SBI Life Insurance eShield Online Term Insurance Plan

by Admin on March 4, 2013. Updated May 14, 2014 · 0 comments · Insurance


SBI Life Insurance eShield Online Term Insurance Plan, 9.0 out of 10 based on 6 ratings

SBI Life Insurance has also started online term insurance plan –  eShield today. The plan can online be bought online from the official website of SBI life insurance.

eShield term insurance plan offers lower premium for non-smokers and females. So, if you’re a healthy non-smoker person, it’s a good feature for you.

Another important feature is that the plan offers 2 types of cover :

  • level cover – in which the S.A. remains throughout the tenure.
  • increasing cover – in which the S.A. increases by 10% after every 5 years.

Let us see the plan in more detail below.

Key Features

 

  • Security for at an affordable premium
  • Easy and seamless online prccess for securing Life Cover
  • Rewards for maintaining a healthy lifestyle
  • Wide variatv of plan options,which has level and increasing cover
  • Additional benefit of Accidental Death Benefit
  • *Tax beneñts u/s 80C and 10(lOD) of Income Tax Law, 1961

Plan Eligibility

 

Simple steps to get insured

 

Enter Personal Detalls

Log on to www.sbilife.co.in

Select “Buy eShield Online” option.

Provide your name, Contact and date of birth.

Choose the Plan Option, Sum Assured and Policy Term, suitable to you.

Calculate Your Premium 

Based on the details entered, we will calculate your premium. Your premium will be lower, if you are a non-smoker

Additionally for female lives, the premium will be lower.

Fill Health Questionnaire 

You need to fill a health questionnaire, which will ask information about you and your family’s health history.

Fill Nominee Details 

You have to provide nominee details.

In case the nominee is minor, you need to fill the details of Appointee.

Preview and Pay Premium 

Once you are satisfied with the cover you have selected the premium, you can proceed to pay the premium.

The premium can be paid by means of Credit or Debit card, Internet banking.

You need to provide self attested KYC/AML documents.

4 Plan Options

 

  • Level Cover
  • Level Cover with Accidental Death Benelit

  • lncreasing Cover

  • Increasing Cover with Accidental Death Benefit

Let us see all the 4 plan options in details with example

The Sum Assured remains same throughout the Policy Term.

Sample Illustration for Level Cover 

Mr. Kumar opts for Sum Assured of Rs.50,00,000 for 20 years under “Level Cover” plan option.

Mr. Kumar will be required to pay annual premium for 20 years or till the policy terminates due te death, whichever is earlier.  The Sum Assured payable on his unfortunate death during the policy term would be Rs.50,00,000.

Level Cover with Accidental Death Benelit

With this option, you get additional coverage against death due to accident, during the Policy Term.

Increasing Cover

If over a period of time you consider factors like inflation, higher standard of living and increasing liabilities, there is a need for higher insurance protection then this option is exactly what you need.

This option automatically increases your Sum Assured by 10% simple after every 5th policy year without increasing your premium.

The Sum Assured applicable at the time of death claim will be called as the “Effective Sum Assured.”

Sample Illustration for Increasing Cover

Mr. Kumar opts for Sum Assured of Rs.50,00,000 for 20 years under “Increasing Cover” plan option.

Mr. Kumar will be required to pay annual premium for 20 years or till the policy terminates due to death, whichever is earlier. The Effective Sum Assured applicable from the inception of the policy, till the end of 5111 Policy Year will be Rs.50,00,000.

The Sum Assured will increase by 10% simple after the end of 5th policy year but the annual premium payable, will remain same.

The Effective Sum Assured applicable from the 6th Policy Year, till the end of 10th Policy Year will be Rs.55,00,000 and so on.

The Sum Assured payable on his unfortunate death, say, during the 6th Policy Year would be Rs.55,00,0[]0. However, if death occurs in the 11th Policy Year, the Sum Assured payable would be Rs.60,00,000 (Rs.50,00,000 +  2 increases of Rs.5,00,000 each).

Increasing Cover with Accidental Death Benefit

With this option you get additional coverage against death due to accident during the policy term.

The accident death benefit cover will not increase during the policy term.

Benefits in Detail

 

Death Benefit:

Depending upon the Plan option chosen, the nominee will receive the effective Sum Assured,

Death benefit will be paid provided you have paid all your regular premiums to date and your policy is in force as on the date of claim.

Maturity Benefit: 

This plan provides no maturity benefit.

Surrender benefit /  Paid up value: 

This plan provides no Surrender benefit / Paid up value.

Reward for healthy lifestyle

 

Now being non-smoker can save you money.

You get discount for being a non-smoker under this plan. If you are a non smoker, your premium rate will be lower if you choose Sum Assured of Rs.50 Iakhs and above. The table below shows indicative premiums for both smoker and non-smoker for Level Cover option for a cover of Rs.50 lakhs.

Premium Illustration

 

Accidental Death Cover:

 

The Sum Assured for accidental death will be equal to the basic death Sum Assured. However, the maximum accidental Sum Assured that you can avail under all your policies under this product is Rs.50,00,000. Also for subsequent policies the minimum accidental Sum Assured that you will need to is Rs.50,00,000.

For example:

{a} If Mr. Kumar opts for a cover of Rs.48,00,000 under Level Cover with Accidental Death benefit, the base cover and the accidental death benefit will both be for Rs.48,00,000. Subsequently, if Mr. Kumar comes to us seeking further Life Cover of Rs.20,00,000, we would not offer him Accidental Death Benefit cover.

(bi If Mr. Kumar opts for a cover of Rs.45,00,000 under Level Cover with Accidental Death benefit, the base cover and the Accidental Death Benefit will both be for Rs.45,00,000. Subsequently, if Mr. Kumar cormes to us seeking further life cover of Rs.20,00,000, we would offer him Accidental Death Benefit cover of Rs.5,00,000 only.

Grace Period:

 

 

We offer you 30 days grace period from the premium due date. The policy will remain in force during grace period and will lapse thereafter if no premium is paid.

Revival Facility: 

A lapsed policy may be revived within 3 years from the date of the unpaid premium subject to satisfactory proof of insurability as required by the company from time to time.

Nomination and assignment:

 

 

Nomination will be allowed as per Sec 39 of the Insurance Act 1938.

Assignment of the Policy shall be allowed as per Sec 38 of the Insurance Act 1938.

Free Look Period:

 

 

You have the option to review the Terms and Conditions of policy within 30 days of receipt for policies sourced through Distance Marketing. In case you disagree with the Terms and Conditions, you can return the policy stating the reason for objection. Premiums paid by you will be refunded after deducting stamp duty and cost of medical expenses incurred, if any.

The proportionate risk premium for the period of cover will also be deducted.

Tax Benefits:

 

 

Tax deduction under Section 80C is available. However in case the premium paid during the financial year exceeds 10% of the Sum Assured, the benefit will be limited up to 10% of the Sum Assured.

Tax exemption under Section 10(100) is available, subject te premium not exceeding 10% of the Sum Assured in any of the years during the term of the policy.

Exclusions

No benefit will be payable in respect of any condition arising directly or indirectly from, through or in consequence ofthe following exclusions and restrictions:

Suicide Exclusion 

If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of  reviva of reinstatement of this policy or the date of any revivial / reinstatement of this policy will become null and void. No benefit will be paid under such circumstances except on an ex-gratia basis at the discretion of the Company.

Exclusion for Accidental Death Benefit under Level Cover with Accidental Death Benefìt and Increasing Cover with Accidental Death Benefit.

Death under Accidental Death Benefit arising from or due to the consequences of or occurring during the events as specified below is not covered:

Infection : Death caused or contributed to by any infection, except infection caused by an external visible wound accidentally sustained.

Drug Abuse: Life Assured under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a registered medical practitioner

Self-inflicted Injury: Intentional self- Inflicted injury.

Criminal acts: Life Assured involvement in Criminal and for unlawful acts with criminal and unlawful intent.

War and Civil commotion: War, invasion, hostilities, {whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.

Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.

Aviation: Life assured participation in any flying activity, other than as a passenger in a commercially licensed aircraft.

Hazardous sports and pastimes: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by the Company.

Physical lnfirmity: Body or mental infirmity or any disease.

Death should occur within 120 days of the date of accident, solely and directly due to injuries as stated below and independent of all other causes.

Definition of Accident: 

An accident is a sudden, unforeseen and involutary event, caused by outward, violent and visible means

Brochure

You may View or download its official brochure from here.

FAQ

The official Frequently Asked Questions guide is here.

How to buy this plan online?

Just click on https://epolicy.sbilife.co.in/eShieldIndex.aspx and follow the instructions. For any query, you may call at 1800 22 5354

 






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Admin March 4, 2013

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