SBI Life eShield Term Plan

SBI Life- eShield Term Plan is an individual, non-linked, non-participating life insurance product. It is ideal for those who are looking for a complete financial protection plan to secure their family’s future. This plan is backed with a range of benefits at an affordable premium and can be bought easily through a simple online process.

SBI Life eShield Term Plan Features

  • SBI offers a simple and hassle-free process to buy SBI Life- eShield Term Plan.
  • The plan comes with two Benefit Structures – Level Cover and Increasing Cover, to match different requirements of the policy seekers.
  • The minimum basic sum assured is Rs 35 lakh.
  • It offers flexible options to choose from different premium payment modes – yearly, half-yearly, quarterly, and monthly.
  • Both the benefit structure has Inbuilt Accelerated Terminal Illness Benefit.
  • Non-smokers get rewarded with lower premiums.
  • It gives the option to enhance base cover with the help of riders – SBI Life – Accidental Death Benefit Rider and SBI Life – Accidental Total & Permanent Disability Benefit Rider.
  • SBI Life- eShield Term Plan gives you the option to get a second opinion for your diagnosis and treatment plans, a Medical Second Opinion service by Mediguide India.
  • Tax benefits are available as per prevailing tax laws under the Income Tax At, 1961.

 

Details of the Benefit Structures under SBI Life- eShield Term Plan

Benefit Structure Level Cover  Increasing Cover
Entry Age (Min.) 18 years 18 years
Entry Age (Max.) 65 years  60 years
Maturity Age 80 years  75 years
Policy Term (Min.) 5 years 10 years
Policy Term (Max.) 80 years less entry age (age as on last birthday) 75 years less entry age (age as on last birthday)
Description • The sum assured remains the same throughout the policy term.
• Includes protection against Terminal Illness.
• In case of unfortunate death or diagnosis of terminal illness within the policy term, whichever is earlier, the sum assured for that policy year is paid, where the sum assured is higher of the following:
– 10 times the Annualized premium, or
– 105% of the total premiums received up to the date of death, or
– Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured, as on the date of death. Effective Sum Assured for Level Cover Benefit will be the initial sum assured opted.
• The sum assured automatically increases by a simple rate of 10% at the end of every 5th policy anniversary.
• Includes protection against Terminal Illness.
• In case of unfortunate death or diagnosis of Terminal Illness within the policy term, whichever is earlier, the sum assured for that policy year is paid, where the sum assured is higher of the following:
-10 times the Annualized premium, or
-105% of the total premiums received up to the date of death, or
-Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured, as on the date of death.
Effective Sum Assured for Increasing Cover Benefit will be the initial sum assured opted increased at a simple rate of 10% at the end of every 5th policy year prior to the date of death.

Why should you choose the SBI Life eShield Term Plan?

  • To secure your family’s financial future at an affordable cost.
  • To avail ideal and comprehensive protection for your family amongst two benefit structures and two rider options.
  • To get the benefit of having a reliable second opinion for your diagnosis and treatment from a panel of medical experts.
  • To enjoy a range of benefits in a cost-effective manner.