SBI Life eShield Insta- Plan Overview

SBI Life - eShield Insta is a simple and affordable term insurance plan that provides financial security to your family. It offers two options: Pure Term Insurance for protection and Term Insurance with Return of Premium, which refunds 100% of premiums paid if you survive the policy term. Flexible premiums, easy online application, and tax benefits ensure hassle-free coverage.

Features of SBI Life eShield Insta

The SBI Life-eShield Insta plan offers unique features to provide affordable and reliable life coverage. Below mentioned are some of the features:

• Flexibility to choose between 2 Plan Options:

  • Plan A: Pure Term Insurance

  • Plan B: Term Insurance with Return of Premium, in which 100% of the premiums paid will be returned if the policyholder survives until maturity.

• Affordable Premiums: The plan provides insurance coverage at a cost-effective premium, making it accessible for many.

• Tax Benefits: One can get tax benefits as per the prevailing tax laws under the Income Tax Act 1961

• Easy Premium Payment: Pay your premiums regularly for 10 years, making the premium-paying process easy and affordable.

• Simple & Digital Process: The plan is available online with an easy digital application process, making it convenient to secure your and your family's financial future anytime, anywhere.

Eligibility Criteria of SBI Life eShield Insta

Benefits of SBI Life eShield Insta

Below are two benefits of this term plan offered by the SBI Life Insurance:

Death Benefit

If the life assured passes away during the policy term, the Sum Assured on Death will be paid to the nominee or legal heir, and the policy will terminate. The Sum Assured on Death is the highest of:

• Sum Assured

• 11 times the Annualized Premium

• 105% of the total premiums paid up to the date of death

Maturity Benefit

• Plan A (Pure Term Insurance) – No maturity benefit is payable.

• Plan B (Term Insurance with Return of Premium) – If the life assured survives till the end of the policy term and the policy is in force, 100% of the total premiums paid will be refunded as a maturity benefit.

Sample Premium Illustration of SBI eShield Insta

To understand the premiums payable under SBI eShield Insta in detail, check the sample premiums illustration below:

Plan A: Pure Term Insurance

Plan A: Term Insurance With Return of Premium

Note: This is the premium illustration, excluding taxes and extra premiums. Before buying the plan, use the Policybazaar term insurance calculator online tool to calculate the exact term insurance premium.

Policy Details of SBI Life - eShield Insta

• Grace Period: A grace period of 30 days for yearly premium payments and 15 days for monthly payments is provided. The SBI Term Insurance remains active during this period. If the premium is not paid by the end of the grace period, the policy will lapse or become a paid-up policy.

• Revival Facility: A lapsed or paid-up policy can be revived within five years from the date of the first unpaid premium, subject to proof of insurability and payment of overdue premiums with interest. The revival will be based on the insurer's underwriting policy.

• Surrender Benefit:

  • Plan A (Pure Term Insurance) – No surrender benefit is available.

  • Plan B (Term Insurance with Return of Premium) – The policy acquires a surrender value if at least one full year’s premium has been paid. The surrender value is higher than the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

• Lapse & Paid-Up Benefit:

  • Plan A – The policy will lapse if premiums are not paid.

  • Plan B – If at least one full policy year's premium is paid, and subsequent premiums are unpaid, the policy will acquire paid-up status. In this case:

    • A reduced Paid-Up Sum Assured on Death will be payable upon the policyholder's death.

    • If the policyholder survives till maturity, a paid-up maturity benefit will be paid as a lump sum.

• Policy Loan:

  • Plan A- No loan facility is available.

  • Plan B- A loan can be taken out during the policy term, provided the policy has acquired a Surrender Value. The maximum loan amount will not exceed 50% of the Surrender Value.

• Free Look Period: You can review the policy terms within 30 days of receiving the policy document. If you disagree with the terms, you can return the policy for cancellation, and the premium will be refunded after deducting applicable charges.

Exclusions of SBI Life eShield Insta

The only exclusion under the SBI Life-eShield Insta plan is the suicide exclusion. If the life assured passes away due to suicide within 12 months from the policy commencement or revival date, the nominee or beneficiary will receive a limited payout. In such cases, the payout will be 80% of the total premiums paid till the date of death if the policy is active. However, suppose the suicide occurs after the policy revival. In that case, the benefit payable will be more than 80% of the total premiums paid or the surrender value on the date of death. The policy will be terminated once this benefit is paid, and no further benefits will be provided.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you plan to purchase the term insurance plan.

FAQs on SBI Life eShield Insta