SBI Life eShield Plan | SBI Term Insurance Plan

SBI Life eShield is an individual, non-linked, non-participating online term insurance plan. SBI Life eShield is a pure term plan which provides financial security for your family at an affordable premium. The plan gives you the advantage of an easy and seamless online process of obtaining a life insurance. You can get insured with just a few clicks and give your family the gift of security. In this post, let’s take a look at the features and benefits of SBI Life eShield Plan | SBI Term Insurance Plan.

Plan options offered under SBI Life eShield Plan

The plan options under SBI Life eShield plan are given below:

1. Level Cover

In this option, the Basic Sum Assured remains constant throughout the policy term.

2. Level Cover with Accidental Death Benefit

In this plan, the Basic Sum Assured remains the same throughout the policy term. There is also an Accidental Death benefit which will be paid in case of death due to an accident along with the Basic Sum Assured.

3. Increasing Cover

In this plan, the Basic Sum Assured increases by 10% simple interest at the end of every 5th policy year without any increase in the premium.

4. Increasing Cover with Accidental Death benefit

In the plan, the Basic Sum Assured increases by 10% simple interest at the end of every 5th policy year. There is also an Accidental Death benefit, which will be paid in case of death due to an accident along with the Basic Sum Assured. Note that only the Basic Sum Assured increases under this plan and not the Accidental Death Benefit.

Features of SBI Life eShield Plan (SBI Term Insurance Plan)

1. SBI Life eShield plan is an online term insurance plan from SBI Life.

2. The plan provides financial security and ensures your family is protected at an affordable cost.

3. The plan offers two benefit structures with inbuilt Accelerated Terminal Illness Benefit.

4. The plan provides two rider options for comprehensive coverage.

5. Easy and seamless online application process of obtaining a life insurance.

6. There is a discount on premiums for non-smokers in this plan.

7. Tax benefits as per prevailing norms under the income tax act, 1961

Advantages of SBI Life eShield Plan

1. Security - Avail financial security for your family based on your chosen benefit structures.

2. Flexibility - You can choose from two benefit structures as per your protection needs. There are two rider options to provide comprehensive coverage.

3. Simplicity - Easy and seamless online application process for securing life cover.

4. Affordability - You can enjoy a range of benefits at an attractive premium. There is a discount on the premium for non-smokers.

Eligibility for SBI Life eShield Plan (SBI Term Insurance Plan)

Benefits under SBI Life eShield Plan

1. Death Benefit - Depending upon the Benefit Structure chosen, the nominee will receive the “Sum Assured on Death”.

2. Accelerated Terminal Illness Benefit - This inbuilt benefit is available with both the plan options. The benefit equal to death benefit would be paid on the Life Assured being diagnosed with terminal illness. The policy will terminate.

3. Maturity Benefit - This plan provides no maturity benefit.

4. Rider Benefit

a) SBI Life - Accidental Death Benefit Rider: The rider sum assured is payable if the policyholder dies within 120 days of the accident as a result of an accident.

b) SBI Life - Accidental Total & Permanent Disability Benefit Rider: The rider sum assured will be paid on the occurrence of accidental total and permanent disability of the life assured.

5. Surrender Benefit / Paid up value – The plan provides no surrender benefit/paid up value.

6. Policy Loan – No loan available under this plan.

7. Rewards for Healthy lifestyle – You get a discount for being a non-smoker under this plan.

Why should you buy SBI Life eShield PLan?

1. Financial security for your family at an affordable cost.

2. Easy and seamless online process of obtaining a life cover.

3. Discount on the premium for maintaining a healthy lifestyle.

4. A wide variety of plan options, which has level and increasing cover.

5. There is an additional benefit of Accidental Death Benefit.

6. Tax benefits u/s 80C and 10(10D) of Income Tax Law, 1961.

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SBI Life eShield Plan | SBI Term Insurance Plan