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  • SBI Life - eIncome Shield Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    SBI Life - eIncome Shield Plan is an online traditional, non-participating, pure-term, life insurance, and income protection plan from SBI Life Insurance Company. The plan has been designed act as a shield that will protect the monthly income of the policyholder. Under this plan, a monthly income payout can be planned for the nominee/beneficiary post the death of the policyholder. During the policy term, the policyholder makes a contribution towards the monthly payout from the monthly income. Moreover, the policyholder can opt for an annual increase in the monthly payout. The plan helps the policyholder in ensuring financial security for their family through regular monthly payout and a lump sum amount that is 12 times the monthly income at the time of claim.

    At the inception of the policy, the policyholder gets to choose from four different types of benefits. Once the selection for the benefit option is made, it cannot be changed throughout the policy term. A customer can visit the website epolicy.sbilife.co.in in order to buy the policy and to obtain further information from SBI Life Insurance Company. The process for buying this plan involves an online application where the customer needs to provide details pertaining to personal, nominee, health, and other required information along with self-attested KYC documents. Customers can choose to buy the policy through payment options such as internet banking, credit or debit card payments, however, the customer needs to meet the following eligibility criteria in order to buy the SBI Life - eIncome Shield Plan:

    Eligibility -Who is the SBI Life - eIncome Shield Plan for?

     Parameters Eligibility
    Minimum age at entry 18 years
    Maximum age at entry 50 years
    Maturity age Maximum of 60 years
    Policy term Minimum of 10 years and maximum of 35 years
    Premium payment term Based on the policy term
    Monthly income Minimum of Rs.25,000 and no limits on the maximum
    Monthly income payout term A minimum of 48 months/1 year from the date of death

    Benefit Options and Premium Range- What you get and what it costs?

    Benefit Options – At the inception of the policy, the policyholder is provided with four benefit options to choose from. Based on the chosen benefit option, a certain amount of simple interest percentage will be applicable for the annual increase in monthly income benefits. Out of the four options, the policyholder can opt for one of the following benefit options:

    • Option A – No Increase in the monthly income throughout the policy term.
    • Option B – An increase of the 3% to the monthly income on completion of each policy year.
    • Option C – An increase of 5% to the monthly income on completion of each policy year.
    • Option D – An increase of 10% to the monthly income on completion of each policy year.

    The chosen benefit option is applicable for the entire policy term and it cannot be changed. Customers are advised to read the terms of conditions of the policy and contact SBI Life Insurance Company or a qualified consultant for more information related to the benefit options.

    Premium – The premium is the amount that the policyholder pays at occasional or periodical basis to keep the policy active. The premium is also known as the contribution and it is applicable as agreed by the policyholder and the insurer at the time of policy inception. Under the SBI Life - eIncome Shield Plan the policyholder can choose from the following types of premium options:

    • Annual - Minimum premium of Rs.4,500 on a yearly basis. No limit on the maximum premium amount.
    • Monthly - Minimum premium of Rs.500 on a monthly basis. No limit on the maximum premium amount.

    The premium payment term under this plan is equal to the term of the policy. The premium amount doesn't include taxes, cess, and underwriting fee. The taxes and cess are based on the current tax rules and regulations and subject to change from time to time.

    If a policyholder chooses to pay the premium amount in monthly premiums, he/she will be required to pay an advance of three months premium. The payment for the pending premiums can be made through bank standing instructions and ECS that allows direct debits. Policyholders who are eligible for monthly Salary Saving Scheme (SSS), they will be required to pay an advance of 2 months premium. Under SSS, the plan accepts payment of premiums through salary deductions only. At the time of inception, the policyholder is required to choose a monthly payout plan for their family which is related to the annual increment rate for the monthly income. The increment rate and premium amount are calculated based on the policyholder's age and the policy term.

    Plan Coverage- What the SBI Life - eIncome Shield Plan covers?

    The non-participating, pure-term, life insurance, and income protection plan provide financial protection to the policyholder's family through a planned monthly payout. During the term of the policy, if the life insured encounters unfortunate death, the nominee/family of the policyholder will be entitled to a host of financial benefits. The plan allows the policyholder to build a shield through regular contribution that can protect the nominee in case of financial eventualities. Few of the covers/coverage/benefits are listed in the following table:

    Death Benefits SBI Life - eIncome Shield Plan provides death benefits to the nominee/family of the policyholder in the event of unfortunate death. The death benefit is payable to the nominee in addition to the lump sum benefit and monthly income benefit. The details of the death benefits are mentioned below: Lump Sum Benefit - In case of policyholder's death during the policy term, the nominee/family will receive a lump sum benefit which is equal to 12 times of the monthly income applicable at the time of policyholder's death. In any event, the nominee will be entitled to the higher of:
    • 12 times monthly benefit payable on death
    • 10 times annualized premium
    • 105% of total premiums paid
    Monthly Income Benefit- In addition to the lump sum benefit, in the event of the policyholder's death, the nominee will receive monthly payouts for the remaining of the policy term. The monthly income payouts will begin on the date of the policyholder's death. If the policy term is less than 48 month, the nominee will still be entitled to monthly payouts even after the end of the policy term. The monthly payouts will continue for a minimum of 48 months from the time of policyholder's death. The nominee is not entitled to request for a part or full amount from the future monthly payouts.
    Maturity Benefits There are no maturity benefits offered under the SBI Life - eIncome Shield Plan.

    Riders / Add-On Plans – Additional coverage under the SBI Life - eIncome Shield Plan:

    No riders or add-on plans are available under the SBI Life - eIncome Shield Plan.

    Exclusions - What the SBI Life - eIncome Shield Plan doesn’t cover?

    • Suicide Exclusion - If the life insured under SBI Life - eIncome Shield Plan commits suicide within 12 months from the date of policy inception, whether sane of insane, the nominee will receive 80% of the premiums paid. The exclusion is applicable for policies that are revived as well.
    • Loan Option - Additionally, there is no provision for a loan under this policy.
    • Benefit Options - The policyholder is not allowed to change the benefit scheme under this policy.

    Other Key Features – Free Look Period, Surrender Values, Grace Period, etc.

    Free Look Period If the customer who purchased the SBI Life - eIncome Shield Plan is unhappy with the policy or disagreeing to the terms and conditions, he/she is provided with 30 days free look period to return/cancel the policy by contacting SBI Life Insurance Company. The customer will be required to return the original policy document with a statement to justify the objection. The insurer will refund the premiums after deducting the charges involved in stamp duty, medical expenses, and proportionate risk premium for the period of cover, if any.
    Surrender Benefit There are no surrender benefits available under the SBI Life - eIncome Shield Plan.
    Grace Period The policyholder is also provided with a grace period of 30 days for yearly premium plans. The grace period is the extra 30 days the policyholder gets for from the due date to make the premium payment.
    Revival Option If the policyholder fails to pay the premium within the grace period, the policy is considered as lapsed. A lapsed policy can be revived within 2 years from the date of first unpaid premium provided the due payments are made and a proof of insurability is produced.
    Flexibility Premium Payment - The plan allows the policyholder to make premium payments in yearly and monthly basis through a wide range of payment modes. Monthly Income - Additionally, the policyholder can choose the monthly income up to the 100% of the current monthly income (based on the eligibility and income factors). Benefit Options - The plan offers one out of the four benefit options provided to you at the inception of the policy. The amount of increase in the monthly payouts through simple interest rate is based on the selection the policyholder makes. Policy Term - In the interest of the policyholder, he/she can choose the policy term to be a between 10-35 years (subject to the policyholder's age).
    Nomination The nominee details are obtained at the inception of the policy, however, if the policyholder wants to change the name or details of the nominee, it can be done by contacting SBI Life Insurance Company. The policyholder will be required to fill in the nomination form along with the changes and submit it at one of the insurer's outlets.

    Tax Benefits – How you can save with the SBI Life - eIncome Shield Plan?

    The plan offers Income Tax (IT) benefits to the policyholder based on the current tax rules and regulations which are subject to change. Customers are advised to read the policy document carefully or/and to consult a qualified tax advisor before buying the policy. Following are the tax benefits under this plan:

    • Section 80 C and 10 - 10 D of the Income Tax Act allows tax deductions and exemptions up to a certain amount of the premiums paid towards a non-participating, pure-term, life insurance, and income protection plan.
    • The Death Benefits are exempted from tax.

    Other Benefits – How you can save with the SBI Life - eIncome Shield Plan?

    In addition to tax deductions and exemptions that can help save on tax, SBI Life - eIncome Shield Plan can help a policyholder in balancing the increase in the cost of living and expenses through a systematically increasing the monthly payouts.

    For a female and a non-smoker, the premiums are lower.

    Why you should buy the SBI Life - eIncome Shield Plan from SBI Life Insurance Company?

    Also known as SBI Life Insurance Co Ltd, the joint venture is an insurance company between one of the largest banks State Bank of India (SBI) and the French multinational bank BNP Paribas Cardiff. With total capital of 70.1% and 26% by SBI and BNP Paribas Cardiff, the total capital for SBI Life Insurance Co Ltd is owned by other investors too. SBI Life Insurance Company has won many awards for excellence in technology, innovation, customer services, and for being an excellent place to work along with the 'Life Insurance Company' of the Year for 2016 organized by Fintelekt.

    Customer who are looking to provide a regular monthly income to their family in their absence can consider this plan for various benefits. The plan offers a minimum of 48 monthly payouts to the nominee/family of the policyholder in case of unfortunate death. Moreover, the nominee is also entitled to the claim of a lump sum amount that is equal to 12 times of the monthly income applicable at the time of death. The plan can be purchased through monthly as well as yearly premium payments with the flexibility of choosing the policy term, benefit options, etc.