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eShield FAQ

24 questions, 1 categories

What is SBI Life – eShield?


SBI Life - eShield is an Individual, Non Linked (Traditional), Non Participating, Online pure term plan. It provides financial protection to your family.

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What are the benefit structures offered under the product?


There are two benefit structures available under the product:

Level Cover Benefit: Under this structure, the sum assured would remain level throughout the Policy term i.e. the sum assured remains the same through the policy term.

Increasing Cover Benefit: Under this structure, the sum assured would increase at the simple rate of 10% at the end of every 5th policy year.
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What are the entry age/maturity age criteria?


Minimum entry age: 18 years last birthday.

Maximum entry age:
  • For Level cover: 65 years last birthday.
  • For Increasing cover: 60 years last birthday.

Maximum Maturity age:
  • For Level cover: 80 years last birthday.
  • For Increasing cover: 75 years last birthday .
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What is the minimum and maximum policy term?


Minimum Policy term:
  • For Level cover: 5 years
  • For Increasing cover: 10 years

Maximum Policy term:
  • For Level cover:80 years less Age^at Entry
  • For Increasing cover: 75 years less Age^ at Entry
^All the references to age are age as on last birthday.
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What are the criteria for sum assured?


Minimum sum assured: Rs. 35, 00,000

The basic sum assured can be selected in multiples of Rs. 1,00,000 only.


Maximum sum assured:

No limit. It would depend upon board approved underwriting policy.

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What are the premium criteria?


The minimum premiums (exclusive of applicable taxes and underwriting extra) are:

 

For Yearly mode: Rs 2,779

For Half – Yearly mode: Rs 1,418

For Quarterly mode - Rs 723

For Monthly mode: Rs 237

 

Maximum premium: It would depend upon the sum assured being offered, as per Board approved underwriting policy .

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Why should you buy SBI Life - eShield?


SBI Life – eShield provides:

a) Security for your family at an affordable cost

b) Easy and seamless online process for securing life cover

c) Two benefit structure of Level Cover and Increasing Cover, providing protection as per your need.

d) Inbuilt Accelerated Terminal Illness Benefit under both the benefit structure

e) Rewards you with lower premium if you are a non smoker.

f) Option to enhance your coverage through following riders:

  • i. SBI Life – Accidental Death Benefit Rider (UIN: 111B015V02)
  • ii. SBI Life – Accidental Total & Permanent Disability Benefit Rider (UIN: 111B016V02)

g) Option to avail Medical Second Opinion service by Mediguide India which enables you, to receive second opinion of your diagnosis and treatment plans by another doctor

h) Tax benefits* as per prevailing norms under the Income Tax Act, 1961.


*Tax benefits are as per Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

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What is Accelerated Terminal Illness benefit?


Under both the benefit structures–‘Level Cover Benefit’ and ‘Increasing Cover Benefit’, Accelerated Terminal Illness benefit is available as an inbuilt benefit.


Terminal illness is an accelerated benefit to the death cover provided. On the life assured being diagnosed with terminal illness during the policy term, the benefit equal to death benefit would be paid provided the policy is in-force. The policy will terminate as a result of a Terminal illness claim.


Terminal illness is defined as the conclusive diagnosis of an illness that is expected to result in the death of the life assured within 180 days. Such diagnosis of terminal illness should be by the opinion of two appropriate independent medical practitioners specializing in treatment of such illness. Medical practitioners should be registered with the Indian Medical Association and approved by the Company. Further, the Company reserves the right for independent assessment.

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What is Medical Second Opinion?


Medical second opinion is a service which enables life assured, to receive second opinion of their diagnosis and treatment plans by another doctor.


This will help you to get medical second opinion from World Leading Medical Centers which can provide important peace of mind and can enable you to make informed decisions about your health and treatment plan. In consultation with your doctor, it may even lead to the pursuit of a new treatment plan administered locally.


The service of medical second opinion is available to all the policyholders under both the benefit structures viz. Level Cover Benefit and Increasing Cover Benefit, provided the policy is in-force.


The Life Assured may request a Medical Second Opinion under most circumstances, with the following exceptions:

  • a) Life Assured has not received a diagnosis
  • b) Life Assured has not been evaluated by a treating physician within the last 12 months
  • c) Life Assured has developed an acute or life threatening condition
  • d) Physical evaluation of the Life Assured is required
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What is Effective Sum Assured?


The effective sum assured is the applicable sum assured for a particular policy year.


Where, Effective Sum Assured for Level Cover Benefit as on date of death will be the initial sum assured opted and Effective Sum Assured for Increasing Cover Benefit as on date of death will be initial sum assured opted increased at simple rate of 10% at the end of every 5th policy year prior to the date of death.

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Explain the Benefit Structures and the Death benefit offered under each of them.


Level Cover Benefit:
  • a) Under this structure, the sum assured remains same throughout the policy term.
  • b) You get protection against Terminal Illness
  • c) During the policy term, on unfortunate death or diagnosis of terminal illness, whichever is earlier, “Sum assured on Death” is paid and the policy terminates.

Where the “Sum assured on Death” is higher of the following:

  • i) 10 times the Annualised premium, or
  • ii)105% of all the premiums paid as on date of death, or
  • iii)Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured as on the date of death

Annualised premium means the premium payable in a policy year, excluding underwriting extra premiums and loadings for modal premiums, if any.


Effective Sum Assured for Level Cover Benefit as on date of death will be the intial sum assured opted.

Increasing Cover Benefit
  • a) Under this structure, the sum assured automatically increases by simple rate of 10% at the end of every 5th policy year
  • b) The sum assured applicable as on the date of death is called the ‘Effective Sum Assured’ and is equal to sum assured increased at simple rate of 10% at the end of every 5th policy year prior to date of death
  • c) The premium remains constant throughout the policy term.
  • d) During the policy term, on unfortunate death or diagnosis of Terminal Illness, whichever is earlier, the ‘Sum Assured on Death’ for that policy year is paid and the policy terminates.

Where the “Sum assured on Death” is higher of the following:

  • i) 10 times the Annualised premium, or
  • ii) 105% of all the premiums paid as on date of death, or
  • iii) Absolute amount assured to be paid on death, which is equal to the Effective Sum Assured as on the date of death

Annualised premium means the premium payable in a policy year, excluding underwriting extra premiums and loadings for modal premiums, if any.


Effective Sum Assured for Increasing Cover Benefit as on date of death will be initial sum assured opted increased at simple rate of 10% at the end of every 5th policy year prior to the date of death.

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Explain Maturity Benefit under this product?


There is no maturity benefit available under this product
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What are the riders offered under this product?


The following riders can opted under this product.

  • (i) SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02)
  • (ii) SBI Life - Accidental Total & Permanent Disability Benefit Rider (UIN:111B016V02)
Particulars Accidental Death Benefit Rider Accidental Total and Permanent Disability Benefit Rider
Min Age at Entry 18 Yrs 18 Yrs
Max Age at Entry 65 Yrs 65 Yrs
Max Maturity Age 70 Yrs 70 Yrs
Rider Term Min: 5 years ; Max : 30 years
Rider policy term can’t be higher than
policy term of the base product
Min: 5 years ; Max : 30 years
Rider policy term can’t be higher than
policy term of the base product
 

(i) SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02)

Min Sum Assured:Rs. 25,000/-

 

Max Sum Assured: Rs. 50 lakh (Note: The Rider SA cannot be more than the basic SA)


Definition:

An accident is a sudden, unforeseen and involuntary event caused by external and visible and violent means.


Benefits:

The rider sum assured is paid on death due to accident before the end of the policy term.


(ii) SBI Life - Accidental Total & Permanent Disability Benefit Rider (UIN:111B016V02)

Min Sum Assured:Rs. 25,000/-

 

Max Sum Assured:Rs. 50 lakh (Note: The Rider SA cannot be more than the basic SA)


Definition:

Accidental Total and Permanent Disability benefit is the condition in which the life assured becomes incapacitated and as a result, not able to earn an income from any work, occupation or profession for the rest of life. Disability must be caused solely and directly by external, violent, unforeseeable and visible means, occurring independently of any other causes. The permanence of the disability will only be established 180 days following the date of the event causing the disability. Total and permanent disability also includes the loss of both arms, and both legs, or one arm and one leg, or both eyes. Loss of arms or legs means dismemberment by amputation of the entire hand or foot. Loss of eyes means entire and irrecoverable loss of sight.

Benefits: Total Permanent Disability (TPD) rider sum assured is paid on total & permanent disability due to accident before the end of the policy term and the cover under this rider will cease.

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What are the premium payment modes available?


The Premiums can be paid in Yearly mode, Half yearly mode, Quarterly mode or Monthly mode
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Is Minor Nominee Allowed?


Yes, minor nominee is allowed.
However, an appointee (major) has to be provided for the minor nominee.
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What will the beneficiary get in case of claim made due to suicide?


If the life assured commits suicide within one year

a) From the date of inception of the policy, whether sane or insane at that time, the nominee or beneficiary will be entitled to 80% of the premiums paid, provided the policy is in force.

b) From the date of revival of the policy, the nominee or beneficiary will be entitled to higher of 80% of the premiums paid till the date of death or the surrender value, provided the policy is in-force.

After paying the benefit as stated above, the contract will be terminated and hence no further benefit would be payable.

The premium to be considered for the purpose would be the base premium only. Extra premiums, Rider Premiums if any, would not be considered for refund.

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What is the grace period under the product?


Grace Period is the extra time provided for payment of premiums. We offer you 30 days grace period from the premium due date for yearly,half-yearly and quarterly mode of premium and 15 days for monthly mode of premium. The policy will remain in force during grace period and will lapse thereafter if no premium is paid.

The above grace period will also apply to the rider premiums.

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If premium is not paid on time, how will it affect the policy?


If premiums are not paid within the grace period the policy will lapse. The policy may be reinstated for full benefits within two years from the date of the first unpaid premium. However, the life cover during the lapsed period would not be available. The riders also lapse along with the base cover.
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What are the conditions for reviving the policy?


The policy may be reinstated for full benefits with or without riders, within revival period of two years from the date of the first unpaid premium. The reinstatement will be considered on receipt of written application along with the proof of continued insurability of life assured and on payment of all overdue premiums with interest. The interest will be charged at a rate declared by the company from time to time. Any reinstatement of rider(s) will be considered along with reinstatement of the base policy and not in isolation
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Can a loan be taken under this Product?


Loan is not available under this product.
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Explain Surrender Benefit under this product?


There is no surrender benefit available under this product
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What are the Tax benefits?


Payable – you are liable to pay Applicable Taxes and/or any other statutory levy/ duty/ surcharge, at the rate notified by the Central Government/ State Government / Union Territories of India from time to time, as per the provisions of the prevalent tax laws on basic premium, rider premiums (if any) and any other charge as per the product features.
Benefit – Income tax benefit/deduction is available under section (u/s) 80C of the Income Tax Act, 1961 ("Act).

Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

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What is free look cancellation?


You have the option to review the terms and conditions of policy within 30 days of receipt for policies sourced through Distance Marketing. In case you disagree with the terms and conditions, you can return the policy stating the reason for objection. Premiums paid by you will be refunded after deducting stamp duty and cost of medical expenses incurred, if any. The proportionate risk premium for the period of cover will also be deducted.
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After getting the policy what things I should take care of?


Keep in mind the following points after purchasing the policy to enjoy the full advantages:
  • i. Never ever forget to pay your renewal premium which is very important to keep your policy inforce and to enjoy the benefits whenever the need arise.
  • ii. Do notify the Company if there is a change of address, phone/ mobile number etc.
  • iii. Do inform about the policy that you have taken, to your family members so that they are aware of it and don’t lose the benefits for which you have acquired this policy.
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