How SBI Life eShield Heralds Financial Security?

Author: Anumeha Singh

There has never been a better time to start. It is right when said life doesn’t put you down; it takes you to next level. A major set-back faced in life of a bread earning individual are the financial difficulties in life. Life is a balanced cycle of incidents which give us achievements and happiness along with fallbacks which leave us immensely disheartened. SBI life eShield is amongst the best plan in the insurance market space that provides you life coverage and financial security. SBI life has introduced SBI life eShield which is a non-linked, non participating term insurance plan. This plan is specially tailored for the ones who are looking for the best life insurance plan which provides both financial security and life coverage at an affordable price. SBI eShield additionally benefits you by reducing the hassle of going through the tedious paperwork by allowing you to get insured online in few clicks.

Below are the best benefits offered by SBI Life eShield

Benefits offered for maintaining a Healthy Lifestyle:

  • Apart from the health benefits, being a non-smoker will save you some money as the SBI eShield offers discounts to non-smokers. The plan promises reduced installment rate to non-smokers for choosing a Sum assured of over Rs 50 lacs.

Following are the death benefits offered by SBI life eShield:

  • Effective sum assured shall be paid to the beneficiaries of the insured as per the plan option SBI eShield.
  • The death benefits shall be paid as per plan choice in the policy is yet to mature and the regular premium payments are done timely.
  • There are no maturity rewards or surrender benefits and paid up value provided by this plan.

Benefits offered in case of Accidental Death:

  • A maximum accidental payable premium of Rs 50 lacs can be availed under all the policies of SBI eShield and the minimum accidental sum assured of Rs 5 lacs will have to be taken for successive policies under this product. The sum assured in case of an accidental death will be the same as the sum assured for basic death.

Grace Period offered by SBI life eShield:

  • The SBI eshield plan offers 30 days’ time for the payment of premium from the payment date and the policy will lapse on the failure of the payment of premium within the 30 days grace period.

Provision for the revival of a lapsed policy:

  • Given a valid insurability proof, the policy offers a revival period of 2 years since the lapse date of the policy.

Assignment and Nomination of the policy:

  • Nomination of Your SBI Life eShield Plan shall be allowed according to the Section 39 of the Insurance Act of 1938.
  • Assignment of the Policy will be allowed according to the Section 38 of the Insurance Act of 1938.

A 30 day Free Look Period for reviewing:

  • The SBI life eShield policy gives the holder 30 days’ time to review the terms and regulations of the policy via distance marketing. The installments that have already been paid will be returned after subtracting the medical expenses, the risk premium for the time in force and stamp duty costs after returning the policy giving a valid reason for the return.

Tax Benefits offered by SBI eShield:

  • Tax discounting u/s 80C is provided. In case the total premium over the course of the financial year is more than 10% of the sum assured, the rewards will have a maximum value of 10% of the assured sum.
  • Tax exemption u/s 10(10D) of Income Tax Law, 1961 is available given that during any year of the policy, the assured sum does not get exceeded by 10%.

Key features and benefits of SBI life eShield:

  • Financial security for your at reasonable cost.
  • User friendly online application process to get insured
  • Healthy lifestyle benefits and rewards
  • A range of options including Level Cover and Increasing Cover
  • Additional accidental death benefit
  • Tax benefits under section 80C and exemption under section 10(10D)

So, why reach out to an insurance agent when you can buy insurance products online hassle free making your own decisions without any involvement of a biased selling strategy. To help drive out you plan to keep your family secure and build a strategy to best protect your family SBI provides the best investment options. So, plan early and make a life cover for your family.