- 1 SBI Life eShield Policy Introduction
- 2 Terms and Eligibility Conditions of SBI Life eShield Policy
- 3 Benefits of SBI Life eShield Policy
- 4 SBI Life eShield Policy Buying Procedure
- 5 SBI Life eShield Policy Premium Calculator
- 6 SBI Life eShield Policy Example
- 7 Claim Procedure of SBI Life eShield policy
- 8 SBI Life eShield Policy Customer care
- 9 Additional Information of SBI Life eShield policy
- 10 FAQ’s of SBI Life eShield Policy
- 11 SBI Life eShield Policy forms and documents
- 12 About SBI Life Smart Shield Policy
- 13 About SBI Life Saral Shield policy
- 14 About SBI Life Grameen Bima Policy
SBI Life eShield Policy Introduction
SBI Life eShield Policy is a pure term plan with best financial protection. SBI Life eShield Policy is an Online term policy with no bonus facility. SBI Life eShield Policy is a pure risk cover plan which provides high insurance covers with low premiums. SBI Life eShield Policy provides discount on Premium rates for Non-smokers. SBI Life eShield Policy rewards you for maintaining a healthy lifestyle. SBI Life eShield Policy provides a wide varieties of plan options for choosing coverage. SBI Life eShield Policy premium needs to be paid for the entire policy tenure as chosen. In SBI Life eShield Policy there are 4 plan options. They are Level cover, Level cover with accidental death benefit, Increasing cover and Increasing cover with accidental death benefits.
Level cover: The basic sum assured at starting will remains same throughout the policy term.
Level cover with accidental death benefit: If you select this option, then the basic sum assured + additional coverage against death due to accident will be paid to the Nominee.
Increasing cover: This Increasing cover option automatically increases your sum assured by 10% after every 5th year without increasing your premium. The sum assured is applicable at the time of death claim called as Effective Sum assured.
Increasing cover with accidental death benefits: With this option Increasing cover + additional coverage against death due to accident will be paid to the nominee. The accidental death benefit cover will not increase during the policy term.
Terms and Eligibility Conditions of SBI Life eShield Policy
|Maximum Maturity age||
|Premium Payment mode||
|Premium payment term||
|Accidental death cover||
Benefits of SBI Life eShield Policy
Death Benefit: Depending upon the plan option chosen by policyholder, the nominee will receive the effective sum assured. Death benefit will be paid when the policyholder had paid all regular premiums within the date and your policy is in force as on the death of the claim. In case of death of life insured within the policy term, the nominee will get the effective sum assured as death benefit. Effective death benefit depends on plan option chosen.
- Effective Sum Assured = Basic Sum Assured chosen for Level Cover options.
- Effective Sum Assured = Sum Assured is increased by 10% every 5th policy year for Increasing Cover options.
Maturity Benefits: As SBI Life eShield Policy is a pure term insurance plan, there is no maturity benefits provided under this policy.
Reward Benefits for healthy Life style: If the policyholder is Non-smoker and the sum assured is Rs.50 lakhs and above then the policyholder gets a discount on premium rates under this plan. Special Premium discounts for female under this plan.
Income tax Benefits: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under Section 80C and the Maturity Proceeds are tax free under Section 10(10D) subject to fulfilment of terms and conditions. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
SBI Life eShield Policy Buying Procedure
Documents needed to apply for an SBI Life eShield policy
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Steps to buy online procedure
- Initially Log on to the website www.sbilife.co.in
- Select the option “Buy eShield Online”
- Fill the details of your name, contact details, Sum assured, Policy term, E-mail id and other personal information.
- Among the 4 plan options select one option which is suitable to you.
- After submitting your option then click on submit.
- Based on your details filled, they will calculate your premium. Your premium will be lower if you are Non-smoker and for females special premium rates are provided.
- After the premium calculation if you satisfied with this policy premium rates then click on proceed to buy.
- Next fill the health Questionnaires which will ask you about you and your family details.
- Next fill the details of the nominee. If the nominee is minor then you need to provide details of Appointee.
- After filling these details you can proceed to pay premiums through online.
- The premiums need to pay only through credit card/debit card or through Internet banking.
- You need to provide self attested KYC/AML documents.
SBI Life eShield Policy document is attached below
SBI Life eShield Policy Premium Calculator
While buying this policy the following details are needed to calculate the premium rates.
Sum Assured :
Date of Birth :
policy Term :
Have you ever consumed tobacco in any form : yes / no
SBI Life eShield Policy Example
Karthik has taken SBI Life eShield policy, his following details are given below.
Age : 34 years
Sum assured : Rs.75 lakhs
Policy term : 30 years
Have you ever consumed tobacco in any form : No
Now, his premiums yearly mode for Level cover option are tabulated below
|Plan Option||Basic Sum assured (Rs.)||Accidental death benefit sum assured (Rs.)||Premium(Rs.)|
|Level cover||75 lakhs||NIL||14428|
|Level cover with accidental death benefit||75 lakhs||50 lakhs||16562|
Claim Procedure of SBI Life eShield policy
List of documents to be submitted during claim procedure.
- Duly filled claim form
- Original policy document
- Original death certificates
In detail documents to be submitted for claim procedure are attached below
SBI Life eShield Policy Customer care
If any doubts regarding this SBI Life eShield policy then call toll free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to firstname.lastname@example.org.
Additional Information of SBI Life eShield policy
Policy revival: You may reinstate or re-start your lapsed policy within 2 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Free look Period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and medical examination(if any).
Loan facility: Loan facilities are not available under this SBI Life eShield policy.
Surrender value: Under this SBI Life eShield policy no surrender values are provided.
Paid-up value: Paid up values are not provided under this SBI Life eShield policy.
Payment Method: The payment options for SBI eShield Plan are through credit/debit card and internet banking.
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of what policyholder paid is given to nominee and the policy will be void and no claim will be payable.
Sum assured by the policyholder is in multiples of 1 lakh.
No bonus is provided under this SBI Life eShield policy.
FAQ’s of SBI Life eShield Policy
Is there any loan facility available in this policy?
There is no loan facility available under this SBI Life eShield policy
Is there any surrender value available under this plan?
No, there is no surrender value available in this available.
What is policy revival?
If the policyholder stops paying premium then if you are interested to continue this policy then you can reinstate your policy within 2 years from first unpaid premium.