SBI Life eShield Next Plan
SBI Life eShield Next is a new age protection plan that was introduced by SBI Life that enables you to take care of your present and future needs. With SBI Life eShield Next, you can strengthen your family’s financial defences in a constantly shifting environment. To protect your loved ones, SBI Life also provides eShield Next and multiple-term policies. In this plan, in the event of the policyholder’s passing, the policyholder’s family receives the entire benefit amount tax-free. The policyholder has three plan options to suit their protection needs: level cover, increasing cover, and level cover with future-proofing benefits.
Read on to learn more about the SBI Life Shield Next plan’s eligibility, features and benefits, exclusions, and more.
Here is the eligibility criteria for SBI Life eShield Next:
For Whole Life: 45 Years
For other than whole life: 18 years
· For the level cover, increasing cover benefit & level cover with future-proofing benefit:
Single premium & LLPT: 65 Years
Regular premium: 60 Years
· For better half benefit: 55 years
· Level Cover
· Increasing Cover
· Level Cover with Future proofing benefit
|Maximum Age at Matuirty|
Single Premium: 85 Years
Regular Premium: 85 Years
· Whole Life: 100 years
· Other than whole life: 85 years
|Basic Sum Assured (In Multiples of Rs. 1,00,000)|
For Online and web aggregator channels: Rs. 50, 00, 000
For another distribution channel: Rs 75, 00, 000
For Non-Smoker Lives: No Limit
For Smoker Lives: Rs. 99, 00, 000
|Premium payment mode||Single, yearly, half-yearly, and monthly|
Minimum: 5 years
Single premium (85 less age at entry) in years
Regular premium: (85 less age at entry) in years
Whole life: (100 less age at entry) in years
Other than whole life: (85 less age at entry) in years
Features & Benefits of SBI Life eShield Next
Listed below are the potential features and benefits of SBI Life eShield Next are as follows:
- Income Tax Benefit – The Maturity Proceeds are tax exempt under section 10(10)D subject to the fulfilment of terms and restrictions, and the Life Insurance Premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C.
- Level Cover: In this choice, the Basic Sum Assured selected at Policy Inception serves as the Effective Sum Assured.
- Level Cover with Accidental Death Benefit– The Basic Sum Assured selected at Policy Inception serves as the Effective Sum Assured in this option. Accidental Death Benefit has a built-in rider that provides for the payment of an additional Death Benefit in the event of an accident, up to the Basic Sum Assured or Rs. Fifty lakhs, whichever is less.
- Increasing Coverage—In this plan, the Basic Sum Assured, which rises by 10% simple interest after every fifth policy year without a premium increase, serves as the Effective Sum Assured.
- Death Benefit – The nominee receives the Effective Sum Assured as Death Benefit if the Life Insured passes away during the Policy Tenure.
Depending on the selected plan option, the Effective Death Benefit:
- When level cover choices are selected, Effective Sum Assured = Basic Sum Assured.
- Effective Sum Assured is the sum assured that, for Increasing Cover choices, increases by 10% every fifth policy year.
- Terminal Illness Benefit: The benefit equal to the sum assured on death as of the diagnosis date would be payable, subject to a maximum of Rs. 2,00,00,000 (for in-force policies), in the unfortunate event that the life assured was diagnosed with a terminal illness during the policy term or before attaining the age of 80, whichever is earlier.
- Grace Period: After the premium’s due date, there is a 30-day grace period for payment of the premium. The policy will be in effect during the grace period and expire if no additional premiums are paid.
- Freelook period: You can cancel the policy within 15 days of receiving the policy documents if you are unhappy with the coverage, terms, and conditions, provided there hasn’t been a claim.
- Additional features or riders: Discounts are offered to non-smokers and women applicants under the SBI Life eShield plan. These two groups of the population are eligible for a sizable discount.
What are the Exclusions Under SBI Life eShield Next?
There are some exclusions with regard to these life insurance plans; even though, like any other term insurance plan, your nominee would receive the sum promised in the case of your death. Exclusions are a mechanism for insurance companies to safeguard themselves in some circumstances that don’t fall within natural or accidental death categories. The nominee will only be entitled to 80% of the total premiums paid if the life insured commits suicide within 12 months of the policy’s beginning or revival.
There are also a few exclusions for the accidental death benefit rider. Your nomination will not be entitled to anything if an accident occurs as a result of something like criminal activity, war or civil unrest, self-inflicted injuries, drug misuse, or diseases.
What is the Functioning of SBI Life eShield Next?
Let’s take an example to understand!
Rajneesh, a 30-year-old software engineer, was looking for an insurance plan that could protect his family; he stumbled upon the SBI Life eShield Next and found it a great deal of investment to protect against uncertainties in life. Mr. Rajneesh, then decided to safeguard his family with this plan.
|Type of Plan||Premium frequency:||Premium payment option||Premium payment term||Policy term||Sum assured||Better half||Premium frequency yearly|
|Level Cover||Half-Yearly||Regular||5 years||5 years||75 lakhs||no||Rs. 7, 696 (excluding taxes)|
Frequently Asked Questions
Here is the list of the frequently asked questions related to SBI Life Shield Next plan.
Depending on your needs, you can choose between monthly, annual, or half-yearly premium payment options.
It is a useful strategy with three adaptable insurance possibilities to safeguard your loved ones as your obligations grow.
By accessing the SBI Life website and entering your account information, you can really pay your premium online. Select “Pay Premium Online” to make a quick, simple payment.