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What is SBI Life – eShield?
SBI Life eShield Product RelatedWhat are the benefit structures offered under the product?
SBI Life eShield Product RelatedWhat are the entry age/maturity age criteria?
SBI Life eShield Product RelatedWhat is the minimum and maximum policy term?
SBI Life eShield Product RelatedWhat are the criteria for Basic sum assured?
SBI Life eShield Product RelatedWhat are the premium criteria?
SBI Life eShield Product RelatedWhy should you buy SBI Life - eShield?
SBI Life eShield Product RelatedWhat is Accelerated Terminal Illness benefit?
SBI Life eShield Product RelatedWhat is Medical Second Opinion?
SBI Life eShield Product RelatedWhat is Effective Sum Assured?
SBI Life eShield Product RelatedExplain the Benefit Structures and the Death benefit offered under each of them.
SBI Life eShield Product RelatedExplain Maturity Benefit under this product?
SBI Life eShield Product RelatedWhat are the riders offered under this product?
SBI Life eShield Product RelatedWhat are the premium payment modes available?
SBI Life eShield Product RelatedIs Minor Nominee Allowed?
SBI Life eShield Product RelatedWhat will the beneficiary get in case of claim made due to suicide?
SBI Life eShield Product RelatedWhat is the grace period under the product?
SBI Life eShield Product RelatedIf premium is not paid on time, how will it affect the policy?
SBI Life eShield Product RelatedWhat are the conditions for reviving the policy?
SBI Life eShield Product RelatedCan a loan be taken under this Product?
SBI Life eShield Product RelatedExplain Surrender Benefit under this product?
SBI Life eShield Product RelatedWhat are the Tax benefits?
SBI Life eShield Product RelatedWhat is free look cancellation?
SBI Life eShield Product RelatedAfter getting the policy what things I should take care of?
SBI Life eShield Product RelatedSBI Life - eShield is an Individual, Non Linked, Non - Participating, Life insurance Pure risk premium product. It provides financial protection to your family.
There are two benefit structures available under the product:
The basic sum assured can be selected in multiples of Rs. 1,00,000 only.
No limit. It would depend upon board approved underwriting policy.
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 .
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 structures
e) Rewards you with lower premium if you are a non smoker.
f) Option to enhance your coverage through following riders:
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.
Under both the benefit structures– ‘Level Cover Benefit’ and ‘Increasing Cover Benefit’, Accelerated Terminal Illness benefit is available as an inbuilt benefit.
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.
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:
The effective sum assured is the applicable sum assured for a particular policy year.
The 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.
Where the “Sum assured on Death” is higher of the following:
**Annualised premium shall be the premium amount payable in a year chosen by the policy holder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
^Total Premiums paid/recieived means total of all the premiums received excluding any extra premium, any rider premium and taxes.
Where the “Sum assured on Death” is higher of the following:
**Annualised premium shall be the premium amount payable in a year,chosen by the policy holder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
^Total Premiums paid/received means total of all the premiums received excluding any extra premium, any rider premium and taxes.
+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.
The following riders can opted under this product.
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 | 75 Yrs | 75 Yrs |
Rider Term | Min: 5 years ; Max : (75 less age at entry) years Rider policy term can’t be higher than policy term of the base product |
Min: 5 years ; Max : (75 less age at entry) years Rider policy term can’t be higher than policy term of the base product |
Min Sum Assured:Rs. 25,000/-
Max Sum Assured: Rs. 50 lakh (Note: The Rider SA cannot be more than the basic SA)
An accident means a sudden, unforeseen and involuntary event caused by external and visible and violent means.
The rider sum assured is paid on death due to accident before the end of the policy term.
Min Sum Assured:Rs. 25,000/-
Max Sum Assured:Rs. 50 lakh (Note: The Rider SA cannot be more than the basic SA)
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 and prove to the satisfaction of the insurer. 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.
The Premiums can be paid in Yearly mode, Half yearly mode, Quarterly mode or Monthly mode^^.
^^ For Monthly mode, upto 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) upto 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.
After paying the benefit as stated above, the contract will be terminated and hence no further benefit would be payable.
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.