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?
Table of Contents
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.
Free trial period :
If clients are dissatisfied, they can return the insurance after 15 days of receiving the contract. After deducting stamp duty and medical examination fees, premiums will be returned.
SBI Life eShield Policy Highlights :
• It is a term plan with no bonus option available online.
• In this plan, you have four options for coverage.
• In this plan, the Effective Sum Assured is the Basic Sum Assured selected for Level Cover choices.
• For Increasing Coverage choices, the Sum Assured increases by 10% every fifth policy year.
• At policy inception, you have the option of selecting an Additional Accidental Death Benefit.
• The Additional Accidental Death Benefit is equivalent to the Basic Sum Assured, whichever is less.
• This plan offers a premium discount to nonsmokers
The advantages of the SBI Life eShield Insurance Policy :
• Death Benefit – If the Life Insured dies within the Policy Tenure, the nominee receives the Effective Sum Assured as a Death Benefit.
• The Effective Death Benefit is determined by the plan choice selected:
• Effective Sum Assured = Basic Sum Assured for Level Coverage Options.
• Effective Sum Assured = Sum Assured that grows by 10% every fifth policy year for Increasing Coverage choices.
• Maturity Benefit – There is no Maturity Benefit pure-term plan.
• Income Tax Benefit – Life insurance premiums paid up to Rs. 1,50,000 are deductible from taxable income each year under section 80C, and Maturity Proceeds are tax-free under section 10(10)D, subject to certain criteria.
SBI Life eShield Plan Extra Features and Benefits :
Riders – This package does not include any additional riders.
At policy inception, the Accidental Death Benefit Rider is available as an inherent option for Plan Variants 2 and 4, i.e. Level Cover with Accidental Death Benefit Option and Increasing Cover with Accidental Death Benefit Option. The Accidental Death Benefit Sum Assured is equal to the Basic Sum Assured selected at Policy Inception, whichever is less.
What if it happens?
You stop paying the premium – If the policyholder stops paying the premium, the policy will expire and all benefits will be terminated. However, the insurance can be reinstated within three years after the policy’s start date.
SBI Life eShield - How to Obtain Insurance :
1. The major advantage of the SBI Life eShield is the simplicity with which the policy may be obtained. The following are the processes for obtaining the SBI Life eShield life insurance policy online.
2. Log in to the SBI Life online portal and choose the ‘Buy eShield Online’ option.
3. Enter your personal information, such as your name, date of birth, phone number, residence, employment information, family size, and so on.
4. After reviewing your financial goals, you must choose between two options: level cover with inbuilt Accelerated Terminal Illness benefits or growing cover with inbuilt Accelerated Terminal Illness benefits. Choose the desired choice, including the sum assured and the policy period, based on your judgment.
5. The following step would be to complete a questionnaire with information about your health as well as your family history.
6. You must now complete your nominee’s information. It is critical that you understand that the nominee’s information can be modified at any moment throughout the policy term.
7. It is critical that you double-check all of the information you have provided before submitting it and continuing with the payment. Once you are sure that all of the information (including nominee details) is right, you may proceed to pay your premium.
8. The final step in purchasing an online policy would be to provide self-attested KYC (Know Your Customer) and Anti Money Laundering Act (AML) documentation.
Also read about other popular Schemes