We do not know our future, every situation is uncertain and anything can happen. We do not have control over the future all we can do is do our best and be prepared for any situation. For this preparation, we need to have a right insurance plan that can protect our loved ones financial needs in our presence. SBI eSheild promises this by offering numerous benefits from this scheme. It is an online pure term insurance, Non-linked, Non-participating insurance plan. This plan comes with two benefit structures.
- Level cover– The protection amount remains constant throughout the policy term
- Increasing cover– The protection amount increases with time.
This plan can be enhanced by opting for the additional rider plans like-
- SBI Death Benefit Rider (UIN:111B015V02)
- SBI Total & permanent disability Benefit Rider (UIN:111B016V02)
Also, you have an option to avail Medical Second Option by Mediguide India which enables the subscriber to get the second opinion for diagnosed and treatment.
Benefit of SBI eShield
Death benefit
The plan provides a death benefit and the sum assured depends on the type of cover chosen.
The Sum Assured is equal to the-
- 10 times the annualized premiums
- 105% of premium paid as on death
- Absolute amount assured to be paid on death.
Level cover
- Under this structure, the sum assured remains the same.
- You get protection against terminal illness.
- If the policyholder dies or the diagnosis of terminal illness is detected then the sum assured will be paid and the policy terminates.
Increasing cover
- Under this structure, the sum assured increases every 5th year.
- Premium remains constant throughout the policy term.
- If the policyholder dies or the diagnosis of terminal illness is detected then the sum assured will be paid and the policy terminates.
- The sum assured at the end of the term is called “Effective Sum Assured” and is equals to the sum assured increased at the rate of 10% every 5th
Additional benefit
Additional terminal illness benefit
When the policyholder is diagnosed with any terminal illness then the sum assured equal to the death benefit is provided to the nominee and the policy gets terminated. The terminal illness can be defined as the illness that can cause death to a person within 180 days.
Benefit for living healthy
If you are a non-smoker you will get an additional discount on the premium rates.
Eligibility for SBI eShield
| Age Limit | Minimum:18 years | Maximum: Level cover-65 years Increasing cover-60 years |
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| Maturity Age | Level Cover: 75 years
Increasing Cover:70 years |
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| Sum Assured | Minimum: 35,00,000 | Maximum: No Limit | |
| Premium Payment Mode | Yearly, Half-Yearly, Monthly | ||
| Premium Frequency Loading | Half-Yearly-51% of yearly payments Monthly-8.50% of yearly payments |
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| Policy Term | Minimum: Level Cover- 5 years Increasing Cover-10 years |
Maximum: 30 years | |
| Policy Payment Term | Same as policy term | ||
| Premium Amount | Minimum:
Yearly- Rs. 2,779 Half-Yearly- Rs. 1,418 Monthly- Rs. 237 |
Maximum: No limit | |
How to get Online SBI eSheild Plan?
Step-1: Visit the official website of the SBI ePolicy – eSheild Page.
Step-2: First step is to calculate premiums. Fill all the necessary details and click on calculate premiums
Step-3: Fill in the personal details along with self-attestedKYC Document
Step-4: Fill the medical details and click next.
Step-5: Make payment online with Credit Card/ Debit Card, Net-banking etc.
Tax benefit of SBI eShield
The policyholder who has chosen this policy is eligible for the tax benefit under the Income Tax Act, Section 80C.
Free lookup period
You have an option to review the term and condition of the policy within 30 days, if you don’t like the policy then you can return the policy and full payment will be provided to you after deducting the documentation charges.
Grace period
Grace Period of 30 days is provided to the policyholder who has chosen yearly and half-yearly premium mode and 15 days for the monthly.
Revival
You can revive the policy within 2 years from the date of unpaid premiums to revive the lapsed policy provided that the premium till date is paid.
Exclusion
No benefit will be payable if the following condition arises-
- Terminal illness due to AIDS is excluded.
- If the policy holder commits suicide within one year then the nominee will get 80% of the sum assured and from the date of revival of the policy, then the beneficiary will get 80% of the premium paid till date.
