SBI E-Shield is the non-participating, non-linked pure online term insurance policy by SBI Life. Alike all other tem policies, the SBI Life E-shield covers life risk with higher sum assured value and minimal premiums. Insurers also avail the rider benefits and for non-smokers there are get great discounts on premiums as well. There are also other key benefits and features of this term policy that make it the most appreciated and highly preferred plan today. Since it is an online term policy, you are required to purchase it online. Moreover, no bonus facility is there with this term plan by SBI Life. Insurers can also enjoy great rewards for maintaining a healthy lifestyle. Unlike other term plans, this term policy by SBI Life offers a variety of plan options to choose coverage and premiums are set based on the coverage required.
SBI Life E-shield Key Features
Since it is an online term policy, you need to buy SBI E-Shield is the non-participating, non-linked pure online term insurance policy by SBI Life. Alike all other tem policies, the SBI Life E-shield covers life risk with higher sum assured value and minimal premiums. Insurers also avail the rider benefits and for non-smokers there are get great discounts on premiums as well. There are also other key benefits and features of this term policy that make it the most appreciated and highly preferred plan today. Since it is an online term policy, you are required to purchase it online. Moreover, no bonus facility is there with this term plan by SBI Life. Insurers can also enjoy great rewards for maintaining a healthy lifestyle. Unlike other term plans, this term policy by SBI Life offers a variety of plan options to choose coverage and premiums are set based on the coverage required.
SBI Life E-shield Key Features
- Since it is an online term policy, you need to buy SBI Life E-shield online from SBI Life Website
- No maturity bonus or benefits are available with this term plan.
- The entry age of this policy is 18 years and above and minimum sum assured value must be 20 lakhs and can be increased in multiples of 1 lakh
- There are four different coverage plan options – Level Cover, Level Cover with Accidental Death Benefits, Increasing Cover and Increasing Cover with Accidental Death
- Insurer can get 10% of sum assured after successfully completing 5 years of the policy without increasing the premiums.
- The additional accidental death benefit is equivalent to the sum assured of Rs 50 lakhs, whichever is lower
- There are great discounts on premiums if you are non-smoker and rewards are there for maintaining good lifestyle
- Income tax benefits under section 80C and 10(10D)
- The policy benefits will cease if premiums are stopped by the insurer, but the policy can be revived again within three years range
Benefits from SBI Life E-shield
Death Benefits – If the insurer dies within the policy tenure, the nominee of the policy will get the lump sum amount as death benefit. However, the death benefits the nominee will get greatly depend on the plan option chosen by the insurer.
Maturity Benefits – Since it is a term insurance plan, there is no maturity benefit or bonus available
Income Tax Benefits – The insurance premiums up to Rs 1, 00, 000 are eligible for deduction from the taxable income under section 80C and the Maturity Proceeds are also tax free under section 10(10D). But, it is subject to fulfillment of terms and conditions.
How SBI Life E-shield Works
In this term policy by SBI Life, you are required to pay the premiums for entire policy at the time of signing the policy contract. There are basically four Variants of SBI Life E-shield Policy.
- Level Cover – The Effective Sum Assured in this term policy option is the Basic Sum assured that insurer chooses at policy inception.
- Level Cover with Accidental Death – The Effective Sum Assured is same as in Level Cover option, but the policy comes with built-in rider coverage that offers accidental death benefits. If there is an accidental death then the nominee would get a lump sum which is equal to Basic Sum Assured or Rs 50 Lakhs, whichever is lower
- Increasing Cover – The Basic Sum Assured can be increased by 10% after every 5th policy year without increase in premiums
- Increasing Cover with Accidental Death – The Basic Sum Assured can be increased by 10% after every 5th year of the policy without any increase in policy, but this term plan option comes with inbuilt rider of Accidental Death Benefits where the nominee would get a lump sum which is equivalent to the Basic Sum Assured or Rs 50 Lakhs, whichever is lower.
- Online from SBI Life Website
- No maturity bonus or benefits are available with this term plan.
- The entry age of this policy is 18 years and above and minimum sum assured value must be 20 lakhs and can be increased in multiples of 1 lakh
- There are four different coverage plan options – Level Cover, Level Cover with Accidental Death Benefits, Increasing Cover and Increasing Cover with Accidental Death
- Insurer can get 10% of sum assured after successfully completing 5 years of the policy without increasing the premiums.
- The additional accidental death benefit is equivalent to the sum assured of Rs 50 lakhs, whichever is lower
- There are great discounts on premiums if you are non-smoker and rewards are there for maintaining good lifestyle
- Income tax benefits under section 80C and 10(10D)
- The policy benefits will cease if premiums are stopped by the insurer, but the policy can be revived again within three years range
Benefits From SBI Life E-shield
Death Benefits – If the insurer dies within the policy tenure, the nominee of the policy will get the lump sum amount as death benefit. However, the death benefits the nominee will get greatly depend on the plan option chosen by the insurer.
Maturity Benefits – Since it is a term insurance plan, there is no maturity benefit or bonus available
Income Tax Benefits – The insurance premiums up to Rs 1, 00, 000 are eligible for deduction from the taxable income under section 80C and the Maturity Proceeds are also tax free under section 10(10D). But, it is subject to fulfillment of terms and conditions.
How SBI Life E-shield Works
In this term policy by SBI Life, you are required to pay the premiums for entire policy at the time of signing the policy contract. There are basically four variants of SBI Life E-shield policy.
- Level Cover – The Effective Sum Assured in this term policy option is the Basic Sum assured that insurer chooses at policy inception.
- Level Cover with Accidental Death – The Effective Sum Assured is same as in Level Cover option, but the policy comes with built-in rider coverage that offers accidental death benefits. If there is an accidental death then the nominee would get a lump sum which is equal to Basic Sum Assured or Rs 50 Lakhs, whichever is lower
- Increasing Cover – The Basic Sum Assured can be increased by 10% after every 5th policy year without increase in premiums
- Increasing Cover with Accidental Death – The Basic Sum Assured can be increased by 10% after every 5th year of the policy without any increase in policy, but this term plan option comes with inbuilt rider of Accidental Death Benefits where the nominee would get a lump sum which is equivalent to the Basic Sum Assured or Rs 50 Lakhs, whichever is lower.
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