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Home > Online Plans > SBI Life - eIncome Shield

SBI Life - eIncome Shield
(UIN : 111N105V01)

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Introduction
Key Features

Plan Snapshot
Benefits
 
  
Introduction:
 
Whether you work to live, or live to work, you rely on your income to maintain your lifestyle. Your income pays for all essential financial commitments in life like rent, mortgage, utility bills etc. More importantly, it also pays for your child’s school fees, EMI for a long term loan or lifestyle choices you make for yourself or your family. An unforeseen event can take this security of regular income away in a second. Therefore you need to secure yourself and your family against such unfortunate disruptions in your life.

Presenting SBI Life - eIncome Shield, an Online traditional, non-participating Pure Term Life Insurance/ Income Protection Plan, the shield that you need to protect your monthly income. Under this plan, a monthly income payout aims to replace a portion of your income on the unfortunate eventuality of death. Further, given that your monthly income requirement would increase under normal course of life, this plan provides you with an option of annual increase in your monthly payout.

So safeguard yourself and your family against any disruption of your monthly income and live life happily.
 

Key Features:
 
Flexibility to choose your monthly income.
 
Four Benefit Option# to choose from. Your Monthly Income increases every year at simple interest rate based on the Benefit Option chosen by you.
 
Immediate lump Sum payment of 12 times of the then applicable Monthly Income applicable at the time of claim
 
Monthly Income for a minimum of four years (48 payouts) irrespective of the year of death
 
Lower premium for female lives and non smokers.
 
Tax benefits as per the prevailing norms under the Income Tax Act, 1961
 
#Benefit option chosen at inception cannot be changed throughout the policy term
 

Plan Snapshot
 
Age1 at Entry Min : 18 years Max : 50 years
Age1 at Maturity Max : 60 years
Policy Term Min: 10 years Max: 35 years
Monthly Income Min: Rs 25,000 p.m. Max: No limit
(Subject to the Board approved Underwriting Policy)
(in multiples of Rs. 1,000)
Benefit Option Benefit Option Name Simple Interest Percentage applicable for annual increase in Monthly Income Benefit
Benefit Option A No Increase
Benefit Option B 3%
Benefit Option C 5%
Benefit Option D 10%
Monthly Income Payout Term Outstanding Policy Term; the Monthly Income would be paid for a minimum of four years irrespective of time of death
Premiums* and Frequency Frequency Minimum Maximum
Yearly Rs. 4,500 No limit
Monthly2 Rs. 500 No limit
Premium Paying Term Same as Policy Term

1 All the references to age are - Age as on last birthday
* Premium shown above are excluding taxes, cess and underwriting extra. Taxes and cess are applicable as per the governing rules.
2The premiums for monthly mode as percentage of annual premium is 8.9% of annual premium. For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card). For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.

 

Benefits:
 
Death Benefit:
  Monthly Income Benefit:
The monthly income payouts will commence on the death of the life assured from the 1st day of the next policy month and will be payable for the outstanding period of the policy term. For policies where the outstanding policy term is less than 48 months, series of monthly income payouts will continue to be paid even after the end of the policy, till the 48th installment.

This benefit is payable as a series of monthly payouts and the nominee/ beneficiary would not be allowed to take discounted value of the future payouts as a lump sum.
 
  Lump Sum Benefit :
In addition to the monthly payouts, Lump Sum benefit amount equal to 12 times the then available monthly income will be payable immediately to the nominee/ beneficiary on death, as per the benefit option chosen.
 
Maturity Benefit: No maturity benefit is payable.
 
Tax Benefits:
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details:http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.

These are only the brief features of the plan. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
1Y.ver.01-04/16 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS.IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

 
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