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SBI Life Online Plans

SBI Life offers 4 different insurance schemes exclusively via its online portal. These plans can be purchased online by anyone wishing to eliminate the middleman from the transaction process. The 4 insurance plans available online range from traditional to unit-linked, protection to annuity.

Benefits of SBI Life Online Plans:

  • SBI Life Online plans are easy to comprehend and even easier to acquire.
  • Like all online insurance plans, SBI Life eliminates the need of a middleman in the purchase process of the plan.
  • Online plans come with multiple and varied options so that everyone can find the one that suits them the most.
  • Policyholders get to exert much more control over policy options and other factors related to the policy with SBI Life Online plans.
  • SBI Life Insurance Online plans allow policyholders to claim tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961 on the premium paid for purchasing the insurance plan and on the maturity benefit.

List of Online Plans Provided By SBI Life:

SBI Life - eIncome Shield:

This plan is designed to protect the policyholder’s monthly income. The scheme essentially assures the policyholder that the scheme will pay monthly installments to his/her nominee on the unfortunate event of their death. Thus, working as a replacement of the monthly income of the policyholder.

Benefits and Features of SBI Life - eIncome Shield Plan:

  • The plans lets the policyholder choose their monthly income.
  • It offers 4 options of benefits to choose from - A, B, C and D. The monthly income of the policyholder increases yearly depending on the option chosen:
    • Benefit Option A: Increase by 0%.
    • Benefit Option B: Increase by 3%.
    • Benefit Option C: Increase by 5%.
    • Benefit Option D: Increase by 10%.
  • The plan gives the policyholder a lump sum payment immediately at the time the claim is made, which amounts to 12 times of their monthly income applicable at that time.
  • The plan provides the nominee of the policyholder with a monthly income for a 4 years or 48 annuity payouts whatever be the year of demise of the policyholder.
  • This plan offers an added advantage to females and nonsmokers in the form of lower premium amounts.
  • The benefits offered under this scheme are:
    • Death Benefit:
      • Monthly Income Benefit: This policy offers benefits in the form of monthly payouts which begins from the first day of the policy month after the demise of the policyholder. These payouts are for the entire outstanding period of the policy or at least for 48 months from the commencement of the payout. At any time during this period the nominee is not allowed to collect the discounted value of the remaining payouts as a lump sum.
      • Lump Sum Benefit: The nominee also gets a lump sum equal to 12 times of the monthly income of the policyholder applicable at that time immediately after the death of the life-insured. The disbursal of this benefit depends on the policy option chosen at the time of purchase.
Plan Name Entry Age Maturity Age Premium
SBI Life - eIncome Shield
  • Minimum: 18 years.
  • Maximum: 50 years.
Maximum: 60 years Yearly:
  • Minimum: Rs.4,500.
  • Maximum: No Limit
Monthly:
  • Minimum: Rs.500.
  • Maximum: No Limit

SBI Life - eWealth Insurance:

SBI Life - eWealth Insurance plans are products that help provide not just protection, but create an asset as well. It comes with a special AAA feature that allows policyholders take greater risks in the beginning of the policy years, gradually decreasing exposure to risky market instruments such as Money or Debt.

Benefits and Features of SBI Life - eWealth Insurance Plan:

  • Policyholders can get the benefit of Automatic Asset Allocation (AAA), a special program of SBI Life that helps them manage their investments without any hassles.
  • eWealth Insurance comes with the choice of 2 options - Growth plan and Balanced plan.
  • The plan scraps the need of charges for Premium Allocation, thus increasing the total Fund Value allocated to the policyholder.
  • Online buying made easy with only 3 simple steps to complete the entire process.
  • The plan provides double benefit to the policyholder in the form of life insurance coverage and investment returns from the market.
  • Policyholders can also access liquidity starting from the 6th year of the policy using the benefit of partial withdrawal.
  • The benefits offered under this scheme are:
    • Maturity Benefit: The Fund Value of the policy is paid to the policyholder on completion of the policy term, provided the policy is still in force.
    • Death Benefit: The nominee is paid the amount equal to the Fund Value or the Sum Assured, whichever higher. The benefit amounts to at least 105% of the total premiums paid until the unfortunate demise of the policyholder, provided the policy is still in force.
Plan Name Entry Age Maturity Age Premium
SBI Life - eWealth Insurance
  • Minimum: 18 years.
  • Maximum: 50 years.
Maximum: 60 years Yearly:
  • Minimum: Rs.10,000.
  • Maximum: Rs.1 lakh.
Monthly:
  • Minimum: Rs.1,000.
  • Maximum: Rs.10,000

SBI Life - eShield:

eShield plan is an individual participating term plan that comes tailored with multiple coverage options to suit the needs of different policyholders. This plan covers Accidental Death Benefit without any additional riders.

Benefits and Features of SBI Life - eShield Plan:

  • This is a very affordable plan that provides insurance for all.
  • It’s easier to apply for online, involving few easy and simple steps.
  • This plan also rewards the policyholders to maintain a healthy and productive lifestyle.
  • A number of plan options for the policyholders to choose from:
    • Level Cover
    • Level Cover with Accidental Death Benefit
    • Increasing Cover
    • Increasing Cover with Accidental Death Benefit
  • This plan, some options of it, come with in-built accidental death coverage. Thus, policyholders can choose an option that provides their family security even in unforeseen circumstances.
  • The benefits offered under this scheme are:
    • Death Benefit: The nominee receives the Sum Assured (Effective) provided the policy is still in force and all the premiums have been paid, on the death of the policyholder.
    • Other Benefits: If the policyholder’s chosen option provides for accidental death benefit, the nominee gets an amount equal to the Sum Assured (Basic) or Rs.50 lakh, whichever lower, in addition to the usual death benefit.
Plan Name Entry Age Maturity Age Premium
SBI Life - eShield Minimum: 18 years. Maximum:
  • For options Level Cover, Level Cover with Accidental Death Benefit: 65 years.
  • For options Increasing Cover, Increasing Cover with Accidental Death Benefit: 60 years.
Maximum: 70 years
  • Minimum: Rs.3,500.
  • Maximum: No limit.

SBI Life - Annuity Plus:

This is a non-participating traditional annuity plan that provides for regular income from the age of 40 years to a policyholder. A wide range of annuity options ensures a source of supplementary income for a lifetime. The plan also provides for Accidental Death Benefit Rider as an option.

Benefits and Features of SBI Life - Annuity Plus Plan:

  • Offers one of the widest variety of annuity options available under any SBI Life insurance plan.
  • Regular income in the form of annuity payout starts from the early age of 40 for the policyholders in all cases other than product conversion.
  • Policyholders can get lifetime annuity that serves both the policyholder and one of their family member.
  • They can choose the frequency of payouts from yearly, half-yearly, quarterly or monthly as per their convenience.
  • This plan offers incentives for larger premiums.
  • Annuity Plus plan also offers the advantage of getting annuity payouts in advance.
  • The plan comes with the optional rider: SBI Life - Accidental Death Benefit Rider.
  • The various benefits associated with this plan are:
    • Annuity Benefit: Policyholders get annuity payouts as per the option they chose.
    • Rider Benefits (optional).
Plan Name Entry Age Maturity Age Premium
SBI Life - Annuity Plus Minimum:
  • For product conversion: 0 years.
  • All other cases: 40 years.
Maximum: 80 years
Maximum: Not applicable.
  • Minimum: Such that the minimum annuity installment can be paid.
  • Maximum: No limit.

Why do you need SBI Life Online Plans?

SBI Life Online plans are super-easy to purchase and keep tabs on. As all the processes are performed online, this removes the necessity of a middleman and reduces risk of human error. People who are well-versed with the financial market and wish to carry on all their financial transaction themselves would find these plans especially useful.

Besides the obvious that online policies are easier to purchase, SBI Life online plans also allows for a lot of options for a policy seeker to choose from. The options encompass not only the number of plans, but the many options made available within each plan.