Private life insurer SBI Life is one of the most trusted life insurance companies in India. It offers a range of life insurance products to help you protect yourself and your family. SBI e Shield is an online term insurance plan from SBI Life. In this post, I’ll tell you all about SBI Life eShield Term Plan.
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SBI Life eShield Term Plan
The SBI Life eShield Insurance Plan is a pure term insurance plan. It is an individual, non-linked, non-participating life insurance pure term policy. In this plan, the proceeds are handed over to the family of the policyholder in the event of the death of the policyholder.
The SBI eShield Term Plan offers a range of benefits at an affordable premium if you are seeking financial protection for your family. It gives you the advantage of an easy and seamless online process of buying life insurance.
Key Features of SBI eShield Term Insurance
1. SBI eShield is a pure term insurance plan.
2. SBI e Shield plan offers security for your family at an affordable cost.
3. An easy and seamless online process for securing life cover.
4. There are two benefit structures available under this plan. The premium amount will vary as per the option chosen.
5. The plan also provides an in-built Accelerated Terminal Illness Benefit.
6. There are benefits of a premium discount if you are a non-smoker.
7. You can opt from two available rider options to increase the scope of protection.
8. You can avail second medical opinion from a panel of medical experts under this plan.
9. No loan available under SBI e Shield policy.
10. Tax benefits as per prevailing income tax laws in India.
Benefit Structures under SBI eShield Term Plan
There are two benefit structures available under SBI eShield Term Insurance plan. Accelerated Terminal Illness benefit is also available as an inbuilt benefit for both the structures.
1. Level Cover Benefit
Under this structure, the sum assured remains the same throughout the policy term.
2. Increasing Cover Benefit
In this, the sum assured increases at the simple rate of 10% at the end of every 5th policy year.
SBI e Shield Plan – Riders Benefits
You can opt from two available rider benefits for complete protection by paying an additional premium for the chosen rider. Riders can be availed only at the inception.
1. Accidental Death Benefit Rider
The rider sum assured is payable if the policyholder dies within 120 days of the accident due to an accident during the policy term.
2. Accidental Total & Permanent Disability Benefit Rider
The rider sum assured is payable on the occurrence of accidental total and permanent disability of the policyholder during the policy term.
Benefits under SBI Life eShield Plan
1. Death Benefit
Depending upon the benefit structure chosen, the nominee gets the sum assured on death in case of death of the life insured during the policy term.
2. Maturity Benefit
There is no maturity benefit available under this policy.
3. Accelerated Terminal Illness Benefit
This is available under both the benefit structures as an inbuilt benefit. The benefit equal to death benefit is paid on the life assured being diagnosed with a terminal illness. And with terminal illness claim, the policy will terminate.
4. Surrender Benefit
There is no surrender benefit or paid-up value under this policy.
Eligibility Criteria for SBI e Shield Insurance Plan
| Features | Level Cover | Increasing Cover |
| Minimum age at entry | 18 years | 18 years |
| Maximum age at entry | 65 years | 60 years |
| Age at maturity | 80 years | 75 years |
| Minimum Basic Sum Assured | Rs.35,00,000 | |
| Maximum Sum Assured | No Limit. It would depend upon board approved underwriting policy. Sum Assured would be in multiples of Rs.1,00,000 | |
| Premium Payment Mode | Yearly, Half-yearly, Quarterly, and Monthly | |
| Premium for Non-Yearly Mode | For Half-Yearly: 51% of yearly premium | For Quarterly: 26% of yearly premium | For Monthly: 8.5% of yearly premium | |
| Minimum Policy Term | 5 years | 10 years |
| Maximum Policy Term | 80 years less age at entry | 75 years less age at entry |
| Premium Payment Term | Same as Policy Term | |
| Minimum Premium Amount | Yearly – Rs.2,779 | Half-Yearly – Rs.1,418 | Quarterly – Rs.723 | Monthly – Rs.237 | |
| Maximum Premium Amount | No Limit (Subject to board approved underwriting policy) | |
Premium Samples for SBI e Shield Policy
The indicative premiums for life cover of Rs.50 lakh are shown in the table below. The below rates are exclusive of applicable tax.
How to buy online SBI Life eShield
You can buy an SBI e Shield insurance policy in a few simple steps.
1. Decide your desired life cover, benefit structure, and policy term.
2. Visit the official website of SBI Life (www.sbilife.co.in).
3. Select the SBI Life eShield plan and click on the “Buy Now” tab.
4. Fill in your online application form. Here you need to enter personal details, nominee details, health information, and other details.
5. Make payment through your debit card, credit card, or net banking.
6. Affix signature in electronic mode.
7. Next, upload your self-attested KYC documents.
8. Use the SBI eShield premium calculator to determine the premium you need to pay a premium.
Click here for more information about eShiled SBI Life.
Final Thoughts
SBI e Shield insurance offers a range of benefits at an affordable premium. It is an easy and seamless online process of obtaining life insurance. You can choose from two benefit structures as per your specific need. Further, inbuilt accelerated terminal illness benefit available under both the benefit structures.
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