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SBI Life e-shield plan, recently launched by State Bank of India Life Insurance, is a new age-term insurance plan. It is a non-linked and non-participating pure life risk protection plan that is specifically designed to meet your financial requirements on a go. Thus, this plan is a one-stop solution for strengthening your financial immunity and protects your family against the uncertainties of life.
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The SBI Life – eShield plan offers various unique features that help build financial immunity and prepares you for today’s changing world. Here’s a quick laydown:
You can select any option as per your requirements and financial liabilities.
Term Plans
| Minimum | Maximum | |
| Entry Age | For Whole Life Cover – 45 years
Other than Whole Life Cover – 18 years |
For Level, increasing and level cover with future-proofing benefit:
Single premium and Limited Premium Term- 65 years For better half – 55 years |
| Maturity Age |
For Single and Regular Premium – 85 years For Limited Premium Payment Term – 85 years |
|
| Policy Term | 5 years | Single and Regular Premium – 85 minus ages at entry
Limited Premium Payment Term: For Whole life cover – 100 minus Entry age |
| Sum Assured | For Online channel – Rs. 50,00,000
For another distribution channel – Rs. 75,00,000 |
For non-smoker – No limit
For Smoker – Rs. 99,00,000 |
| Plan Options |
Level Cover Increasing Cover Level Cover with Future-Proofing Benefit |
|
| Mode of Premium Payment |
Single/Half-yearly/ Monthly |
|
| Premium Amount | For Single – Rs. 19,000
For Yearly – Rs. 3,600 For Half-Yearly – Rs. 1,836 For Monthly – Rs. 306 |
No Limit |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
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The nominee or the beneficiary will receive the death benefit based on the plan option selected, provided the policy is in force as on the death date of the policyholder.
The sum assured on death is payable in case of assured’s death during the policy tenure is:
Note – Absolution amount assured that is paid at the time of death depends on the type of plan chosen by the life assured while purchasing the policy.
| Selected plan option | Absolute amount to be paid on death |
| Level Cover | Sum Assured |
| Increasing Cover | Base sum assured as on the death date along with the eligible benefit increased till the death date |
| Level Cover with Future-Proofing Benefit | Base sum assured + Extra sum assured till the death date |
No maturity benefit is available under this plan
If the life assured has been diagnosed with the terminal illness during the policy tenure or before 80 years of age (whichever comes first), the benefit will be payable as on the diagnosis date, subject to the maximum amount of Rs. 2,00,00,000 would be payable. The Terminal illness benefit shall be payable in any mode of payments i.e., lump sum, monthly installments, or lump sum + monthly installments.
No paid-up benefit is available for a regular premium under this plan
In case of limited premium payment, if at least 2 years of full premiums are paid and then no further premium is duly paid, then the policy becomes Reduced paid-up. Upon the policyholder’s death during the policy tenure, the ‘sum assured on paid-up’ is payable to the nominee/beneficiary as per the modes of the death benefit.
No surrender benefit is available for regular premium payment. In the case of a single premium, a policyholder has the option to surrender the policy anytime during the policy tenure. 70% of the single premium is payable as the surrender value.
In the case of Limited Premium payment, surrender value is valid if the premiums of 2 full consecutive years have been paid.
Get the tax benefits on premium paid as per the prevailing laws of the Income-tax Act, 1961.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
The below table illustrates the premium payable by a healthy male, non-smoker, for different ages and policy terms:
|
For Healthy males, non-smoke |
For healthy non-smoker female |
||||||
|
Age (years) |
Term (years) |
Age (years) |
Term (Years) |
||||
| 10 | 20 | 30 | 10 | 20 | 30 | ||
| 30 | 8,589 | 9,585 | 11,595 | 30 | 7,990 | 8,400 | 9,773 |
| 40 | 14,453 | 19,620 | 23,470 | 40 | 11,793 | 15,394 | 18,708 |
| 50 | 45,018 | 44,468 | 52,493 | 50 | 26,678 | 34,888 | 41,100 |
|
For Healthy males, a non-smoker |
For healthy non-smoker female |
||||||
|
Age (years) |
Term (years) |
Age (years) |
Term (Years) |
||||
| 10 | 20 | 30 | 10 | 20 | 30 | ||
| 30 | 8,834 | 10,645 | 13,964 | 30 | 8,197 | 9,212 | 11,579 |
| 40 | 15,028 | 22,512 | 28,898 | 40 | 12,211 | 17,572 | 22,980 |
| 50 | 36,613 | 50,788 | 63,574 | 50 | 27,904 | 39,942 | 49,823 |
|
For Healthy males, a non-smoker |
For healthy non-smoker female |
||||||
|
Age (years) |
Term (years) |
Age (years) |
Term (Years) |
||||
| 10 | 20 | 30 | 10 | 20 | 30 | ||
| 30 | 8,589 | 9,585 | 11,595 | 30 | 7,990 | 8,400 | 9,773 |
| 40 | 14,453 | 19,620 | 23,470 | 40 | 11,793 | 15,394 | 18,708 |
| 50 | 45,018 | 44,468 | 52,493 | 50 | 26,678 | 34,888 | 41,100 |
Following Rider can be opted at the starting of the policy by the policyholder:
SBI Life – Accidental Death Benefit Rider
SBI Life – Accident Total and Permanent Disability Rider
The plan offers a grace period of 30 days from the due date of the premium for yearly and half-yearly premium payment mode and 15 days for the monthly premium mode. During the grace period, the policy remains in force and lapses thereafter, if no further premium is paid. This grace period is also applicable for the rider premium payments.
Policyholders have the option to renew the T&Cs of the policy within 30 days from the issuing date of the receipt of policy for online channels (digital marketing and electronic policies) and 15 days for any other channel. Additionally, if a policyholder is not satisfied with the terms and conditions of the policy, then he/she can return the policy to the company for the cancellation purpose, mentioning the reasons for this step. The paid premiums will be refunded excluding the proportionate risk premium, expenses incurred on the medical check-ups, and the stamp duty charges.
Policyholders have the option to revive the lapsed policy or a reduced paid-up policy in 5 consecutive years from the date of the first non-paid premium amount and before the maturity date. The rider and the policy revival will be depending on the prevailing underwriting policies.
A loan facility is not available under this policy
The following discount is applicable for those who have sourced their policies through online mode using the website of the company.
| For Regular Premium | 1.5 % |
| For Limited Premium | 4 % |
|
For Single Premium |
2% for policy term 5-12 years |
| 3% for policy term 13 and above years |
Suicide
If the life assured dies due to the suicide within 12 months from the date of inception of risk under the plan or the revival date of the policy, then the nominee/beneficiary will be eligible to receive at least 80 percent of the total premium amount till the death date or the surrender value (if any).
You may also like to read: Term Insurance Plan
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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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