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 the death of the policyholder.
Key Features
Benefits
- 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
Being a pure-term plan, there are no Maturity Benefits.
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 fulfillment of terms and conditions.
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.
Variants
- 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.
Eligibility
|
|
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
|
|
FAQs
what happens if policyholder stop paying the premiumIf 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.
what happens if policyholder want to surrender the policyThere are no Surrender Benefits in this plan.
what happens if policyholder want a loan against your policyLoan facility is not available in this plan.
