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.

2. Increasing Cover

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

Features:

• 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.

Increase in the amount of sum assured

**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.

   Eligibility-

   • 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.

   Eligibility-

   • 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:

**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.

**Last Updated on March, 2022

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.