In this SBI Life eShield Brochure, this policy called the SBI Life eShield Plan is under discussion. This is an individual, non-linked, and non-participating pure risk premium plan. Because this is an online plan, the entire process is extremely simple. By obtaining life insurance under this plan, a person can protect their family at extremely affordable premiums.
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The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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This online plan has many features, which will be discussed in this SBI Life eShield Brochure, along with eligibility, benefits, the process to purchase, documents required, terms and conditions, and exclusions. The beauty of this plan is that it provides:
Security by ensuring the protection of the family
Flexibility by choosing from two rider options and two benefit structures
The simple online process for ease of purchase
Extremely reasonable premiums
A medical second opinion provides reliability
Term Plans
₹1 Crore
Life Cover
@ Starting from ₹ 16/day+
₹50 LAKH
Life Cover
@ Starting from ₹ 8/day+
₹75 LAKH
Life Cover
@ Starting from ₹ 12/day+
Eligibility Criteria of SBI Life eShield Plan
In this SBI Life eShield Brochure, the eligibility of the plan is as follows:
Types of Benefit Structure – Level Cover and Increasing Cover
Minimum Entry Age– 18 years
Maximum Entry Age:
Level Cover – 65 years
Increasing Cover – 60 years
Maximum Maturity Age:
Level Cover – 80 years
Increasing Cover – 75 years
Minimum Basic Sum Assured – 35 lakhs INR
Maximum Basic Sum Assured – No Limit, Subject to Board Approved Underwriting Policy (BAUP)
Premium Payment Modes – Yearly, Half-yearly, Quarterly, and Monthly
The premium for Non-annual Modes:
Half-yearly – 51% of yearly premium
Quarterly – 26% of yearly premium
Monthly – 8.5% of yearly premium
Minimum Policy Term
Level Cover – 5 years
Increasing Cover – 10 years
Maximum Policy Term
Level Cover – Age of entry subtracted from 80 years
Increasing Cover – Age of entry subtracted from 75 years
Premium Payment Term – Equal to the Policy Term
Minimum Premium Amount
Yearly Premium – 2779 INR
Half-yearly Premium – 1418 INR
Quarterly Premium – 723 INR
Monthly Premium – 237 INR
Maximum Premium Amount – No Limit, Subject to Board Approved Underwriting Policy (BAUP)
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Salient Features of SBI Life eShield Plan
Within the SBI Life eShield Brochure, the following features make up part of the plan:
Assurance of financial security and protection for the family.
For additional coverage, there are options of two riders. The plan already provides Accelerated Terminal Illness Benefit within the plan structure.
Because the application process is fully online, it is very simple to apply for.
There are discounts on premiums for non-smokers.
Another feature of this plan is the provision of a medical second opinion.
Core Benefits/Advantages of SBI Life eShield Plan
The various advantages of the plan are given in the SBI Life eShield Brochure:
Advantages
The family gets financial security.
There are two benefit options and two rider options. All of them together can give comprehensive cover.
The online application process is seamless and straightforward.
The discounts are highly affordable. Furthermore, non-smokers can get discounts on that too.
Medical experts can provide a second medical opinion, making this plan extremely reliable.
Benefits
The following benefits are offered under the plan:
Death Benefit
For the level cover, it is the highest between:
Ten times the annualized premium
Total paid premiums on the death of death and an additional five percent on top of that.
The Sum Assured payable on death is also known as the absolute amount assured.
For the increasing cover, it is the highest between:
Ten times the Annualized Premium
Total paid premiums on the death of death and an additional five percent on top of that.
The Sum Assured payable on death, which is also known as the absolute amount assured.
Note: See further in the SBI Life eShield Brochure to know about the difference between Sum Assured under both covers
Accelerated Terminal Illness Benefit
If the policyholder gets diagnosed with any terminal illness, the amount equal to the death benefit becomes payable, and the policy terminates upon payment.
Terminal illness is when a person is expected to not live beyond 180 days from the date of the diagnosis.
Rider Benefit
Accidental Death Benefit rider
Accidental Total & Permanent Disability rider
Maturity Benefits
This plan does not offer maturity benefits.
The Process to Purchase SBI Life eShield Term Plan
In this SBI Life eShield Brochure, the steps to purchase the eShield plan are given. They are generally common for most other plans too:
Step 1: Visit the official website.
Step 2: Based on the understanding of the SBI Life eShield Brochure, purchase the correct coverage option.
Step 3: Agree to purchase.
Step 4: At this point, enter personal details.
Step 5: The premium amount and mode need to be finalized.
Step 6: The Sum assured is the next confirmation.
Step 7: Agree to the term of the policy.
Step 8: Add rider options, if necessary.
Step 9: Do not withhold any information.
Step 10: Peruse and agree to the terms and conditions.
Step 11: Go forward with payment.
Step 12: An acknowledgement copy follows.
Step 13: A soft copy of the policy follows on approval.
Step 14: Finally, the hard copy of the policy follows.
Documents Required to Buy SBI Life eShield Term Plan
To purchase this plan as given in the SBI Life eShield Brochure, one needs to have the following documents:
KYC Documents
Identity Documents – Aadhar Cards and PAN Cards are in this category.
Address Proofs – Gas Bills, Electricity Bills, Telephone Bills, Water Bills, Driving Licenses, etc., fall in this category.
Age Proofs – Passport comes in this category
Photographs – Ideally passport-sized.
Income Documents
Income Tax Returns
Salary Payslips
Other Features
In the SBI Life eShield Brochure, two different cover options have been mentioned. Their details are provided here:
Level Cover Option – In this, the Sum assured remains the same as in the beginning.
Increasing Cover Option – In this option, the Sum assured increases at the rate of ten percent every five years, without any change in premiums.
Terms and Conditions
The plan covered in this SBI Life eShield Brochure has the following terms and conditions:
Effective Sum Assured
Level Cover
Increasing Cover
Premiums
Grace Period
Non-forfeiture Benefits
Paid-Up Benefit
Surrender
Revival
Premiums must be paid in the grace period so that policy does not lapse
From the date of the first unpaid premium and within the next 5 consecutive years, the policy may be revived
General Terms
Free-look period
Suicide Exclusion
Policy Loan – No one is eligible for any loans under this policy
Charges
Charge – As this is a non-linked insurance product, no explicit charges exist under this plan.
General Terms – Miscellaneous
Nomination – At any time when the policy is affected, and before it matures, the policyholder may choose a person as the nominee, who shall receive the benefits in case of the demise of the policyholder.
Assignment – One may assign as per the relevant laws of India.
Death Claim – When the nominee, or the legal heir, comes to claim the death benefit, they shall ensure to inform of the death of the life assured and further provide policy number, cause of death, and date of death.
Terminal Illness Claim – Paid to the beneficiary, nominee, assignee, or legal heir, as requested.
Survival Claim – There is no survival benefit in this plan.
Maturity Claim – There is no maturity claim in this plan.
Surrender Claim – There is no surrender claim in this plan.
Rider Benefit – Additional premium is required for riders.
Non-disclosure – Policy is given based on statements regarding personal details, medical records, and other relevant information with the web form.
Misstatement of Age – On misstatement, eligibility will be re-checked.
Taxation – Taxes and benefits are subject to Indian laws and their amendments.
Date formats – Unless otherwise stated, they are in DD/MM/YYYY format.
Electronic transactions - Fully approved to receive premiums electronically.
Communications – Hand, post, facsimile, email, and any other approved methods are appropriate for communication.
Complaints
Grievance Redressal Procedure
Relevant Statutes
Governing Laws and Jurisdiction
Section 41 of the Insurance Act 1938, as amended from time to time
Section 45 of the Insurance Act 1938, as amended from time to time
Rule 13 of Ombudsman Rules, 2017
Rule 14 of Ombudsman Rules, 2017
Protection of Policyholder’s Interest
Rider Documents
SBI Life – Accidental Death Benefit Rider
General Conditions
Definition of Accident
Exclusions
Paid-Up Value
Surrender
Termination
SBI Life – Accidental Total & Permanent Disability Benefit Rider
General Conditions
Definition of ATPD
Definition of Accident
Exclusions
Paid-Up Value
Surrender
Termination
Annexure I
Section 38 - Assignment and Transfer of Insurance Policies
Annexure-II
Section 39 - Nomination by Policyholder
Annexure III
Section 45 - Policy cannot be called for misstatement after three years.
Key Exclusions of SBI Life eShield Term Insurance Policy
Within the SBI Life eShield Brochure, the exclusions for the plans are as follows:
There are no exclusions except the suicide clause.
The suicide clause states that if within the first 12 months from either the date of commencement of risk under the policy or the date of revival of the policy, the policyholder commits suicide, then the nominee of the policyholder becomes entitled to at least four-fifths of the total value of the premiums paid up to the date of death, as long as the policy is still in force. On the payment of this benefit, the contract is terminated, and no further benefits are payable.
For the Accidental Death Benefit Rider and the Accidental Total & Permanent Disability Rider, the exclusions are as given below:
Infection: Death as a result or contribution from an infection, except caused due to an external wound that was sustained as an accident.
Drug Abuse, alcohol
Self-inflicted injury – Intentional injuries or self-harm, including injuries that may arise due to attempted suicide
The person’s participation in criminal or illegal acts, with criminal and/or illegal intent.
Participation in War and Civil wars, invasion, hostilities, revolution, riot, civil rebellion
Radioactive or hazardous features of nuclear fuel materials or property contaminated by nuclear fuel or related materials or accidents caused because of such features.
Aviation – The person’s inclusion in any activity of flying, other than as a passenger or a crew of a licensed commercial aircraft.
Hazardous or adventurous sports and hobbies – Participation in any hazardous activity not previously disclosed to the insurance provider.
A2. Yes, the terminal illness benefits are available for both the benefit structures under this plan, i.e., the level cover structure and the increasing cover structure.
A6. Yes, the two riders: The Accidental Death Benefit and the Accidental Total Permanent Disability Benefit, both are available with Level Cover and Increasing Cover benefit structure.
A8. The free-look period is 30 days from the date of receipt of the policy document, within which one can return the policy stating the reasons for doing so.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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