SBI Life Insurance Company is one of the key players in the Indian insurance domain. SBI Life Insurance Company is a result of the amalgamation of two well-known players in global financial domain, State Bank of India and BNP Paribas Cardif, S.A. The company has emerged as one of the best life insurance companies in India in recent years with its service quality, operational efficiency and product diversity. SBI Life Insurance Company offers versatile products offering protection and investment opportunity for all the customer segment. Products range from pure protection plan to pension plans and market-linked plans that can be customised as per the diverse needs of people across the country.
Term insurance plans are a basic, simple and pure form of insurance that is relatively cheaper in comparison to other insurance products. Term insurance plans the insurance products that provide financial protection to the insured’s family in an unfortunate event of his/her demise. Basically, term insurance plans provide life cover for a specific period of time. During that period, if the insured dies, benefits are paid out to the beneficiary. In case, policyholder survives the policy term, no benefit is payable to the insured. However, now there are term insurance plans designed to return the premium at the end of the term. Also, term insurance plans now are customisable with various optional features available.
SBI Life’s eIncome Shield is an online traditional, non-participating pure term life insurance plan with income protection benefit. This particular plan offers complete protection for the insured’s family in an unfortunate demise and helps them to meet their monthly needs with monthly income benefit. With various amazing features an option, SBI Life’s eIncome Shield is a perfect solution to avail financial security for the family.
For example, a non-smoker healthy person Mr Ram aged 30 years choose to buy SBI Life’s eIncome Shield plan with benefits option B. Let’s assume his current monthly income as Rs. 50,000 and he chooses to 100% of monthly income i.e. Rs. 50,000 as desired monthly income for his family for 30 years term. He would have to pay a yearly premium of Rs. 13,394.
Unfortunately, if Ram dies during the 10th policy year, below are the benefits payable.
Lumpsum benefit on death: 50,000*12 = Rs. 6, 00,000
Monthly income to be received by his family from the 11th policy year for the balance policy term i.e. 20 years would be = (Rs. 50,000 + 3% of Rs. 50,000) = Rs.51, 500
|Entry age||18 years||50 years|
|Maturity age||–||60 years|
|Policy term||10 years||35 years|
|Monthly income (in multiples of Rs.1000)||Rs. 25,000||No Limit|
|Monthly income pay-out term||Outstanding policy term; the monthly benefit is paid irrespective of insured’s time of death for the minimum of four years.|
|Premium payment frequency||Yearly/monthly (3 months premium needs to be paid in advance. Renewal premium payment can be made only through the electronic clearing system and standing instructions)|
|Premium paying term||Same as the policy term|
Below is the premium illustration with incremental payout details (after death) for individuals aged 30 years earning Rs. 50,000 as monthly income depending on lifestyle, gender and benefit option selected.
Policy term: 30 years
Desired monthly income: Rs. 50,000
|Lifestyle/gender||Benefit option||Yearly premium (in Rs.)||Incremental payout per year (in Rs.)|
|Non-smoker, male||Plan A||8,822||0|
|Smoker, male||Plan A||13,233||0|
|Non-smoker, female||Plan A||6,773||0|
|Smoker, female||Plan A||9,670||0|
SBI Life’s eIncome Shield is an ideal choice for every breadwinner of the family to shield the family against future uncertainties. If you are seeking complete protection life insurance plan that can replace your monthly income for your family even when you are not around, SBI Life’s eIncome Shield is the perfect option.
SBI Life’s eIncome Shield plan can be purchased anytime from 18 years of age to 50 years. It’s important to be protected against uncertainties in early life. Specifically, if you have dependents, it’s wise to shield your family before you turn 35 years.
The plan has a simple and easy process for enrolling. The plan can be availed in a few steps:
SBI Life’s eIncome Shield gives a discount on opting for a large sum assured. Here are the details of the discount available.
|Sum assured||% of premium|
|<Rs. 1 Cr||Nil|
|≥Rs. 1 Cr to <Rs. 2 Cr||16%|
|Rs. 2 Cr. and above||20%|
There is no surrender benefit available under SBI Life’s eIncome Shield plan.
There is no loan facility available under SBI Life’s eIncome Shield plan.
If the life assured, whether sane or insane, commits suicide within one year from the date of commencement of policy or from the date of revival, the policy shall be void. However, 80% of the total premium paid till the date of death intimation will be payable to beneficiary or nominee.
SBI Life’s eIncome Shield plan is a simple and easy way to avail complete financial protection for your family. Lump sum benefits with monthly income payout benefits is a major plus point of SBI Life’s eIncome Shield plan. With the option to customise your monthly income for the family, the plan helps you shield your family against uncertainties.
Yes. The policy can be cancelled within the free look period of 30 days from the date of purchase if you are not satisfied with the terms and conditions of the policy. Free look period is provided to review the policy that you have purchased. However, it’s important to state the reason for rejection or objection.
Yes. SBI Life’s eIncome Shield plan offers you 30 days ( for yearly premium frequency) and 15 days ( for monthly premium frequency) from the premium due date to make payments. The policy will stay in force until the end of the grace period.
Other SBI Life Protection (Term) Insurance & Health Insurance Plans