Compare SBI Life eShield Plan

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SBI Life eShield Plan

SBI Life’s eShield Plan is an online term insurance plan which provides protection at very affordable premiums. The plan has four coverage options which can be chosen by the policyholder to suit his needs. The plan can be easily taken online and can be, thus, easily purchased.

Key features of the plan

  • The plan has four coverage options of level cover, level cover with accidental death benefit, increasing cover and increasing cover with accidental death benefit.
  • Lower premiums are charged if the policyholder maintains a healthy lifestyle.
  • Regular premiums are payable throughout the plan tenure.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are four options which are as follows:

  • Level Cover – in this option the Sum Assured remains constant throughout the plan tenure and on death the lump sum Sum Assured is paid.
  • Level Cover with Accidental Death Benefit – in this option, in case of accidental death, an additional Sum Assured is payable which would be the basic Sum Assured subject to a maximum of Rs.50 lakhs.
  • Increasing cover – in this option, the Sum Assured under the plan increases by 10% after every 5 years.
  • Increasing cover with Accidental Death Benefit – in this option, the Sum Assured under the plan increases by 10% after every 5 years. In case of death, the Sum Assured as in the year of death is paid to the nominee. In case of accidental death, however, an additional Sum Assured is payable which would be the basic Sum Assured subject to a maximum of Rs.50 lakhs.

Step 2 – the policyholder then chooses the plan tenure.

Step 3- in case of death, the death benefit would be paid which would depend on the plan option selected by the policyholder.

Step 4 – if the insured survives the plan tenure, no benefit is paid.

Example

An individual buys eShield Plan and chooses to opt for a cover of Rs.50 lakhs. The age of the individual is 35 years and he chooses a term of 30 years paying premiums annually.

Option 1 – He opts for level cover. The premium is Rs.10, 643 payable for 30 years. in case of death during the tenure, Rs.50 lakhs would be paid to the nominee.

Option 2 – He chooses the level cover with accidental death benefit. The premium is Rs.12, 829. If he dies during the plan tenure due to an accident, the benefit payable would be Rs.1 crore (Rs.50 lakhs Sum Assured + Rs.50 lakhs additional accidental benefit). In case of normal death, Rs.50 lakhs would be paid.

Option 3 – For the Increasing cover option the premium is Rs.13, 431. The Sum Assured increases by Rs.5 lakhs every 5 years. In case of death in any year, the increased Sum Assured is paid.

Option 4 – For the fourth option of increasing cover with accidental death benefit, the premium comes to Rs.15, 617. The Sum Assured increases by Rs.5 lakhs every 5 years. In case of accidental death, the increased Sum Assured and Rs.50 lakhs is paid. In case of normal death, the increased Sum Assured in the year of death is paid.

Option 5 – if the plan matures, no benefit is payable.

Plan benefits

  • Death benefit – the death benefit is paid as per the coverage option selected by the policyholder. The death benefit would be equal to the Sum Assured chosen under the plan. In case of accidental death and if the accidental death benefit cover is taken, the additional Sum Assured would be the chosen Sum Assured or Rs.50 lakhs, whichever is lower.
  • Maturity Benefit – there is no maturity benefit payable under the plan

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 18 years For level cover and level cover with accidental death benefit – 65 years
For increasing cover and increasing cover with accidental death benefit – 60 years
Age at maturity (in completed years) NA 70 years
Term of the plan For level cover and level cover with accidental death benefit – 5 years
For increasing cover and increasing cover with accidental death benefit – 10 years
30 years
Premium paying options Regular pay
Premium Paying term Equal to the plan tenure
Sum Assured Rs.20 lakhs No limit

Premium Illustration
Below are the sample rates of premium payable by a non-tobacco user male aged 35 years opting for different coverage options at different levels of Sum Assured and term. The premiums are paid annually for the entire duration.

SBI-Life-eShield-Plan

FAQs

  • What is the maximum tenure which can be chosen?
  • The maximum tenure for which the plan could run is 30 years or till the life insured attains 70 years of age, whichever is earlier.

  • Are riders available under the plan?
  • No, additional riders are not available under the plan

  • Are tax benefits available under the plan?
  • Yes, like any other life insurance plan, premiums paid up to Rs.1.5 lakhs are exempted from tax under Section 80C. The death benefit received, irrespective of any amount, is tax-free under Section 10(10D).

  • What is the Sum Assured for accidental death benefit?
  • The Sum Assured of accidental death benefit is equal to the basic Sum Assured under the policy as chosen by the policyholder. However there is a maximum limit of Rs.50 lakhs.

  • Under the increasing cover, by what amount does the Sum Assured increase?
  • The Sum Assured increases by 10% of the original Sum Assured after every 5 policy years.

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