Financial security is something that everyone seeks; not just for themselves but they seek it for their dear ones as well for the times when they will not be around to take care of their requirements. That is why the term insurance plans are required which are designed in such a way that they protect the family of the life assured from any eminent financial dangers by providing them with all the protection that they require.
SBI Life e-shield is a single non-partaking non-linked traditional term insurance policy that offers trustworthy financial protection to your family and loved ones for the times when you will not be around to protect them. The benefits of this term plan have been designed in such a way that it fulfils all your insurance requirements at a highly affordable rate of premiums.
Key Features of SBI Life eShield:
- Maximum security for your near and dear ones at an affordable rate of premium
- The life coverage through the eShield can easily be obtained online without any hassles of paperwork and other troubles
- The best thing about the eShield is that it provides you with amazing rewards if you maintain a healthy lifestyle
- There are a plethora of plan options available under the eShield which varies in their level and degree of life coverage
- You will be able to get additional accidental benefits if you meet any sudden and unfortunate accidents
- Tax benefits are available under the existing norms of the Income Tax Act of 1961 under the section 80C and 10D
Benefits of the SBI Life eShield:
Life is something very short and full of uncertainty. So you need to devise a plan through which you will be able to ensure maximum protection to your family after you are gone. The eShield from SBI Life is the best tool to do so since the policy along with its plan options are designed in such a way that it will fulfil all your insurance requirements and will provide your family with maximum financial protection even if you are not around. Since it is a pure term assurance plan so there are no maturity benefits. But you will be able to avail the accidental death benefit with level and increasing covers in case anything unfortunate suddenly happens. The plan will also provide you with notable tax exemptions under the guidelines provided by the existing income tax act. Thus, the main benefits are:
- Death benefit
- Accidental Death benefit
- Tax benefit
- The nominee will receive the effective sum assured as the death benefit upon sudden demise of the life assured. The effective sum assured will be calculated on the basis of the policy option chosen by the policyholder.
- The death benefit will only be received by nominee on the conditions that the premiums have been cleared until the day of demise of the policyholder and the policy is on action during the time of death.
Effective Sum Assured
It is a term that is used extensively to define the money that will be provided to the nominee upon sudden demise of the policy holder. The effective sum assured depends on the plan option chosen by the life assured and on the basis of it the sum that will be handed over to the nominee will be decided. Thus, the effective sum assured as per the options are:
- Level cover and level cover with accidental death benefit: For this plan option the effective sum assured will always be equal to the basic sum assured at the start of the policy. Thus, upon sudden demise of the policyholder the basic sum assured will be provided to the nominee of the policyholder.
- Increasing cover and increasing cover with accidental death benefit: For this plan option, the effective sum assured will be equal to the basic sum that is assured will increase at a fixed rate of 10 percent after the completion of every fifth year of the policy without any increase in the premium paid by the policyholder. Hence, this increased amount will be paid to the nominee of the life assured as the death benefit.
Since it is a pure term assurance plan so, no maturity benefit will be provided to the life assured upon surviving through the entire tenure of the policy.
Accidental Death Benefit:
If the policyholder suddenly expires within the tenure of policy due to a sudden accident then there is an inbuilt accidental death benefit which will be provided to the nominee of the policyholder. There are two types of accidental death benefit:
- Level cover with accidental death benefit
- Increasing cover with accidental death benefit
For any of the plan options chosen from the above, the effective sum assured will be provided to the beneficiary of the policyholder along with the effective sum assured. The accidental death benefit will always be equal to the lower amount in between the basic sum assured or 50 lakhs.
As per the norms of the section 80c and 10D of the Income Tax Act of 1961, the policyholder will be able to get some major tax benefits by availing the policy.
Eligibility Criteria to enter the SBI Life shield:
- The minimum age of entry in the SBI Life e-shield is 18 years
- The maximum age of entry for the policy has been set to 65 years for level coverage and 60 years for the increasing coverage
- The maximum age of maturity is 70 years
- The minimum amount of sum assured is 20 lakh but there is no limit to the maximum sum assured
- The lowest amount of premium required to be paid yearly is 3500
- The minimum policy term is 5 years for level coverage and 10 years for the increasing coverage, whereas the maximum policy term is 30 years.
SBI Life eShield is for those who want to ensure maximum security for their beloved ones without making any compromises. Hence, feel free to avail the policy and provide your loved one with a secured future.