Millennials are always on the run. They’re a generation that knows how to move with the times. However, moving on can have them miss out on ensuring that all their wants are met. Like every generation, millennials also experience the need to settle down, to start a family, or to better their residential options. As millennials level up their lifestyle with time, their demands would keep growing too.
What is a level up?
As you grow in life, you take up more responsibilities. For example, when you get promoted, when you get married or have a child, or purchase a house, you level up in life. As life progresses, the desire goal and the respective accompanying responsibilities increase. To handle them without worry, millennials can make the best of their insurance plans. But for millennials to meet all their requirements, a single cover may not suffice.
The SBI Life- eShield Next term insurance plan gives you a choice to increase the life cover as you level up. This ensures that you are covered at every stage in your life.
Choice of the plan type
SBI Life - eShield Next gives you the option of choosing the plan type at inception. You can opt for the Level Cover Benefit, Increasing Cover Benefit or Level Cover with Future Proofing Benefit.
In Level Cover Benefit, the absolute amount assured on death is the same throughout the policy term. Your nominee receives this amount if anything happens to you while the policy is in force.
In the Increasing Cover Benefit, the Absolute amount assured on death would increase by 10% p.a. (simple) of the Basic Sum assured at the end of every 5th policy year. This can help you cover your increasing responsibilities and counter inflation.
The Level Cover with Future Proofing Benefit is a novel option. It defines life stages where you level up (for example, marriage, the birth or adoption of a child or purchasing a house). At these stages, the sum assured will increase with no medical underwriting to help secure your goals and protect your dependents.
Death Benefit Payment Mod
You can choose the mode of payment of the death benefit according to your liabilities and your family’s needs.
Lump sum - The death benefit would be paid to your nominee as a lump sum. This can help clear any pending liabilities you may have.
Monthly instalments – 1.81% of death benefit is be payable every month for a period of 5 years. These instalments can act as a replacement to regular income.
Lump sum + Monthly instalments - 50% of the death benefit will be payable as lumpsum and 50% of the death benefit will be payable as monthly instalments.
Better Half Benefit Option
This option is designed to ensure that a sufficient coverage is available for your spouse in your absence.
These features can provide you with the peace of mind needed for pursuing your goals while securing your family. To know more about the plan’s features, please check our website.
These are only brief features of the product. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. For more details on riders, terms and conditions, exclusions, please read rider brochure.