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SBI Life - eShield Plan

SBI Life - eShield Plan is an individual, non-participating, non-linked, pure term insurance product by SBI that is tailored for those who desire optimum financial protection. The plan is available at an affordable cost for the benefit of customers.

The SBI Life - eShield Plan can be bought online at the SBI Life Insurance website. The plan offers various benefits to customers who maintain a healthy lifestyle. The product has several variants, with level and increasing cover. The plan has an in-built Accidental Death cover and it also offers tax benefits to the policyholder.

Eligibility - Who is the SBI Life - eShield Plan for?

In order to be eligible for the SBI Life - eShield Plan, a customer has to fulfill the following criteria with respect to his/her age and the duration of insurance coverage:

Parameter Eligibility
Minimum Entry Age 18 years
Maximum Entry Age For Level Cover and Level Cover with Accidental Death Benefit: 65 years For Increasing Cover and Increasing Cover with Accidental Death Benefit: 60 years
Maximum Maturity Age 70 years
Minimum Policy Term For Level Cover and Level Cover with Accidental Death Benefit: 5 years For Increasing Cover and Increasing Cover with Accidental Death Benefit: 10 years
Maximum Policy Term 30 years
Premium Payment Term Equal to policy term

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

The policy offers the effective sum assured as death benefit to the nominee of the policyholder. The basic sum assured under the SBI Life - eShield Plan varies as shown below:

Parameter Minimum Maximum
Basic Sum Assured Rs.20 lakh Sum assured will be in multiples of Rs.1 lakh only. No limit, subject to underwriting guidelines
  • For Level Cover and Level Cover with Accidental Death Benefit, the effective sum assured is equal to the basic sum assured at any time.
  • For Increasing Cover and Increasing Cover with Accidental Death Benefit, the effective sum assured is the basic sum assured increased at 10% simple interest rate after every fifth policy year (without increase in the premium).

Premium:

The policyholder should pay premiums towards the policy at annual frequency. The minimum premium amount under the plan is Rs.3,500 and there is no limit on the maximum amount.

Plan Coverage - What the SBI Life - eShield Plan covers?

  • The SBI Life - eShield Plan has the following variants:
    • Level Cover
    • Level Cover with Accidental Death Benefit
    • Increasing Cover
    • Increasing Cover with Accidental Death Benefit
  • The coverage of the SBI Life - eShield Plan is as detailed below:
Death Benefit If the life assured dies during the policy term, based on the plan option chosen, the nominee will receive the effective sum assured as death benefit. The death benefit is payable only if the policyholder has paid all regular premiums and the policy is in-force as on the claim date.
Maturity Benefit The SBI Life - eShield Plan does not offer any maturity/survival benefit at the end of the policy term.

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

The insurer will not pay the sum assured corresponding to the Accidental Death Benefit cover when the following events occur:

  • Death due to any infection, except that caused by an external wound sustained in an accident.
  • Injuries/death caused by the life assured being under the influence of alcohol or drugs.
  • Intentional injuries including those that were sustained during attempted suicide.
  • Injuries/death caused by the life assured’s involvement in a criminal act with unlawful intent.
  • Invasion, war, hostilities, civil war, revolution, rebellion, or participation in a civil commotion.
  • Nuclear contamination.
  • Injuries/death caused by the life assured’s participation in a flying activity other than as a passenger in a commercial aircraft.
  • Injuries/death caused by the life assured’s participation in dangerous hobbies or sports.

Suicide exclusion - Irrespective of the sanity of the life assured, if he/she commits suicide within 1 year from the date of commencement of risk or from policy revival, the insurer only pays 80% of the paid premiums to the nominee. Taxes, additional premiums, and the premium paid towards the Accidental Death Benefit cover will not be considered for the refund.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Additional features of the SBI Life - eShield Plan are described below:

Accidental Death Benefit This facility is in-built under the plan variants, Level Cover with Accidental Death Benefit and Increasing Cover with Accidental Death Benefit. In the event of death of the life assured in an accident during the policy term, the Accidental Death Benefit is paid to the nominee along with the effective sum assured, i.e., death benefit. The Accidental Death Benefit is equal to the lower amount among the basic sum assured and Rs.50 lakh.
Policy lapse and revival If the outstanding premiums are not paid within the grace period, the policy lapses without any benefits. The policyholder can revive the plan within the revival period of 2 years from the first unpaid premium due date. The revival will be initiated when the policyholder writes to the insurer, requesting for revival. Good Health Declaration will have to be submitted at the time of policy revival. The insurer may accept or reject the policy revival request. The premiums for the plan may also be increased, based on underwriting guidelines. The customer is expected to pay all due premiums along with interest for the policy revival. It is not possible to revive a policy after the revival period.
Termination of death cover The death cover under the policy terminates at the earliest of the following occurrences:
  • End of the grace period after premium discontinuance.
  • The termination date of the policy.
  • The date on which the insurer receives the free-look cancellation request.
Termination of policy The policy will terminate at the earliest of the following occurrences:
  • When the death benefit is paid out.
  • When the policy term expires.
  • When the free-look cancellation amount is paid.
  • When the revival period ends and the policy is not revived.
  • When the surrender request is received.
Free-look period The policyholder has 30 days from the receipt of the policy document to review the terms and conditions mentioned therein. If he/she is not satisfied with the same, the policy can be returned to the insurer, stating relevant reasons. The insurer will then refund the paid premiums after the stamp duty charges and medical expenses are deducted. It is not possible to restore, reinstate, or revive the policy after it has been returned. No benefits are payable under the plan after the free-look cancellation.
Policy loans It is not possible to avail a loan under the policy.
Grace period The policyholder can pay due premiums within a 30-day grace period from the due date. The policy will be considered to be in-force during the grace period. If the policyholder does not pay the premiums within this time, the policy lapses. The policy may then be revived during the revival period. If the life assured passes away during the grace period, the insurer will deduct the outstanding premium from the death benefit.
Policy Surrender The SBI Life - eShield Plan does not acquire any surrender value. Even if the policyholder surrenders the policy, no benefits will be paid. When the insurer receives a surrender request from the policyholder, the policy terminates without any coverage.

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

  • Premiums paid towards the SBI Life - eShield Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
  • The payouts from the plan are also eligible for tax benefits under Section 10(10D) of the Income Tax Act.

However, tax rules may change from time to time. So, it is ideal to consult a tax advisor to understand the latest provisions before investing in the plan.

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

Listed below are additional benefits of the SBI Life - eShield Plan:

Insurance Advisor A customer can request for the assistance of an insurance advisor for deciding on an appropriate policy. The customer has to fill up an online request form and submit it on the website. An insurance advisor will call or visit the customer at his/her convenience.
Premium calculator Customers can make use of the online premium calculator at the SBI website. Using this facility, they can identify the amount of premium that needs to be paid for various insurance policies.
Claims Customers can initiate claims through the following channels:
  • Online claim through the SBI Life Insurance website
  • Visit to the nearest SBI Life branch
  • Email SBI Life at the email ID claims@sbilife.co.in
  • Send the claim form along with supporting documents to the following address:
SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706
Premium payment modes Premiums can be paid towards the policy in any of the following ways:
  • Cash deposits at the insurer’s branch
  • Mail a cheque to the insurance company
  • National Automated Clearing House
  • Arrangement for auto debit
  • Direct debit from the customer’s bank account
  • State Bank Group ATMs
  • VISA Pay
  • Payment through SBI Life website
  • E-wallets
  • Easy Access Mobile App
  • Point of Sales (POS) terminals at some SBI Life branches
Online purchase Customers can easily buy insurance policies online at the insurer’s website.
Policy alerts Customers can opt for policy alerts through SMS on their registered mobile numbers.

Why should you buy SBI Life - eShield Plan from SBI Life Insurance?

SBI Life Insurance, a prominent insurance provider in India, is a collaboration between the State Bank of India and BNP Paribas Cardif S.A. The partner companies in the joint venture have immense global exposure along with local experience in the financial domain.

SBI life Insurance offers a bouquet of insurance products for the varied needs of its customers. Insurance solutions offered by the company range from term plans to child plans, ULIPs and group insurance products. The insurer observed a robust claim settlement ratio of 95.8% in the financial year 2015-16.