Features and benefits of SBI eShield Term insurance plan

by Viney Kumar Freelance Writer & blogger

SBI Life insurance is one of the leading insurance providers in India. The company provides various ranges of life insurance products keeping in mind varied needs of customers. Customer satisfaction and comfort are the key goals of the company. It has earned its reputation and customer reliability through its efficient services. SBI Life offers some of the best term insurance plans in India. SBI Life eShield plan is an online term insurance cover which is available for individual policy seeker. This is a pure non-linked term insurance policy which does not participate. The policy offers extensive life cover opportunity to the insured and great financial protection to family in case of unfortunate demise of the insured.

Why to Choose SBI Life eShield Online Term Policy?

Apart from providing comprehensive life coverage to the insurance owner, this online SBI term insurance policy also facilitates monetary support to the insured’s family members in case of death of the insured person. The reasons one should go for term insurance policy are:

·         The plan ensures financial wellbeing of the family in your absence.

·         It offers multiple choices in riders and benefit structures.

·         The policy offers hassle-free purchase at the online portal of SBI Life.

·         It provides greater coverage at minimal price, hence, extremely affordable for different types of policy seekers.

Key Features :

This is a traditional term plan which comprises of the following features:

·         This term plan not only secures your present wellbeing but also secures your family’s financial future.

·         The policy offers two types of benefit structures and two rider choices for extensive coverage.

·         Offers an inbuilt coverage for terminal ailments for the policyholder.

·         This online plan is easy to purchase and simple to maintain.

·         The plan provides special discount on the premiums for non-smoking policyholders.

·         Moreover, this online term plan is eligible for tax benefits too, like offline term insurance policies.

Benefits:

This SBI Life protection plan provides various types of add-on benefits along with the basic policy structure. There are two types of coverage benefit of the plan - level coverage benefit and increasing coverage benefit. Besides, the plan offers accelerated terminal ailment coverage benefit as a complimentary benefit along with both types of life coverage choices to the policy owner.

1)    Level Coverage Benefit – In this type of coverage the amount being assured for the policy remains unchanged throughout the term of the policy. Protection against terminal diseases is covered by default.

*        Death Benefit in Level Cover – The assured amount for death is being paid to the policy holder or to the beneficiary of the policyholder as soon as the insured person is diagnosed with any terminal disease or the death occurs to the insured person. Once the death benefit amount is paid to the insured or the nominee, The policy gets terminated automatically.

*        Death Benefit Calculation –The amount being assured  in the form of death benefit is received by the nominee will be the greater of the following conditions:

-          10 times of the yearly premium of the policy.

-          105 percent of the total premiums contributed towards the policy until the date of demise of the insurance owner.

-          The amount being assured for death in the level coverage benefit, equivalent to the effective assured amount. Effective assured amount as on the date of demise would be the exact specific sum of money you chose to assure for death at the time of inception of the policy.

2)    Increasing Coverage Benefit – In this type of coverage the base sum assured automatically increases by 10 percent simple rate at the closure of every 5^th year of the policy term. Terminal ailment protection cover is available in this type of coverage too.

*        Death Benefit in Increasing Cover – The amount being assured as on the current year of the policy is paid to the policy owner or to the nominee of the insured person as soon as the insured is diagnosed with a terminal disease or death occurs to the policy owner. Once the death benefit amount is paid to the insured or the nominee, The policy gets terminated automatically.

*        Death Benefit Calculation – The amount being assured in the form of death benefit is received by the nominee will be greater of the following conditions:

-          10 times of the yearly premium of the policy.

-          105 percent of the total premiums contributed towards the policy until the date of demise of the insurance owner.

-          The amount being assured for death in the increasing coverage benefit, equivalent to the effective assured amount. Effective assured sum as on the date of demise of the insured would be the initial assured amount, determined at the time of inception of the policy, which increased by 10 percent simple rate at the closure of every 5^th year of policy term until the date of demise of the insurance owner.

Other benefits offered by SBI Life eShield online term insurance plan are as follows:

·         Terminal Ailment Coverage Benefit – This online term plan facilitates default coverage to terminal ailments.

-          This feature is available to both types of life coverage benefit structures.

-          Once the insured person is diagnosed with a terminal disease, the insurer will pay out the sum assured on demise to the policy owner.

-          Once the sum assured on demise is being paid out to the insured the insurance policy gets automatically terminated.

-          This feature is only available to regular premium payers and if the policy is in full force at the time of diagnosis of terminal disease.

·         Death Benefit – The amount that is being paid by the insurer to the beneficiary on the demise of the policy owner is called death benefit.

-          Depending upon your chosen type of life coverage benefit structure the insurer will either pay the exact sum assured in the policy or the increased sum assured at the current policy year.

-          The death benefit is only available to the regular premium payers and provided the policy is in full force on the date of demise of the insurance holder.

·         Rider Benefit on Accidental Death – The eShield term plan of SBI Life offers add-on feature along with the basic plan. The assured sum in the accidental death rider will be paid to the beneficiary inside 120days of the accidental demise of the insured person.

·         Rider Benefit on Permanent or Complete Disability - SBI eShield policy also offers riders on complete and permanent disability of the insured due to accident. this benefit is available until the rider is in full force.

Eligibility Criteria:

Types of Coverage Benefit Structure	1.    Level Coverage 2.    Increasing Coverage
Age at the time of Entry	·         Min Age: 18yrs ·         Max. Age for Level Cover: 65yrs ·         Max. Age for Increasing cover: 60yrs
Age at the Time of Maturity	·         Max. Age for Level cover: 75yrs ·         Max. Age for Increasing Cover: 70yrs
Assured Sum	·         Min. Sum Assured: ₹35,00,000 ·         Max. Sum Assured: No Limit (Should be in the Multiples of ₹1,00,000)
Mode of Premium Payment	·         Annually ·         Semi-Annually – 51 percent of the Annual Premium ·         Monthly – 8.50 percent of Annual Premium
Policy Tenure	·         Min. for Level cover: 5yrs ·         Min. for Increasing Cover: 10yrs ·         Max. for Both Covers: 30yrs
Premium Payment Tenure	·         Equivalent to Policy Tenure
Premium Payment Amount	·         Min. for Annual Premium: ₹2,779 ·         Min for Semi-Annual Premium: ₹1,418 ·         Min. for Monthly Premium: ₹237 ·         Max: No Limit

 

How to Purchase eShield Online Term Plan?

SBI Life facilitates the easiest process of online purchase of eShield term plan. Follow these simple 7-steps to buy SBI policy online:

      i.        Visit the official online website of SBI Life at ‘www.sbilife.co.in’ and click on ‘Buy eShield Online’.

    ii.        In the subsequent page, enter your personal details such as name of the policyholder, date of birth, phone number, etc in the given fields.

   iii.        Select your desired policy and also specify the tenure of the policy and the amount you intend to assure within the plan.

   iv.        Once you choose the policy and policy details, a questionnaire will appear on the display page. Fill in the fields properly with information related to your health condition and medical background of your family.

    v.        Then mention the name of your nominee and provide complete details of your nominee.

   vi.        Once the personal and nominee details are being filled, you will be directed towards the final step of the process. Give a final check to the personal and family details. Once you are satisfied with all the information you provided, you may continue to make the payment of premium.

  vii.        You can avail a discount on the premium if you are a non-smoking or a female applicant. Remember to attach self-attested papers of KYC/AML to complete the online purchasing process.

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Created on Oct 4th 2018 02:17. Viewed 319 times.

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