SBI e-Shield Next Term Plan

SBI e-Shield Next Term Plan

SBI Life Insurance Company holds an astonishing reputation in the field of the insurance sector. This esteemed company offers a plethora of comprehensive insurance products like Term Insurance, Whole Life Plans, endowment, and Money Back. All of its insurance products are meticulously designed so that they can meet all the requirements and needs of everyone.

In this fast-paced world, everyone wants to enhance their financial security and protect their families against untoward events of life. Here enters the SBI e-shield next term plan that was introduced recently by the SBI Life Insurance to meet all your financial requirements. This new age protection plan is a non-linked and non-participating term plan that boosts your financial immunity. This plan comes with multiple sum assured amounts ranging from Rs. 50 Lakh to Rs. 99 Lakh for smokers and no-limit for non-smokers.

SBI e-Shield Next Term Plan Features

  • This policy plan gives you 3 plan options (Level Cover, Increasing Cover & Level Cover with Future-Proofing Benefit) to meet all your requirements and needs
  • This plan offers life cover up to 100 years (Whole life) or 85 years (other than Whole Life)
  • Under all plan options, terminal illness benefit is included
  • This plan offers benefit for the better half
  • You are free to pay your premiums as per your convenience (one time, limited period, or throughout the policy tenure)
  • Additional coverage through two rider options (accidental death benefit rider and accidental total and permanent disability rider)

Eligibility criteria for SBI e-shield next term plan

Minimum entry age Minimum

For Whole Life: 45 years

For Other than Whole Life: 18 years

Maximum

Single-Premium & LPPT: 65 years

Regular Premium: 60 years

For Better Half Benefit: 55 years

Maximum entry age Single and Regular Premium 85 years

LPPT:

 Whole Life: 100 years

 Other than Whole Life: 85 years

Cover type Individual/family floater
Sum assured options Minimum

For Online (through Company’s website) and Web aggregator channel: ` 50,00,000

For other distribution channel: ` 75,00,000

Maximum

For Non-Smoker Lives: No limit

For Smoker Lives: `99,00,000

Policy term Minimum: 5 years

Maximum

Single and Regular Premium: [85 less Age at Entry] in years

LPPT:

Whole Life: [100 less Age at Entry] in years

Other than Whole Life: [85 less Age at Entry] in years

Premium payment Quarterly, half-yearly, and annually

SBI eShield Next Term Plan Benefits

Death benefit

According to the plan option, the nominee will get the death benefits.

For regular and limited premium payment, the nominee will receive

  • 10X of the annual payment
  • Absolute amount assured to be paid at the time of the death

For Single premium payment

  • 1.25 X of the single premium
  • Absolute amount assured to be paid at the time of the death

Maturity Benefits

This plan offers no maturity benefit

Terminal Illness Benefits

If the insured policyholder is diagnosed with a terminal illness during the policy tenure period, or before attainment of 80 years (whichever is earlier), the benefit equal to the sum assured on death as on date of diagnosis would be payable. The maximum amount will be Rs. 2, 00, 00,000 (for in-force policies). The Terminal illness benefit shall be payable in any one of the following death benefit payment modes as opted under the plan at the policy inception

  • Lump-sum
  • Monthly installments
  • Lump-sum plus Monthly installments

Paid-up benefits

  • For a regular premium plan, no paid-up benefit is available
  •  In the case of limited premium payment, if the policyholder pays the full premium amount for at least 2 years, then you don’t need to pay any further premiums. In this case, your policy will become reduced paid-up. If the policyholder dies during the tenure period, then the nominee gets the “sum assured on paid-up”.

Surrender Benefit

  • Under regular premium payment, no surrender benefit is applicable.
  • In the case of a single premium, the policyholder can surrender the policy during the tenure period. As the surrender value, he/she will get 70% of the single premium amount.

Tax Benefits

According to the law of the Income Tax Act, the policyholder can avail of tax benefits for the premiums paid and death benefits against the policy.

Rider Benefits

Accidental death rider

If the policyholder dies within 120 days of the accident (in the tenure period), the sum assured of a rider is payable to the nominee

Accidental Total and permanent disability rider

If the policyholder suffers from accidental total and permanent disability during the rider tenure, then the basic sum assured of a rider is payable (if the policy is in force)

SBI eShield Next Term Plan Exclusion

  • After the death of the insured policyholder, if the spouse dies due to suicide within 12 months from the risk commencement date of the policy or the date of revival of the policy, then the better half benefit will not be paid.
  • Breach of law with criminal intent
  • Participation in any illegal or unlawful act
  • Use of drugs, alcohol, solvent, etc.

SBI eShield Next Term Plan Review

This is a new age protection plan that has been crafted carefully to not only meet your present requirements but also take care of your evolving responsibilities. This policy can be purchased through online mode and other distribution channels. The policyholder is free to choose the premium mode and also eligible for multiple benefits under this term plan. 

FAQs:

What are the premium payment modes available under the SBI e-shield next term plan?

A policyholder is free to pay the premium amount through single, yearly, monthly, and half-yearly modes.

Can I pay my premium online under this SBI e-shield next term plan?

Yes, you can pay your premium online. Just visit the official website of SBI and log in to the “My policy portal” with your credentials. Now, choose “pay premium online” and make your payment conveniently.

How do I cancel my SBI e-shield next term plan if I am not satisfied?

This plan comes with a free look period of 30 days and if the policyholder is not satisfied with the terms and conditions of the plan, then he/she can cancel the policy within this free look period.

What is the condition to claim terminal illness death benefit under this SBI e-shield next term plan?

The terminal illness death benefit will be accepted by the company if the insured policyholder dies within 180 days after the diagnosis of a terminal illness. All medical documents need to be submitted for a hassle-free claim.

What is the time limit to inform about the claim under SBI e-shield next term plan?

The claim should be filed within 90 days after the death of the insured policyholder with SBI Life Insurance Company.

What documents do you need to submit to initiate a claim under the SBI e-shield next term plan?

· Policy documents
· Death certificate issued by the Local Municipal Corporation
· A duly signed claim form
· Evidence of death including the hospital reports, medical reports, discharge summary, and post-mortem reports
· Any other documents mentioned by the insurer

Click to rate this!
[Total: 0 Average: 0]
Read More