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SBI Life eShield Plan- Hassle-Free Way to Lifetime of Security

Updated on November 29, 2022 , 9352 views

With newer technologies taking over the industries, one of the sectors that are majorly evolving is the banking and Financial Sector. The insurance in the financial sector is witnessing growth like never before especially because of the internet. Today, one of the most opted types of insurance is online insurance. Some of the major benefits of this type of insurance are the hassle-free access no involvement of middlemen or agents. It makes the process extremely transparent and you can be in touch with the insurer directly.

SBI Life eShield Plan

The State Bank of India’s (SBI) Life eShield is one such insurance plan that can solve all your worries regarding your family’s future and it’s just a tap away on your mobile phone. SBI has a great claim settlement ratio at 95.3%. Let’s take a look.

SBI Life eShield

This is an individual, non linked, non-participating Life Insurance pure risk premium product. You can secure your future and your family’s lives at the tip of your fingers now.

1. Online process

With SBI Life eshield term plan you can access the life cover easily through an online process.

2. Benefit Structure

You can access different benefit structures as mentioned below:

a. Level Cover Benefit

With this benefit structure, the sum assured remains constant throughout the policy term. You can access protection against a terminal illness. During the term of the policy on an unfortunate death or terminal illness diagnosis sum assured on death is paid. The policy is then terminated.

b. Increasing Cover Benefit

With this structure, the sum assured automatically increases by a simple rate at 10% at the end of every 5th policy year. The sum assured applicable as on the date of death is known as the effective sum assured and this is equal to the sum assured increased at a simple rate of 10%, prior to the date of death. Furthermore, the premium remains constant throughout the term of the policy.

3. Death Benefit

In case of death, the nominee of the Heir will receive the sum assured on death. The death benefit will be paid provided the policyholder has paid all regular premiums to date and the policy is in force as on the date of death of the life assured.

4. Accelerated Terminal Illness Benefit

If the life assured is being diagnosed with a terminal illness the benefit equal to death benefit would be paid and the policy will be terminated. This benefit will be applicable only if the policyholder has paid all regular premiums to date and the policy is in force on the date of diagnosis.

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5. Rider benefits

With SBI eShield, you can avail two-rider benefits - Accidental Death Benefit Rider and Accidental Total and Permanent Disability Benefit Rider.

6. Medical Second Opinion

With SBI e-Shield, you can avail the medical second opinion service by Mediguide India which allows you to avail second opinion and diagnosis by another doctor.

7. Nomination

Under this plan, the nomination will be as per Section 39 of the Insurance Act 1938.

8. Assignment

Assignment under this plan shall be as per Section 38 of the Insurance Act, 1938.

9. Tax Benefit

You will be eligible for income tax benefits as applicable Income tax laws in India.

10. Grace Period

With SBI eShield, you will get a 30 days Grace period from the premium date for yearly, half-yearly and quarterly mode of premium and 15 days for monthly mode of premium.

Eligibility Criteria

The eligibility criteria as mentioned below.

Pay attention to the basic sum assured.

Benefit Structures Description
Age at Entry Minimum: 18 years Maximum: Level Cover: 65 years Increasing Cover: 60 years
Basic Sum Assured Minimum Rs. 35,00,000 Maximum: No Limit (Subject to board approved underwriting policy) Sum Assured would be in multiples of ` 1,00,000
Premium Payment Yearly, Half-yearly, Quarterly & Monthly Mode
Premium For Non-Yearly Half-Yearly 51.00% of yearly premium, Quarterly: 26.00% of yearly premium Modes Monthly: 8.50% of yearly premium
Policy Term Minimum Maximum: For Level Cover: 5 years For Level Cover: 80 years less Age^ at Entry For Increasing Cover: 10 years For Increasing Cover: 75 years less Age at Entry
Premium Amount Minimum: Maximum: No Limit (Subject to board Yearly - Rs. 2,779 Half-Yearly – Rs. 1,418 approved underwriting policy) Quarterly - Rs. 723 Monthly - Rs. 237

SBI Life eShield Customer Care

You can contact them on 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at info@sbi.co.in

Conclusion

Go for SBI Life eShield if you wish to secure your family’s future with the best. Make sure to read all the policy-related information carefully.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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