eShieldTerm Plan
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SBI eShield

We can never know about what the future holds for us. And when you've the responsibility of supporting the family on your shoulders, then it becomes very crucial to have a backup plan that can take care of the future of your loved ones in case you're no longer around. Luckily, SBI Life Insurance Company has recently launched a new plan called 'SBI Life eShield Term Policy' which acts as a protective shield or armor to your family members after your unfortunate demise. This plan is fabricated for a responsible person who comprehends and identifies the need for financial protection in a death crisis.

SBI Life - eShield is an online insurance plan that is designed for tech-savvy, educated, high net-worth individuals interested in buying a pure protection cover. The plan is considered highly valuable as it shifts the burden and tension of future contingencies of the policyholder and eliminates the stress for future expenditures. It has inbuilt coverage for a terminal illness where the whole sum assured is paid immediately to lessen the liabilities incurred in the past.

Explore all the SBI eShield Plan Details on this page, and see if this plan is eligible to meet all your term insurance requirements:

Structure of SBI Life eShield Term Policy

SBI life eShield plan constitutes two coverage options or benefit structures that are designed to offer flexibility to the policyholder. It is important to select your benefit structure carefully because once an option is chosen, it cannot be changed.

Below, we've explained a brief overview of these coverage options. Read along to find out.

1. Level Cover

Under a level cover, the protection amount remains constant throughout the policy term.

Features of this cover are:

  • Includes terminal illness benefit without any payment of extra premium.
  • The sum insured amount remains fixed during the term of the policy.
  • Termination of policy by payment of 'Effective Sum Insured', if any terminal illness or death circumstances materializes.

Let's understand the concept of level cover by taking help of the given example.


Ankush, a 33-year-old man decides to purchase eShield plan to protect his newly formed family of three (himself, spouse, and one year child). The coverage taken is Rs 1 crore under Level Cover benefit for a tenure of 30 years.

However, after 20 years of the policy period, he was detected with a terminal illness (heart disease). His situation got worse with time and doctors informed his family members that he could live only for a period of 4 months.

Ankush informed his insurance provider about the diagnosis results through the submission of accurate documents on an immediate basis. The whole coverage amount was returned to the family or the nominee of the policy after the company has verified the claim. The family will get Rs 1 crore in whole.

2. Increasing Cover

With this cover, the protection amount of the plan increases over time.


  • Include Terminal illness benefit.
  • Sum Assured amount will grow gradually after a time gap of 5-year at a fixed rate of interest (i.e. 10%) during the policy period.
  • There will no change in the rate of premiums with an increase in cover and will be stable.
  • Termination of the policy if any terminal illness or death circumstances arise and the claim raised will be settled through the payment of 'effective sum insured'.

To get a more clear understanding about this cover, study the given example.


Dr. Mishra (35 years) brought eShield plan for coverage of 1 crore under Increasing Cover benefit. The tenure of the policy bought is 25 years.

The regular base premium that Dr. Mishra have to pay is Rs 11,210 per year excluding taxes and riders. As per the TnCs of the policy, the sum assured amount of Rs. 1 crore will increase by a simple rate of 10% after the end of every 5th policy year. The exact calculation about the increase in sum assured amount is shown in the table below.

The death of Dr. Mishra occurs in 12 years. The beneficiaries after intimating about the incident to the SBI Life insurance company can claim the increased term coverage i.e. 1,20,00,0000 (1 crore + 2 increase given till the death).

Increase in the amount of sum assured

Years of the Policy (difference of 5 years) Increase in Sum insured (every five years @ 10%)
1st year 1,00,00,0000
6th year 1,10,00,0000
11th year 1,20,00,0000

**Last Updated on March, 2022

Key Features of SBI Life eShield Term Policy

Every plan comes with its own set of unique features that make it different from the others. Similarly, SBI Life eShield Term Plan comes with several features that make it a perfect term insurance plan.

For your convenience, we've jotted down all the key features of SBI Life eShield Term Policy. Check out these features to understand how this plan is different from other term insurance plans.

  1. Protection at Cheap Rates

    One feature which highlights the importance of the SBI eShield term plan is that it offers financial protection at low-cost premium rates. The premium can be as low as only Rs 263 per month (for an 18-year-old individual, exclusive of taxes and riders). Lesser the age lower would be the premium.

  2. Terminal Illness Benefit

    Some of the term insurance policies do not come with terminal illness benefit and even if they do, it requires submission of an extra premium. But SBI Life eShield plan covers this feature with no additional charges and settles the claims cheerfully. However, in order to avail this benefit, you need to submit reports from a doctor who is recognized by the Indian Medical Association.

  3. Discounts for Non-Smoker

    The eShield term insurance policy offers an additional benefit to healthy people who cultivate a positive lifestyle by consuming nutritious food and keep themselves distant from toxic elements like tobacco, alcohol, etc. The premiums for non-smokers is always lower than premiums determined for smokers.

  4. Second Medical Opinion from experts

    The facility of medical opinion from another will be given to the policyholder for the treatment or diagnosis conducted earlier. Policyholders can make a wise decision for their health with the help of World Leading Medical Centers networked with the insurance provider.

  5. Online Facility

    SBI Life eShield gives the ease of online payments of the premiums and the claim amount to enjoy fast and hassle-free insurance service by sitting on the couch of your room.

  6. Tax deductions

    The premiums paid for term insurance will receive a tax deduction as per the prevailing income tax laws in India. The benefits will be compensated with regard to rules formulated under section 80C and 10C © of the Income Tax Act.

  7. Flexibility

    Life Assured is offered flexibility to pay premiums either monthly, quarterly or annually for the choice of benefit structure and optional riders.

SBI eShield Riders Benefits

To offer enhanced protection, SBI Life eShield comes with a Rider option as well. There are two add ons or rider benefits available within the SBI eShield plan. You can avail a suitable rider as per your needs by paying a nominal amount. Given below is a detailed explanation of both. The riders available under SBI Life eShield Plan are.

  1. Accidental Death Benefit Rider

    By availing this Accidental Death rider, the family of the insured person can claim the rider coverage amount as chosen at the purchase of the policy.


    • Entry age should be between 18 years to 65 years of age
    • Sum assured can be between Rs 25,000 to Rs 50,00,000.
    • Premium paying term is the same as policy tenure.
    • Premiums paid for this rider must be A) 8.9% of annual premiums if paid monthly B) 26.5% of annual premiums if paid quarterly C) 52% of annual premiums if paid half-yearly.
    • The sum assured will be paid in a lump sum.
  2. Accidental Total & Permanent Disability Benefit Rider

    Accidental permanent disability refers to any loss that occurred to both arms or both legs or eyes due to an accident that is seen as irrecoverable by a recognized medical practitioner.


    • Entry age should be between 18 years to 65 years of age
    • The maturity age of the rider is 70 years.
    • Sum assured can be between Rs 25,000 to Rs 50,00,000.
    • The policy term must be under 5 years to 30 years.
    • Premiums paid for this rider must be A) 8.9% of annual premiums if paid monthly B) 26.5% of annual premiums if paid quarterly C) 52% of annual premiums if paid half-yearly.

Eligibility Criteria of SBI Life eShield Term Policy

SBI Life eShield Term plan follows an eligibility criteria, failing to which a person can not buy the plan. To explore the Eligibility criteria of the SBI Life eShield Term Plan, take a look at the below table:

Features Level Cover Increasing Cover
Minimum Age of entry 18 years 18 years
Maximum Age of entry 65 years 60 years
Maximum age of maturity 80 years 75 years
Term of Policy 5 years to 80 years minus Entry Age 10 years to 75 years minus Entry Age
Sum Insured Amount Minimum: Rs. 35,00,000
Maximum: No Limit
Premium Payment Mode Monthly/Quarterly/Half Yearly/Annually
Percentage of premium for all modes except yearly Monthly: 8.50% of annual premiums
Quarterly: 26%
Half Yearly: 51%
Premium Payment Term Same as the tenure of policy chosen

**Last Updated on March, 2022

Sample Premium Illustration of SBI Life eShield Term Policy

One of the most important factors that should be considered while buying any term insurance plan is its premium amount. That is why, it is recommended that you should get a clear idea of the future premium amounts while investing in a plan.

For your convenience, we've illustrated the premium amount of SBI Life eShield Term Policy for a varying range of sum assured amounts. You can refer to the table and graph given below to get an idea about how much premium you will be required to pay in future for the SBI eShield plan.

Sum assured amount Premium for level cover Premium for increasing cover
35 lakhs Rs. 3735 Rs. 4095
50 lakhs Rs. 4115 Rs. 4550
1 crore Rs. 7010 Rs. 7830
2 crore Rs.14020 Rs. 15660

**Last Updated on March, 2022

Premium for different amounts of sum assured

Premium for different amounts of sum assured

How to buy SBI Life eShield Term Policy?

There are two methods to buy SBI Life eShield Term Policy. First, you can buy the plan from the official website of SBI Life Insurance company or else, from third party agencies like agents, brokers, etc. If you wish to opt for a simple and easy buying process, we suggest that you should consider buying it from the company's official website. Given below are the steps for buying the plan from SBI Life Insurance's website.

Step 1

Visit the official website of SBI Life and click on ' life insurance plans' tab.

Step 2

Select SBI Life eShield Term Policy and click on the tab 'Buy Now' option.

Step 3

Enter required details for calculating premium and fill in the application form.

Step 4

Make online payment and affix your signature along with KYC documents.

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SBI eShield Term Plan: FAQs

1. In what conditions, a medical second opinion can be taken?

The medical second opinion can be made under the following conditions-

  • The life assured has shown signs of acute or life-threatening disease.
  • Diagnosis is not received by the assured
  • Health status is not evaluated by the attending physician within the last 12 months of duration.
  • If the life assured is in need of physical evaluation.

2. Are deaths due to suicides are covered in the eShield plan?

Yes, the coverage is provided to the family of the life assured, if he/she meets suicidal death within the first year of the policy. The process will be-

80% of the base premium(excluding rider premium) deposited until the date of suicidal death will be refunded to the family.

If the policy is revived, then the premiums submitted on revival of policy till the death would be returned. Only, 80% of base premium (eliminating premiums paid for riders) will be paid.

3. Can we cancel the policy if we are not satisfied?

Yes, eShield does come with the option to cancel the policy within a stipulated amount of time known as Free Look Period of 30 days. The policyholder has to review all the terms and conditions within 30 days and convey his decision to the insurance provider by demonstrating the genuine reason for cancellation.

4. Do we get a refund of premiums paid during the free look period?

SBI Life will refund the premiums paid at the inception of the policy along with deduction of stamp duty and medical expenses fee occurred during the period.

5. What is the condition to claim terminal illness death benefit?

The terminal Illness death benefit will only be accepted and verified by SBI Life if the death will arrive within 180 days after the examination of terminal illness.

Also, the policy should remain active during the submission of claim information. Additionally, documentary proofs like medical reports should be laid down for smooth claim settlement.

6. Give me the list of documents required for making a claim?

  • Policy Document provided at the time of purchase
  • Death Certificate of the life assured issued by the local body of Municipal Corporation.
  • Claim Forms duly filled by the claimant in a given format.
  • Evidence of death such as hospital records, medical reports, discharge summary, post mortem report.
  • Additional documents as per the request made by SBI Life for further verification.

7. How to intimate the company about a death claim?

The nominee or the beneficiaries can inform the insurance company through writing about the cause of death along with the declaration of policy number and date of death.

8. What is the time limit to inform about the claim?

The claim must get registered within 90 days time period after the death has happened with SBI Life insurance company.

9. How is death benefit calculated?

The death benefit paid on an event of death must be more than of-

  • 10 times of the annualized premiums.
  • 105% of the entire premium amount paid till the death of the life assured.
  • Whole of the sum assured amount guaranteed on death should be equal to "Effective Sum Assured" as on death.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.7/5 (45 Total Rating)

March 28, 2024

Sneha Nath


I would like to inform you that my maturity claims have been settled by SBI Life Insurance on 04.15.2024 and thanks all of you for helping me throughout the claim process.

March 18, 2024

kartik saxena


I had to add some riders to my Sbi life insurance, team helps to me to understand which rider is more important and which is not. Resulting helps me to save lots of money. Happy with the services.

February 16, 2024

Rakesh kumar


Great service! Quick claim processing for my sbi life insurance, Highly recommend for reliable insurance coverage at competitive rates.

January 25, 2024

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I wanted a term insurance plan that was not too expensive, and gave me just that. The website let me compare quotes from different companies, so I found a plan that fits my budget.

October 4, 2023

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Thanks to, I found an affordable SBI Term Insurance policy that fits my family s needs perfectly. The platform is easy to navigate, and their customer support is top-notch. Highly recommended for insurance shopping!

Last updated on March, 2022

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