit- The Effective Sum Assured in this plan is the Basic Sum Assured, which grows by 10% simple interest after every fifth policy year with no premium increase. Accidental Death Benefit is an incorporated rider that pays an extra Death Benefit due to an accident equivalent to the Basic Sum Assured or Rs 50 lakhs, whichever is less.
This plan has no Maturity or Surrender Benefits because it is a pure Term Plan.
SBI Life eShield provides extremely simple methods for being insured :
1. Go to www.sbilife.co.in and click on Online eShield Purchase
2. Provide your personal information, such as your name, date of birth, phone number, and so on.
3. Select the plan you want to buy, together with the insurance term and the money insured.
4. Fill out a questionnaire about your health and your family’s health history.
5. Fill up the blanks with your nominee’s information.
6. Make a last check on all information and, if satisfied, make the premium payments.
7. Additionally, submit self-attested KYC/AML documentation.
You may even utilize the premium calculators offered to assess the premium you would pay, as well as receive reductions if you are a nonsmoker or a female candidate, among other things.
Criteria for eligibility :
Minimum Entry Age: 18 years (Level cover and level cover with accidental death benefit: 65 years; Increasing cover and increasing cover with accidental death benefit: 60 years)
Maximum entry age: 70 years
The following are the primary advantages of this plan :
Plan Duration: Min: Max
Renewability: Customers can renew their policies after paying their outstanding payments within two years of the last date of unpaid premiums.
Guaranteed sum:
Minimum: Rs. 20,000;
Maximum: There is no restriction.
Premiums: Minimum: Rs. 3,500;
Maximum: There is no restriction.
Payment of the premium Yearly
Coverage :
If all premiums are paid on time while the insurance is in place, a death benefit will be paid. At the conclusion of the period, no survivor benefits are available. Accidental death benefit: This reward is equivalent to the base sum insured or Rs. 50 lakhs, whichever is less. Period of surrender.,The policy has no surrender value.