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.
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.
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.
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.
Eligibility
Entry Age (years)
Minimum
18
Maximum
60
Maximum Maturity Age (years)
70
Policy Variants
Increasing Cover
Increasing cover with Accidental Death benefit
Policy Term (years)
Minimum
10
Maximum
30
Sum Assured (Rs)
Minimum
20,00,000
Maximum
No Limit
Minimum Premium (Rs)
Yearly
3500
Premium Payment Frequency
Yearly
Premium Payment Term
Same as Policy term
Policy Cover
Sum Assured increases by 10% after every 5th year.
Other Features
Free Look Cancellation
In 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 Period
A grace period of 30 days after premium due date is allowed.
Lapsed Policy Reinstatement
A lapsed policy may be revived within 2 years from the date of the first unpaid premium.
Tax Benefits
Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.
Exclusions
If 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
Address
Sbi 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 On
1800 22 9090
Cost Details
| Annual Premium Option for Men | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | NA | 3505 | 3880 | 5253 | 7224 | 10781 | 16340 | 24729 | 38805 |
| 15 | NA | 3688 | 4397 | 6185 | 9017 | 13584 | 20740 | 32184 | NA |
| 20 | 3588 | 4140 | 5269 | 7700 | 11388 | 17272 | 26788 | NA | NA |
| 25 | 3972 | 4852 | 6544 | 9656 | 14429 | 22184 | NA | NA | NA |
| 30 | 4552 | 5885 | 8157 | 12137 | 18409 | NA | NA | NA | NA |
| 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) | ||||||||
| 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 4884 | 5024 | 5400 | 6773 | 8744 | 12301 | 17860 | 26249 | 38805 |
| 15 | 4904 | 5208 | 5917 | 7705 | 10537 | 15104 | 22260 | 33704 | NA |
| 20 | 5108 | 5660 | 6788 | 9220 | 12908 | 18792 | 28308 | NA | NA |
| 25 | 5492 | 6372 | 8064 | 11177 | 15949 | 23704 | NA | NA | NA |
| 30 | 6072 | 7404 | 9676 | 13656.1053755785 | 19929 | NA | NA | NA | NA |
| 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) | ||||||||
| 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | NA | NA | 3548 | 4376 | 5556 | 7777 | 11741 | 17716 | 26964 |
| 15 | NA | NA | 3797 | 4868 | 6632 | 9772 | 14756 | 22620 | NA |
| 20 | NA | 3677 | 4308 | 5808 | 8316 | 12336 | 18837 | NA | NA |
| 25 | 3580 | 4108 | 5112 | 7189 | 10433 | 15692 | NA | NA | NA |
| 30 | 3944 | 4764 | 6252 | 8920 | 13165 | NA | NA | NA | NA |
| 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) | ||||||||
| 20 | 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | |
| 10 | 4748 | 4916 | 5068 | 5896 | 7076 | 9296 | 13260 | 19236 | 28484 |
| 15 | 4772 | 4948 | 5317 | 6388 | 8152 | 11292 | 16276 | 24140 | NA |
| 20 | 4868 | 5197 | 5829 | 7328 | 9836 | 13856 | 20357 | NA | NA |
| 25 | 5101 | 5628 | 6632 | 8709 | 11953 | 17212 | NA | NA | NA |
| 30 | 5465 | 6284 | 7772 | 10440 | 14684 | NA | NA | NA | NA |
| 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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