SBI Life eShield Next Plan Review, Benefits, Eligibility and more: Term plans give the policyholder the option to increase the sum assured on life events such as marriage, becoming a parent or buying a new home. Similarly, the policy also gives an option to increase the sum assured as per the inflation rate. Let us know in detail about this plan.
SBI Life keeps on launching new insurance plans with the changing times keeping in mind the needs of its customers. And always tries to do something new for its customers. SBI Life has launched a term insurance policy called eShield Next, which gives you the option to modify the plan as per your changing needs.
SBI Life eShield Next Plan Review
SBI Life eShield Next Plan is a non-linked, non-participating pure risk term life insurance plan that offers high insurance coverage at very affordable premium rates. This is an online plan. This insurance plan provides financial security to the family of the insured against any eventuality. Apart from this, this plan also provides tax benefits to the insured.
SBI Life eShield Next Plan Option
In SBI Life eShield Next plan, you get to choose from three plan options:
Level Cover: In this the absolute sum assured paid on death remains the same throughout the term of the policy.
Increasing Cover: The Absolute Sum Assured paid on death increases annually by 10% of the Sum Assured after the 5th policy year. It grows up to 100% of the Basic Sum Assured.
Level Cover with Future Proofing Benefit: The insured has the option to increase the cover with important life stages like marriage or any medical test etc.
| Life stages | Increase in Sum Assured on Death |
|---|---|
| on first marriage | 50% of Basic Sum Assured |
| first child at birth or adoption | 25% of Basic Sum Assured |
| birth or adoption of a second child | 25% of Basic Sum Assured |
| buying a house | 50% of Basic Sum Assured |
SBI Life eShield Next Plan Eligibility Criteria
| Name of Insurance: | SBI Life – iShield Next Plan |
| Entry Age (Minimum): | Hall Life: 45 Years Beyond Hall Life: 18 Years |
| Entry Age (Maximum): | Level Cover, Increasing Cover, Level Cover with Future Proofing Benefit for: Single & Limited Premium: 65 Years Regular Premium: 60 Years Better Half Benefit: 55 Years |
| Basic Sum Assured (Minimum): | Taken online (from the company’s website) and web aggregators: Rs 50,00,000 Taken through other distribution channels: Rs 75,00,000 |
| Basic Sum Assured (Maximum): | For Non Smoker : No Limit For Smoker: 99,00,000 |
| Premium Payment Mode: | Single, Monthly, Half Yearly, Yearly |
| Maturity Age (Maximum):- | Single and Regular Premium: 85 years Limited Premium Hall Life: 100 years Other than Hall Life: 85 years |
| Official website:- | www.sbilife.co.in |
SBI Life eShield Next Plan Features
Key features of SBI Life eShield Next plan are as follows:
- It comes with three life cover options Level cover, Increasing cover and Level cover with future proofing benefit.
- Terminal Illness option is available for all policy options.
- SBI Life eShield Next Pure Risk is a term insurance plan.
- This is an online life insurance plan.
- It offers high insurance coverage at affordable premium rates.
- You can pay the premium as per your requirement . It has different options to pay the premium, such as lump sum, limited term or the entire policy term, etc.
- There are other rider options available under this plan which provide additional coverage.
SBI Life eShield Next Plan Benefits
Death Benefit
Depending on the plan option chosen by the insured, the nominee or beneficiary of the insured receives the death benefit, provided the policy is in force on the date of death of the insured.
In case of death of the life assured during the policy term, the Sum Assured on Death payable is as follows:
For Regular and Limited premium payment, the beneficiary of the insured will receive the highest of the following Sum Assured:
- 10 times the annualized premium
- 105% of the total premium amount received till the date of death
- Full amount to be paid at the time of death
For a single premium payment, the beneficiary of the insured will receive the highest of the following Sum Assured:
- 1.25 times of single premium
- Full amount to be paid at the time of death
The absolute amount to be paid at the time of death depends on the plan option chosen by the insured at the time of purchasing the policy. which is like this:
| Plan option | Full amount to be paid on death |
|---|---|
| Level cover | Some assured |
| Increasing cover | Eligible for enhanced benefit till death along with Basic Sum Assured on the date of death |
| Level cover with future proofing benefit | Basic Sum Assured + Additional Sum Assured till the date of death |
Maturity Benefit
No maturity benefit is available under this plan.
Terminal Illness Benefit
If the insured develops a terminal illness during the policy term or before the age of 80 years (whichever comes first), the benefit will be payable subject to a maximum amount of Rs.2,00,000,000 as on the date of illness. Terminal Illness Benefit can be paid in any of the modes i.e. lump sum, monthly installments or lump sum + monthly installments.
Paid-Up Benefit
There is no pad up benefit available for regular premium in this plan.
In case of Limited Premium, if full premiums are paid for at least 2 years and then no further premiums are paid, the policy becomes Reduced Pad Up.
In case of death of the life assured during the policy term, ‘Sum Assured on Paid-up’ will be given to the nominee/beneficiary as death benefit.
Pad up Sum Assured subject to a maximum of Rs 2,00,000,000 will be given in case of critical illness to the insured during the policy term or before the age of 80 years (whichever comes first) .
Better Half Benefit
This option is designed to provide adequate coverage for the life assured’s spouse in the absence of the insured. This optional benefit is available with all the plan options offered under this insurance. And this benefit can be opted for at the inception of the policy itself. If the policyholder is married, then the age difference between his/her spouse should be less than or equal to 10 years.
If the life assured dies before the end of the policy term, and is survived by his/her spouse, he/she gets the following benefits:
- Spouse’s insurance starts from the date of death of the insured.
- Once the life cover starts on the life of the life assured’s spouse, it continues for the rest of the policy term. Which is chosen at the time of buying the policy.
- A sum assured benefit of Rs 25,00,000 is provided on the death of the spouse or diagnosis of critical illness.
- This benefit will be paid in a lumpsum, irrespective of the death benefit payment mode chosen by the insured under the plan.
- After the death of the life assured, no future premium is payable under the policy.
Riders of SBI Life eShield Next Plan
The following riders can be chosen by the policyholder at the inception of the policy:
- SBI Life – Accidental Death Benefit Rider
- SBI Life – Accident Total & Permanent Disability Rider
Grace Period
A grace period of 30 days is available for half-yearly and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse. This grace period is also applicable for rider premium payments.
Surrender Benefit
- No surrender benefit is available for regular premium payment.
- In case of single premium, the policyholder has the option to surrender the policy at any time during the policy term. 70% of the single premium is given as surrender value.
- In case of limited premium payment, the surrender value is valid if premiums have been paid for 2 consecutive years.
Revival
If the premium is not paid within the grace period, the policy lapses. Provides an option to revive this policy but within 5 consecutive years. It means from the date of your first unpaid premium, and it can be revived only before the maturity date.
Free look period
Policyholders have the option to renew the terms of the policy within 30 days from the date of receipt of the policy for online channels (digital marketing and electronic policies) and within 15 days for any other channel. Further, if an insured is not satisfied with the terms and conditions of the policy, he/she may return the policy to the Company for the purpose of cancellation within the free look period, mentioning the reasons for such action.
The Bottom Line:
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