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SBI Life e-Shield - Level Cover

Objective

This is an online pure term insurance cover that aims to provide financial security to your loved ones after you.


What does it do?

This is a level cover policy in which the nominee will receive death benefit equal to sum assured on unfortunate death of the insured.
Applicant has an option to take an additional Accidental Death Benefit where the insurer will pay an extra sum over and above the basic sum assured, if death takes place due to an accident within 120 days of its occurrence. Accidental Death benefit will be equal to the basic sum assured upto maximum of Rs 50 lakh. The policy does not offer any surrender or maturity value if the insured survives the term.


Pros

This policy can be bought online.
Women and non-smokers can avail discount on premium.
It offers additional Accidental Death Benefit.


Suited for

A pure term policy is a definite buy for all. This policy is suitable for every applicant who is comfortable with buying insurance online.


Our View

Online policies pass on the low cost benefit to applicants in the form of low premiums. Accidental benefit offered by this policy can be bought as an added cover but it cannot replace a standalone Accidental policy because standalone policy provides disability benefits as well. You may take this policy without Accidental Death Benefit option and buy a separate Accidental policy.

Eligibility
Entry Age (years) 
Minimum18
Maximum65
Maximum Maturity Age (years)70
Policy VariantsLevel cover
Level cover with Accidental Death Benefit
Policy Term (years) 
Minimum5
Maximum30
Sum Assured (Rs) 
Minimum20,00,000
MaximumNo Limit
Minimum Premium (Rs) 
Yearly3500
Premium Payment FrequencyYearly
Premium Payment TermSame as Policy term
Policy CoverCover remains fixed for the tenure of the policy
Other Features 
Free Look CancellationIn case, you are not satisfied, you may choose to cancel the policy within 30 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace PeriodA grace period of 30 days after premium due date is allowed.
Lapsed Policy ReinstatementA lapsed policy may be revived within 2 years from the date of the first unpaid premium subject to satisfactory proof of insurability as required by the company.
Tax BenefitsSection 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
ExclusionsIf the life assured commits suicide within one year from the risk commencement date, whether sane or insane at that time,
the nominee will be entitled to 80% of the premiums paid, the policy will be void and no claim will be payable. If the life assured commits suicide within one year from the reinstatement date if reinstated, whether sane or insane at that time, the policy will be void and no claim will be payable
Customer Service 
AddressSbi Life Insurance Co. Ltd. Registered & Corporate Office: Natraj, M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai – 400 069
Mail To[email protected]
Call On1800 22 9090
Annual Premium Option for Men
Policy Term (in years)Age (in years)
202530354045505560
10NANA37605080693710296155882354836881
15NANA410057208240123521882129105NA
20NA37734697677399051494023085NANA
2535534228554580691193218228NANANA
30390448766573964014461NANANANA
Indicative premiums for healthy non-smoking individual for Rs 40 lakh sum assured. Premiums are exclusive of service tax and cess.
Annual Premium Option for Men for Level Cover with Accidental Death Benefit
Policy Term (in years)Age (in years)
202530354045505560
104812494837606600845711816171082506838401
1547565016562072409760138722034130625NA
204884529362178292114251646024605NANA
2550725748706595891345219748NANANA
305424639680931116015981NANANANA
Indicative premiums for healthy non-smoking individual for Rs 40 lakh sum assured. Premiums are exclusive of service tax and cess.
Annual Premium Option for Women
Policy Term (in years)Age (in years)
202530354045505560
10NANANA425753687456112091689725660
15NANA35804552611689201341720513NA
20NANA3909518472881071616281NANA
25NA365644296096870112952NANANA
30NA40605149718910433NANANANA
Indicative premiums for healthy non-smoking individual for Rs 40 lakh sum assured. Premiums are exclusive of service tax and cess.
Annual Premium Option for Women for Level Cover with Accidental Death Benefit
Policy Term (in years)Age (in years)
202530354045505560
10468048414988577668888976127291841727180
1546324801510060727636104401493722033NA
20465649235428670488081223617801NANA
2547725176594976161022114472NANANA
30497755806669870911953NANANANA
Indicative premiums for healthy non-smoking individual for Rs 40 lakh sum assured. Premiums are exclusive of service tax and cess.