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SBI Life Launches ‘eShield’ – An Online Life Insurance Plan

Oct 12, 2018 by

In the uncertain times that we live in today, without exception, everyone wishes for their family to be financially secure, especially in the face of an unforeseen and unfortunate event.

So, planning your finances systematically and well in advance is the key here.

A feasible life insurance policy that is tailored to cater to an individual’s requirements is the best way to set up your finances for future benefits.

One of the most reliable players in the industry, SBI has come up with just that. With SBI eshield, a non-linked, non-participating, pure term insurance plan , securing the future of your loved ones is just a few clicks away! That saves you all the time and energy spent on seemingly endless paperwork!

It offers a quick and seamless online procedure for obtaining your life insurance policy as explained below:

  • Log on to their site, https://www.sbilife.co[dot]in and select buy SBI eShield under ‘Products’ – ‘Individual Plans’ on the home page.
  • Select the plan of your choice by entering the sum assured and policy term.
  • Enter your personal details like name, DOB, email, mobile number etc.
  • After going through and accepting their privacy policy, enter your and your family’s health related details.
  • Fill in the nominee details.
  • Provide the required self attested KYC/AML documents.
  • After verifying all the information entered, proceed to make premium payment.

Who is Eligible for the SBI – eShield Plan?

To be qualified to take up the SBI life eShield term insurance plan, an individual has to fulfill the following criteria:

  • Minimum Entry Age – He/she should have completed at least 18 years.
  • Maximum Entry Age:

Cover level and cover level with accidental death advantage – 65 years.

Cover increasing and cover increasing with accidental death advantage – 60 years.

  • Maximum Maturity Age – 70 years.
  • Minimum Term of Policy

Cover level and cover level with accidental death advantage – 5 years

Cover increasing and cover increasing with accidental death advantage – 10 years.

  • Maximum Term Policy – 30 years.
  • Payment Term For Premium – equals to your policy term.
  • Minimum Sum Assured – Rs 20 lakhs.
  • Maximum Sum Assured – No upper limit.

Plan Options under SBI eShield Insurance

  • Level Cover – In this plan, the nominee will receive death benefits equivalent to the basic sum assured while buying the policy.
  • Level Cover with Accidental Death Advantage – Over and above the benefits of the Level cover,under this plan, the nominee will either receive Rs 50 lakhs or additional death benefit (in case of accidental death of the policyholder) equivalent to the basic sum assured at the time of buying the policy, whichever is lower.
  • Increasing Cover – The basic sum insured under this plan increases by 10% after every 5 years without any hike in the premium paid.
  • Increasing Cover with Accidental Death Advantage – Over and above the benefits of the Increasing cover,under this plan, the nominee will either receive Rs 50 lakhs or additional death benefit (in case of accidental death of the policyholder) equivalent to the basic sum assured at the time of buying the policy, whichever is lower.

Additional Key Features Of SBI eShield Policy

Policy Lapse and Relaunch

  • In the event of the policyholder failing to pay the premium within the allotted grace period, the policy automatically lapses.
  • The plan can be revived within a period of 2 years from the due date of the first pending premium.
  • The revival is commenced as soon as the policyholder submits a written request along with good health declaration to the insurer.
  • All outstanding premiums along with interest need to be cleared for policy revival.
  • The insurer holds the right to increase the premium for the plan.
  • The insurer holds the right to accept or reject the policy revival request.
  • Any policy revival request will not be considered after the stipulated period of 2 years.

Termination of Policy

Termination happens in the event of the earliest of the below occurrences:

  • Death benefit paid out.
  • Expiration of Policy term.
  • Failure to revive the policy within the declared revival period.
  • Payment of free look cancellation amount.
  • Surrender request received from policyholder.

Termination of Death Cover

Termination happens in the event of the earliest of the below occurrences:

  • End of grace period for policy relaunch.
  • Date on which free look cancellation request is received by the insurer.
  • Date of policy termination.

Free Look Cancellation

  • The policyholder has 30 days after receiving the policy documents to review the terms and conditions of the SBI eShield plan.
  • If unsatisfied, the insured can return the policy after providing valid reasons.
  • The policy amount will be refunded after deducting the stamp duty and SBI eShield medical tests expenses.
  • Once returned, the policy cannot be restored and all benefits of the plan stand cancelled.

Policy Loans

No loans can be employed under the SBI eShield insurance policy.

Tax Benefits

  • All premiums paid under SBI eShield Policy are entitled for tax deductions under Section 80C of the Income Tax act.
  • All contributions under this plan are eligible for tax deductions under Section 10D of the Income Tax act as well.
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