SBI Life – eIncome Shield

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.

What are Term Life Insurance Plans?

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

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.

Features of SBI Life’s eIncome Shield

  • Complete financial aid for a family in an unfortunate eventuality like death
  • Four benefit options to choose from
  • Choice of monthly income (up to 100% of your current monthly income)
  • The yearly increase of monthly income based on the benefit option chosen
  • Simplified and easy procedure for online enrolment

Benefits of SBI Life’s eIncome Shield

  • Flexibility: SBI Life’s eIncome Shield plan gives the flexibility to choose from four benefit options. Here are the benefit options available under the plan. Benefits are paid out on a monthly basis on the unfortunate eventualities of policyholder’s death for the balance policy term.

    • Benefit option B: Monthly income will increase at a simple rate of 3% on every policy anniversary.
    • Benefit option C: Monthly income will increase at a simple rate of 5% on every policy anniversary.
    • Benefit option D: Monthly income will increase at a simple rate of 10% on every policy anniversary.
  • Death benefit: In the event of the untimely demise of the policyholder, the benefit under the plan can be availed as lump sum benefit as well as monthly income benefit. Depending on the benefit option chosen, 12 times the available monthly income will be paid immediately as a death benefit. And the remaining amount of sum assured is paid out in monthly form for the four years from the date of occurrence of death. The monthly income pay-out will increase in accordance with the benefit option chosen.

    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

  • Tax Benefit: For the premium paid every year on SBI Life’s eIncome Shield, tax deduction can be claimed under Section 80C of the Income Tax Act, 1961. Also, the lump sum benefit paid out on death under this plan are exempt from income tax as per Section 10 (10D) of the Income Tax Act.

Eligibility Criteria for SBI Life’s eIncome Shield

Eligibility conditions Minimum Maximum
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 range
Rs. 4,500
Rs. 500
No limit
Premium paying term Same as the policy term

Premium Illustration for SBI Life’s eIncome Shield

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
Plan B 13,394 18,000
Plan C 16,447 30,000
Plan D 22,939 60,000
Smoker, male Plan A 13,233 0
Plan B 20,409 18,000
Plan C 25,196 30,000
Plan D 35,396 60,000
Non-smoker, female Plan A 6,773 0
Plan B 10,025 18,000
Plan C 12,205 30,000
Plan D 16,833 60,000
Smoker, female Plan A 9,670 0
Plan B 14,653 18,000
Plan C 17,983 30,000
Plan D 25,060 60,000

Who should buy SBI Life’s eIncome Shield plan?

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.

When should you buy SBI Life’s eIncome Shield?

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 enrolment process for SBI Life’s eIncome Shield

The plan has a simple and easy process for enrolling. The plan can be availed in a few steps:

  • Choose your monthly income needed for the family, select benefit option and policy term.
  • Fill in the application online with all the relevant details such as personal details, health, nominee details etc.
  • Upload your self-attested KYC documents
  • Make payment through your credit card/debit card/ internet banking.

Documents required for buying SBI Life’s eIncome Shield

  • PAN Card is mandatory
  • Identity proof: PAN card/Driving license/Passport/Voter’s ID card etc.
  • Age proof: School certificate/Passport/Birth certificate/driving license/PAN card etc.
  • Address proof: Bank account statement/Electricity bill/telephone bill/Passport/Aadhaar card, etc.
  • Income proof: Employer certificate/IT return

Rebate on the large sum assured

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%

Surrender of SBI Life’s eIncome Shield

There is no surrender benefit available under SBI Life’s eIncome Shield plan.

Loan facility on SBI Life’s eIncome Shield plan

There is no loan facility available under SBI Life’s eIncome Shield plan.

Exclusions in 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.

Yes. You can revive your lapsed SBI Life’s eIncome Shield plan within two years from the date of first unpaid premium. If the premium payment is not done within the grace period, policy gets lapsed.

Did you find this Information useful, Please rate us