Stay Protected with the SBI Life eShield Insurance Plan

The motivation behind purchasing a life insurance for anyone is to stay protected throughout their life, and to ensure the financial stability of their family after they are no longer there with them. Catering to this primary demand of the public, State Bank of India introduces the SBI Life eShield Insurance plan, one that meets all of your expectations out a life insurance policy, that too without breaking the bank.

SBI Life eShield: What Is It?

State Bank of India, with its life insurance policy SBI Life eShield aims to provide its all customers with an appropriate life insurance policy with tons of benefits, all at very affordable premium rates. SBI Life eShield is an individual life insurance plan, which is also non-linked and non-participating.

In plain English, non-linked means that the life insurance plan is not affected by the stock market rise and fall in any way at all. Non-participating means that the policyholder is not entitled to receive any profits from interests and/or dividends that the policy provider may gain, from the premiums paid.

Other important particulars relating to SBI Life eShield insurance policy:

Why Should You Buy SBI Life eShield?

SBI introduced the SBI Life eShield life insurance policy to target the young audiences and policy buyers who are looking for a life insurance plans that provides adequate, if not generous, life cover with basic benefits, that too at low premium rates that they wouldn’t mind paying for some 30 odd years. If you fall in the category of buyers looking for a life insurance policy with low and affordable premium, then SBI Life eShield is the policy you have been looking for.

Benefits of SBI Life eShield

A very big benefit of SBI Life eShield straight off the bat is that customers can now buy it online, with the minimum of documentation, and absolutely no hassle at all. Other benefits and Key Features of the SBI Life eShield Insurance plan are:

• SBI Life eShield life insurance policy gives all policyholders the benefit of paying yearly premiums. Also, all monetary gains from the policy is non-taxable, under Section 80D of the Income Tax Act.
• There are four variants of the SBI Life eShield life insurance plan, with as well as without accidental cover. This not only gives users a wider choice, but also helps them find a plan that suits their every need.
• The application filing and processing is fairly easy, and can also be initiated (and completed) online.
• In case of the demise of the policyholder, the person appointed as a nominee by the deceased is eligible to receive the sum assured from the SBI Life eShield insurance plan.
• If you purchase the Increasing Cover variant of the SBI Life eShield plan, then the sum assured is sure to increase by 10% of total after every five years.

Other Important Details

There are some key points relating to SBI Life eShield life insurance policy that one must know about before choosing the life insurance plan that works for them:

1. In case of delay in payment of premium, a grace period of 30 days from the date or premium payment is provided to the policyholder to pay off the premium.
2. Premium discounts are awarded to women policyholders, as well as those who do not smoke (men and women, both).
3. If you ever feel like the SBI Life eShield life insurance plan is not the one for you, then you may cancel the policy within 15 days of receiving the policy documents.

Exclusions

In case the policyholder commits a suicide within 12 months of the commencement or renewal of the SBI Life eShield plan, then the family of the deceased only receives 80% of total amount paid in premiums.

Also, death of the rider caused due to infections, drug abuse, war/civil mishaps and the like are excluded from the benefits of the policy.