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SBI Life eShield Plan

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SBI Life eShield Plan
 
SBI Life eShield Plan is an online Term insurance plan which provides high insurance covers at attractive premiums. In this plan, the family of the policyholder (customer) gets the entire benefit amount tax-free in the event of death of the policyholder. 
 
 
SBI Life eShield Plan Variants
There are 4 variants of the plan:
  • Level Cover- The Effective Sum Assured in this option is the Basic Sum Assured chosen at Policy Inception.
  • Level Cover with Accidental Death Benefit- The Effective Sum Assured in this option is the Basic Sum Assured chosen at Policy Inception. There is an inbuilt rider of Accidental Death Benefit where an additional Death Benefit due to an accident would be paid which is equal to the Basic Sum Assured or Rs 50 lakhs, whichever is lower.
  • Increasing Cover- The Effective Sum Assured in this plan is the Basic Sum Assured which increases by 10% simple interest after every 5th policy year without increase in premium.
  • Increasing Cover with Accidental Death Benefit- The Effective Sum Assured in this plan is the Basic Sum Assured which increases by 10% simple interest after every 5th policy year without increase in premium. There is an inbuilt rider of Accidental Death Benefit where an additional Death Benefit due to an accident would be paid which is equal to the Basic Sum Assured or Rs 50 lakhs, whichever is lower.
 
Being a pure Term Plan, there are no Maturity or Surrender Benefits in this plan.
 
 
Key Features of SBI Life eShield Policy
 
  • It is an online Term Plan with no Bonus facility
  • There are 4 options for choosing coverage in this plan
  • The Effective Sum Assured in this plan is the Basic Sum Assured chosen for Level Cover options
  • The Sum Assured increases by 10% every 5th policy year for Increasing Cover options
  • There is an option of choosing an Additional Accidental Death Benefit at Policy Inception
  • Additional Accidental Death Benefit is equal to the Basic Sum Assured of Rs 50 lakhs, whichever is lower
  • There are non-smoker benefits of premium discount in this plan
 
COMPARE THIS PLAN WITH OTHER TERM PLANS
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Benefits you get from SBI Life eShield Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Effective Sum Assured as Death Benefit.
The Effective Death Benefit depends on the plan option chosen:
  • Effective Sum Assured = Basic Sum Assured chosen for Level Cover options
  • Effective Sum Assured = Sum Assured which increases by 10% every 5th policy year for Increasing Cover options
 
Maturity Benefit – Being a pure term plan, there are no Maturity Benefits.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

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Eligibility conditions & other restrictions in SBI Life eShield Insurance Plan
 

 

 
Minimum
Maximum
Basic Sum Assured (in Rs.)
20,00,000
No Limit
Policy Term (in years)
For Level Cover Options, 5
For Increasing Cover Options, 10
30
Premium Payment Term (in years)
Equal to Policy Tenure
Entry Age of Life Insured (in years)
18
For Level Cover Options, 65
For Increasing Cover Options, 60
Age at Maturity (in years)
-
70
Premium (in Rs.)
3,500
No Limit
Payment modes
Only Yearly
 
 
Sample illustration of Premium for all variants of SBI Life eShield Plan
 

The below illustration is for a Healthy Male of 30 years opting to buy a Basic Coverage of Rs 50,00,000 for 20 years for all 4 Plan Options

 

SBI Life eShield Term Plan Sample Premiums


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Additional Features and Benefits of SBI Life eShield Plan
 
Riders – There are no Additional riders in this plan.
 
Accidental Death Benefit Rider is provided as an inbuilt option for Plan variants 2 and 4 at Policy Inception, i.e. Level Cover with Accidental Death Benefit Option and Increasing Cover with Accidental Death Benefit Option. The Accidental Death Benefit Sum Assured is equal to the Basic Sum Assured chosen at Policy Inception of Rs 50 lakhs, whichever is lower.
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, the policy can be revived within 3 years from the due date of the policy inception.
 
You want to surrender the policy – There are no Surrender Benefits in this plan.
 
You want a loan against your policy – Loan facility is not available in this plan.

 
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