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SBI Life e-Shield - Increasing Cover

Objective

This is an online increasing cover policy that aims to provide financial security to nominees in case of death of the insured. The policy protects beneficiaries from inflation and supports rising standard of living.


What does it do?

The policy increases sum assured by 10 percent after every five years of the  policy. Nominee will receive increased sum assured in case of policyholder’s death.
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. Accidental Death Benefit will not increase with time.
The policy does not pay 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.
Optional Accidental Death Benefit widens the scope of coverage.


Suited for

This policy is suitable for those who expect an increase in responsibilities, a raise in standard of living or those who wish to negate the impact of inflation on their insurance cover.


Our View

A pure risk term plan is a definite buy for everyone. If you think your insurance needs will increase with time, you can buy this policy.
Accidental Death Benefit is a valuable feature but it cannot substitute a standalone Personal Accident policy. A standalone policy covers against Accidental death and disability. Disability is a more severe condition with little or no income and higher expenses for medical treatment of the disabled. If you are looking for accidental protection, standalone accidental policy is a better option.

Eligibility
Entry Age (years) 
Minimum18
Maximum60
Maximum Maturity Age (years)70
Policy VariantsIncreasing Cover
Increasing cover with Accidental Death benefit
Policy Term (years) 
Minimum10
Maximum30
Sum Assured (Rs) 
Minimum20,00,000
MaximumNo Limit
Minimum Premium (Rs) 
Yearly3500
Premium Payment FrequencyYearly
Premium Payment TermSame as Policy term
Policy CoverSum Assured increases by 10% after every 5th year.
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.
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
10NA350538805253722410781163402472938805
15NA3688439761859017135842074032184NA
203588414052697700113881727226788NANA
2539724852654496561442922184NANANA
304552588581571213718409NANANANA
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 Increasing Cover with Accidental Death Benefit
Policy Term (in years)Age (in years)
202530354045505560
104884502454006773874412301178602624938805
15490452085917770510537151042226033704NA
205108566067889220129081879228308NANA
25549263728064111771594923704NANANA
3060727404967613656.105375578519929NANANANA
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
10NANA3548437655567777117411771626964
15NANA37974868663297721475622620NA
20NA36774308580883161233618837NANA
2535804108511271891043315692NANANA
30394447646252892013165NANANANA
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 Increasing Cover with Accidental Death Benefit
Policy Term (in years)Age (in years)
202530354045505560
10474849165068589670769296132601923628484
1547724948531763888152112921627624140NA
20486851975829732898361385620357NANA
2551015628663287091195317212NANANA
305465628477721044014684NANANANA
Indicative premiums for healthy non-smoking individual for Rs 40 lakh sum assured. Premiums are exclusive of service tax and cess.

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