Majority of people live by the monthly income they get out of the business they run or the job they do. The monthly income they earned is the only source to fulfill their needs. SBI eIncome Shield is a pure insurance plan that offers it subscriber a protection in case of the untimely death. Under this plan, a monthly income payout can be planned for the nominee/beneficiary post the death of the policyholder. This plan offers the policyholder an option of an annual increase in the in the monthly payout.
Benefit of eIncome Shield Insurance Plan
The plan comes with four different annual increase options-
Option A- The monthly income will be on the level.
Option B- The annual increase at the rate of 3% at every policy anniversary year and would remain fixed for the year.
Option C- The annual increase at the rate of 5% at every policy anniversary year and would remain fixed for the year
Option D- The annual increase at the rate of 10% at every policy anniversary year and would remain fixed for the year
Death Benefit of eIncome Shield Insurance Plan
There will be two modes of the benefit that can be chosen from at the time of the death of the policyholder.
Lump Sum Benefit
A Lump Sum Amount of 12 times the monthly income available at that time will be paid immediately.
Monthly Income Benefit
Monthly income will be paid for the outstanding policy term starting from the end of the policy term. For the policy where the outstanding term is less than 48 months, a series of monthly income payout will be made till the 48th installment.
| Large Sum Assured Discounts | |
|---|---|
| Sum Assured | As Percentage Of Premiums |
| 1 crore 1 crore- 2 crore 2 crore and above |
Nil 16% 20% |
Eligibility for eIncome Shield Insurance Plan
| Age Limit | Maximum: 18 years
Minimum: 50 years |
||
| Maturity Age | 60 years | ||
| Monthly Income | Maximum: No Limit
Minimum: Rs.25,000 |
||
| Premium and Frequency
(In Rs.) |
Frequency | Maximum: | Minimum: |
| Yearly
Monthly |
4,500
5,00 |
No Limit
No Limit |
|
| Premium Payout Term | Same as policy | ||
| Monthly income payment term | Monthly income will be paid for a minimum of four years. | ||
Taxes
Tax exemption is provided with this scheme under the section 10D of the income tax law.
Free lookup period
You have an option to return the policy before 30 days of the receipt of the policy day. In case you disagree with the policy terms and condition then you can return the policy and the full payment of the installment paid will be returned after deducting the documentation charges.
Revival
You can revive the lapsed policy with in the 2 years from the date of the first unpaid premium provided that all the due premium will be paid.
Exclusion
The benefits that this life insurance plan offers will be affected if the policyholder comes under the following situation-
- If the policyholder commits suicide within one year from the date of the inception of the policy. The beneficiary will get 80% of the all the premium paid. The policy becomes void and no death benefit is payable.
- From the date of revival the nominee is entitled to 80% of the total premium paid till the date of death.
