SBI eShield Next Plan

Overview

SBI Life eShield Next, launched by SBI Life, is a new-age term insurance plan that enables you to take care of your current requirements and changing responsibilities. You can boost your family's financial immunity in an ever-changing world with SBI Life eShield Next. SBI Life offers multiple term plans, along with eShield Next, to safeguard your loved ones.

SBI Life eShield Next Plan offers a range of benefits, including:

• Whole Life Cover
• Optional Riders
• Tax Benefits As Per Laws
• Terminal Illness Benefit
• Multiple Premium Payment Terms
• Future Proofing Benefit

Riders Associated with SBI Life eShield Next Plan

You can add the following riders to your SBI Life eShield Next Plan:

SBI Life Accidental Death Benefit Rider

The Accidental Death Benefit Rider provides an additional sum if the policyholder dies due to an accident during the policy tenure.

SBI Life Accidental Total and Permanent Disability Rider

The Accidental Total and Permanent Disability Rider covers the policyholder if an accident leads to the policyholder's permanent disability.

Key Features of SBI Life eShield Next Plan

Whole Life Cover

Stay protected with a life cover and get complete protection up to the age of 100 years.

Choice of Plan Options

SBI Life eShield Next plan offers 3 plan variants, allowing policyholders to select the protection level: level cover, increasing cover, and level cover with future proofing benefit.

Tax Benefits

With this plan, the policyholder can avail of tax benefits up to 1.5 lakhs under Section 80C of the Income Tax Act.

Better Half Benefit

With this feature, you can ensure sufficient coverage for your spouse in your absence. It is essential because the surviving spouse will have the family's sole responsibility and hence needs to be insured.

Multiple Payout Options

SBI Life eShield offers multiple payout options such as lump sum, in monthly installments, or lump sum plus monthly installments.

Terminal Illness Benefit

If the life assured is diagnosed with a terminal illness during the policy term or before the attainment of 80 years, whichever is earlier, the benefit equal to the sum assured on death shall be payable.

Flexible Premium Payment Term

Flexible premium payment terms allow you to pay a premium once (single), for a limited period (limited), or throughout the policy term (regular).

Add-on Riders

The policyholder can opt for additional coverage with 2 SBI riders. The riders under this policy are - SBI Life Accidental Death Benefit and SBI Life Accidental Total and Permanent Disability Benefit Rider.

Exclusions

• Death due to a pandemic is not covered by the company.
• Death due to any adventure sports.
• Death due to consumption of any drugs and alcohol.
• Death due to any pre-existing disease not declared at policy inception.
• If a policyholder commits suicide within the first 12 months of purchasing the policy, then no death benefits are paid to their nominee.

Plan Options Offered By SBI Life eShield Next Plan

SBI Life eShield Next Plan offers 3 plan options to the policyholders.

1. Level Cover

   Under this plan option, the sum assured amount would remain the same throughout the policy term.

2. Increasing Cover

   Under this plan option, the amount assured on death would increase by 10% p.a. of the basic sum assured at the end of every fifth policy year. However, this will not be applicable once the life insured attains the age of 71 years.

3. Level Cover with Future-Proofing Benefit

   Under this plan option, the policyholder would have the flexibility to increase the sum assured amount on attaining certain life stages during the policy term.