Introduction:

What are the features of SBI Life eShield Plan?

The SBI Life eShield Plan is designed to offer flexible and comprehensive life insurance coverage, catering to diverse needs. Below are its standout features:

1. Customizable Plan Options:

Choose from three plan options:

• Level Cover: Fixed sum assured throughout the policy.
• Increasing Cover: Sum assured increases annually, ensuring inflation protection.
• Level Cover with Future Proofing Benefit: Offers an option to enhance coverage during significant life events, such as marriage or the birth of a child.

2. Flexible Death Benefit Payment Modes:

Policyholders can choose the preferred mode of receiving the death benefit:

• Lump Sum
• Monthly Installments
• Combination of Lump Sum and Monthly Installments

3. Better Half Benefit Option:

Provides financial security for your spouse by offering coverage to the surviving partner post the life assured’s demise.

4. Extensive Life Cover:

Enjoy life cover until 100 years under the Whole Life option or up to 79 years for other plan options.

5. Terminal Illness Benefit:

If diagnosed with a terminal illness, a benefit equal to the sum assured is payable under all plan options, ensuring peace of mind during challenging times.

6. Flexible Premium Payment:

Pay premiums as per your convenience:

• Single Premium: Pay once at the policy inception.
• Limited Premium: Pay for a specific duration.
• Regular Premium: Pay throughout the policy term.

7. Optional Riders for Enhanced Coverage:

• Option A: Covers accidental death.
• Option B: Covers accidental partial permanent disability.

 

What are the benefits and adavatages of SBI Life eShield plan?

Death Benefit for Regular and Limited Premium Policies:

The sum assured on death is calculated as the higher of:

1. 10 times the Annualized Premium – Excludes taxes, rider premiums, and extra charges.
2. Absolute Amount Assured – Determined by the plan option selected at inception.
3. 105% of Total Premiums Paid – Total premiums paid under the base product, excluding extra charges and taxes.

Death Benefit for Single Premium Policies:

The sum assured on death is the higher of:

1. 1.25 times the Single Premium – The premium paid in a lump sum at policy inception, excluding extra charges and taxes.
2. Absolute Amount Assured – As determined by the chosen plan.

Absolute Amount Assured Based on Plan Option:

• Level Cover: Basic Sum Assured remains constant throughout the policy term.
• Increasing Cover: Basic Sum Assured increases with eligible benefits until the date of death.
• Level Cover with Future Proofing Benefit: Basic Sum Assured plus any additional sum assured from life stage options.

Terminal Illness Benefit:

This policy also provides financial support in case of a terminal illness diagnosis during the policy term or before the age of 80.

Benefit Details:

• Amount Payable: Equal to the sum assured on death, subject to a maximum of ₹2,00,00,000 for active policies.
• Post-Claim Adjustments: If the terminal illness payout is less than the total sum assured, the balance death benefit will be paid upon the life assured’s demise, provided the policy is in force.
• Reduced Premiums: The policyholder must pay adjusted premiums for the remaining death benefit to keep the policy active.

Payment Options:

The terminal illness benefit can be received in one of the following modes:

1. Lump Sum Payment: Entire benefit is paid upfront.
2. Monthly Installments: Benefit is distributed over regular payouts.
3. Combination: Partial lump sum with the remaining paid in installments.

Additional Protection Through Riders

The policy offers optional riders to enhance coverage:

1. Accidental Death Benefit (ADB): A lump sum payout in case of accidental death.
2. Accidental Partial Permanent Disability (APPD): Financial assistance for disabilities resulting from an accident.

Conclusion:

The SBI Life eShield Plan is a comprehensive, flexible, and affordable life insurance solution designed to provide financial security to your loved ones. With customizable death benefits, terminal illness coverage, and optional riders like accidental death and disability protection, the plan ensures complete peace of mind. Whether you prefer level or increasing cover, or need future-proofing options, this plan adapts to your life stages and priorities. Its straightforward premium structure and flexible payout options make it a reliable choice for safeguarding your family’s future. Secure your tomorrow today with the SBI Life eShield Plan your ultimate protection partner.

Key Takeaways:

• Three Plan Options: Choose from Level Cover, Increasing Cover, or Level Cover with Future Proofing Benefit for customized protection.
• Flexible Death Benefit Payment Modes: Opt for Lump Sum, Monthly Installments, or a combination of both.
• Better Half Benefit: Ensures financial security for your spouse after the policyholder’s demise.
• Extensive Life Cover: Coverage up to 100 years (Whole Life) or 79 years (non-Whole Life).
• Terminal Illness Benefit: Payout upon terminal illness diagnosis, applicable to all plan options.
• Premium Payment Flexibility: Pay once, for a limited term, or throughout the policy term.
• Optional Riders: Enhance coverage with accidental death and disability riders.