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