SBI Life eShield Plan is an online Term insurance plan which provides high insurance covers at attractive premiums. In this plan, the family of the policyholder (customer) gets the entire benefit amount tax-free in the event of the death of the policyholder.
Accidental Death Benefit
non-smoker benefits
Income Tax Benefit
Compare this plan with other Term Plans
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Key Features
It is an online Term Plan with no Bonus facility
There are 4 options for choosing coverage in this plan
The Effective Sum Assured in this plan is the Basic Sum Assured chosen for Level Cover options
The Sum Assured increases by 10% every 5th policy year for Increasing Cover options
There is an option of choosing an Additional Accidental Death Benefit at Policy Inception
Additional Accidental Death Benefit is equal to the Basic Sum Assured of Rs 50 lakhs, whichever is lower
There are non-smoker benefits of premium discount in this plan
Benefits
Death Benefit
In case of death of the Life Insured within the Policy Tenure, the nominee gets the Effective Sum Assured as Death Benefit.
The Effective Death Benefit depends on the plan option chosen:
- Effective Sum Assured = Basic Sum Assured chosen for Level Cover options
- Effective Sum Assured = Sum Assured which increases by 10% every 5 th policy year for Increasing Cover options
Maturity Benefit
Being a pure-term plan, there are no Maturity Benefits.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax-free under section 10(10)D subject to fulfillment of terms and conditions.
There are no Additional riders in this plan.
Accidental Death Benefit Rider is provided as an inbuilt option for Plan variants 2 and 4 at Policy Inception, i.e. Level Cover with Accidental Death Benefit Option and Increasing Cover with Accidental Death Benefit Option. The Accidental Death Benefit Sum Assured is equal to the Basic Sum Assured chosen at Policy Inception of Rs 50 lakhs, whichever is lower.
Variants
There are 4 variants of the plan:
- Level Cover- The Effective Sum Assured in this option is the Basic Sum Assured chosen at Policy Inception.
- Level Cover with Accidental Death Benefit- The Effective Sum Assured in this option is the Basic Sum Assured chosen at Policy Inception. There is an inbuilt rider of Accidental Death Benefit where an additional Death Benefit due to an accident would be paid which is equal to the Basic Sum Assured or Rs 50 lakhs, whichever is lower.
- Increasing Cover- The Effective Sum Assured in this plan is the Basic Sum Assured which increases by 10% simple interest after every 5th policy year without increase in premium.
- Increasing Cover with Accidental Death Benefit- The Effective Sum Assured in this plan is the Basic Sum Assured which increases by 10% simple interest after every 5th policy year without increase in premium. There is an inbuilt rider of Accidental Death Benefit where an additional Death Benefit due to an accident would be paid which is equal to the Basic Sum Assured or Rs 50 lakhs, whichever is lower.
