SBI eShield: The Affordable and Essential Term Insurance Plan

SBI eShield

SBI eShield Plan is a comprehensive insurance policy offered by SBI Life, providing protection to businesses of all sizes against potential risks like cybercrime and data breaches. It is an individual, unlinked, and non-participating pure-term plan that offers tailored benefits for individuals at an affordable price. The plan provides a high level of coverage at a low cost and has regular payment options.

SBI eShield is an online insurance policy that is easy to purchase. To purchase the policy, customers must log in to the SBI Life online portal and provide personal information, such as name, date of birth, contact information, address, employment information, and family size, among others. After evaluating financial goals, customers must choose the desired option, including the sum assured and policy term. A questionnaire containing information about the customer’s health and family history must also be completed.

SBI eShield Plan
sbi life eshield term insurance plan

Highlights of SBI eShield Plan Scheme 2023

Features/Benefits Details
Plan Type Pure term insurance plan
Policy Term 5 to 75 years
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maturity Age 75 years
Sum Assured Minimum: Rs. 35 lakhs, Maximum: No Limit
Premium Payment Term Single premium or regular premium
Premium Payment Frequency Annual, semi-annual, quarterly, or monthly
Premium Payment Modes Online or offline
Premium Discounts 2% on the premium for a high sum assured
Death Benefit Lump-sum payment of sum assured on death of the life assured
Terminal Illness Benefit Up to 100% of the sum assured in case of terminal illness
Tax Benefits Available under Section 80C and 10(10D) of Income Tax Act, 1961
Policy Surrender Available after completion of 3 policy years
Loan Facility Not available
Riders Available at an additional premium for Accidental Death Benefit and Accidental Total Permanent Disability Benefit

SBI eShield offers two coverage options

level cover with inbuilt Accelerated Terminal Illness benefit and accelerated terminal illness benefit. The level cover with the inbuilt Accelerated Terminal Illness benefit option guarantees that the amount of coverage will remain the same throughout the policy’s term, and the policy’s nominee receives the assured sum upon the policyholder’s death. On the other hand, the Accelerated Terminal Illness Benefit option provides a benefit equal to the death benefit upon diagnosis of terminal illness, and the policy will end.

The plan is available to anyone between the ages of 18 and 65, and customers can choose from one of four plans. The policyholder cannot be older than 75 years old for the Level Cover Benefit and 70 years old for the Increasing Cover Benefit at the end of the policy term.

Federal Tax Refund Schedule 2023 Calendar, Return Dates, Status

SBI eShield plan

The SBI eShield plan is a pure insurance plan with no survival benefits and a low cost for a high level of coverage. The sum assured will be paid to the nominee in the event of the life insured’s death during the policy period. This plan is a cost-effective and essential product in any financial portfolio, especially for those with dependents who rely on their income to cover their expenses.

SBI eShield is an excellent option for those looking for comprehensive protection against potential risks like cybercrime and data breaches. It is a cost-effective and essential product for any financial portfolio, providing a high level of coverage at a low cost. The plan’s ease of use, regular payment options, and tailored benefits make it an excellent choice for businesses of all sizes.

IRA Contribution Limits 2023

Product Specifications

Entry Ege( last birthday) 18 Years 60/65 Years
Maturity Age (last birthday) _ 70 Years
Policy Term (PT) in Years 5 Year 30 Years
Premium Paying Term(PPT) in year Equal to Policy Term
Premium Paying Frequency Annual
Yearly Premium 3500 Single Pay 10000
Sum Assured 20,00,000 No limit

SBI life term insurance premium Details

Age Male Lives Female Lives
Smokers Non-Smokers Smokers Non-Smokers
30 7770 4660 6275 3920
40 17145 9495 12260 6955
50 41615 22305 29020 15680

Benefits of SBI eShield Plan Yojana 2023

SBI eShield Plan 2023 provides a range of benefits to the policyholders. Some of the key benefits are:

  1. Comprehensive Protection: The plan offers comprehensive protection against death, terminal illness, and critical illnesses. It ensures that your family’s financial future remains secure even in case of unforeseen circumstances.
  2. Customizable Plan: You can choose the sum assured, policy term, and premium payment term as per your financial goals and requirements.
  3. Multiple Payout Options: The plan offers multiple payout options, including lump-sum, monthly income, and increasing income, to suit your family’s financial needs.
  4. Tax Benefits: You can avail of tax benefits on the premiums paid and the benefits received under the plan, as per the prevailing tax laws.
  5. Affordable Premiums: The plan offers affordable premiums, making it accessible to a wide range of people.
  6. Flexible Riders: You can enhance your protection by adding riders such as accidental death benefit, accidental total and permanent disability benefit, and critical illness benefit to the base plan.

Overall, SBI eShield Plan 2023 provides a comprehensive and flexible protection plan that can be customized as per your needs and goals.

Read: Kisan Vikas Patra Scheme: KVP Interest Rate, Eligibility, Calculator

How to Apply Online for SBI eShield Plan 2023?

You can apply for the SBI eShield plan online by visiting the SBI Life Insurance website or through their mobile app. Here are the steps to follow:

  1. Visit the SBI Life Insurance website or download the mobile app.
  2. Click on the ‘Buy Now’ or ‘Get Quote’ option for SBI eShield plan.
  3. Fill in the necessary personal and insurance-related details.
  4. Choose the coverage amount and policy term as per your requirement.
  5. Make the payment online through various payment options available.
  6. Submit the required documents, such as age proof, identity proof, and address proof.
  7. Once your application is approved, you will receive the policy document via email.

Alternatively, you can also visit any SBI Life Insurance branch or get in touch with a financial advisor to apply for the plan.

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