SBI Life eShield A pure Online Term Plan With Few Advantages
The State Bank Of India is a world class government owned bank in India. With branches and subsidiaries all over the country, people rely on the State Bank logo expecting a certain quality of deliverance and performance from it- and all the while it has delivered.
It has formed way better online transaction channels than most private banks have done in India, which in combination with its insurance plans, makes for one of the most convenient insurance managing technique for its consumers. SBI Life eShield is one such initiative which has been garnering attention of customers who prefer buying pure term plans.
Plan Options under SBI eShield-
Level Cover- With level cover, sum assured will remain the same for the entirety of the policy.
Level Cover with Accidental Death Benefit As the name suggests, you get added coverage against death because of accident within the policy term.
Increasing Cover- The sum assured is increased by 10% on simple interest every five years without your premium increasing.
Accidental Death Benefit With Increasing Cover - Similar to ‘Increasing Cover’ plan with benefits of plan 2 included.
The increasing cover plan is a very ingenious method of nullifying the effects of inflation and increasing liabilities in the future.
Features And Benefits Of SBI Life eShield-
Eligibility Criteria- The minimum age of entering this plan is 18 years. The maximum age of entry is 70 years.
Policy Term- The minimum policy term you can opt for is 5 years for level cover and level cover with accidental death benefits and 10 years for increasing cover and increasing cover with accidental death benefits. The maximum policy term is 30 years.
Renewability of Policy- In case the policy lapses due to non-payment of premiums, you can renew the policy within 2 years from the last date of unpaid premiums by simply clearing all of the due premiums.
Premium Payable- You have to pay a minimum premium of Rs 3500. There is no maximum limit on premiums.
Premium Payment Cycle- You can only pay your premiums yearly. There is no option for doing otherwise.
Premium Paying Term- Your premium paying term is same as your policy term.
Death Benefit- Death benefit will be paid to you only if all your premiums are cleared. Amount will be as stipulated in the policy you choose. Under plan 2 and 4, a nominee may receive accidental death benefit equal to sum assured or Rs 50 lakhs, whichever is lower, in the event of an accidental death.
Surrender Period- Unfortunately, there is no surrender value if you choose to give up your policy.
Free-look period- If you aren’t satisfied with your policy, you can refund it within 15 days from the date of receiving the contract. All premiums paid will be refunded to you.
Benefits-
Tax Benefits- Under section 80C of income tax act of 1961, you can gain tax benefits by purchasing any term insurance.
Coverage against Inflation- The main objective of the increasing cover plans are to provide coverage against variables such as futures or liabilities that might affect you in the future. You do not have to pay any extra premium for doing so.
Online Accessibility- All the mundane work of the SBI Life eShield Plan is Available with Few Clicks online making it very easy to work through premiums.
How To Buy SBI Life eShield Plans?
The biggest selling point of the plan is how easily it can be navigated through by visiting the SBI eShield site online. Here is the process of application-
Log on to www. sbilife.co .in and click on Buy SBI Life eShield Online.
Fill in all the details you are asked for.
Select the plan you wish to purchase.
You will be asked for your and ytour family’s health information.
Fill in the details of your nominee.
Provide self-attested KYC documents.
Premium calculators are available for your convenience.
The SBI eShield plan is a good plan but it is nothing that stands out. Some features such as surrender value and incorporation of benefits stand to be improved. However, the plan is backed by the trust and reliability of SBI.