SBI Life E-Shield Plan v/s Bajaj Allianz Life Smart Protect Goal Plan
Updated On May 11, 2021
Table of Contents
Today, term insurance has become essentially popular owing to its variety of benefits. Two of the most popular term insurance plans are SBI Life E-Shield Plan and Bajaj Allianz Life Smart Protect Goal Plan. In this article, we will help you compare these two plans on various aspects so that you can make an informed decision.
What is a Term Insurance?
Wondering what exactly is term insurance? Term insurance provides coverage for a specific term, that is, a certain number of years. In case the policyholder dies within that period, this plan provides a death benefit. The premium is usually calculated based on various factors like age, life expectancy, and health problems, of the policyholder.
SBI Life E-Shield Plan v/s Bajaj Allianz Life Smart Protect Goal Plan
The following are some of the highlights of the two-term insurance plans.
|
Term Insurance Details |
SBI Life E-Shield Plan |
Bajaj Allianz Life Smart Protect Goal Plan |
|
Time for Issuing |
16 Days |
9 Days |
|
Medical Type |
Physical Medical |
Tele Medical |
|
Maximum Coverage Up to |
80 years |
85 years |
|
Tax Benefit Availability |
Available |
Available |
|
Free-Look Period |
30 days |
30 days |
Important Factors to Consider While Purchasing These Term Plans
To make a better choice, it is imminent that you understand the phrases that were used above. It will help you get further insight into these plans. Here is more about them:
1. Issuance Time
The issuance time or time for issuing a particular term insurance plan is the number of days within which the particular policy will be issued to the policyholder after they make their payment. This is different for different policies.
The SBI Life E-Shield Plan has an issuance time of 16 days while it is 9 days for the Bajaj Allianz Life Smart Protect Goal Plan. The latter is a better choice in case you want your plan as soon as possible.
You may also like to read:- 10 Life Insurance Terminologies a Policyholder Should Know
2. Medical Type
It is very important to get a medical test conducted before you purchase a term insurance plan. A term plan can be highly subjective and may differ from person to person. Knowing the details of your current condition will help the insurance company create the best term plan for you.
SBI Life E-Shield Plan requires you to go through a physical checkup while the Bajaj Allianz Life Smart Protect Goal Plan approves of a telemedical checkup too. Depending on your choice and convenience, you may go for either. However, a physical medical might be a better choice if you have or suspect any severe medical conditions.
3. Maximum Coverage
As mentioned, the term of the policy may vary. However, there are a maximum number of years till which it can be valid. In this case, SBI Life E-Shield Plan can be availed for a maximum of 80 years. For the Bajaj Allianz Life Smart Protect Goal Plan, it is 85 years.
4. Tax Benefit
Under several sections of the Income-tax Act, health insurance policies are eligible for tax deductions. Section 80C of the Income Tax Act offers a maximum tax deduction of Rs. 1.5 Lakh, which applies to all term insurance policies. Thus, this is applicable to both of these plans.
5. Free-Look Period
The free-look period for any insurance lets you review the policy for a few days after purchase. If you cancel your policy within this period, you are eligible to get a full refund. This time is useful in case you feel the need to discuss the policy with other concerned parties. With both these plans, you get a free-look period of 15 days (and 30 days if the policy is purchased online) from the date of receipt of the policy.
Must Check
Also Read: How To Save Tax With Life Insurance?
Final Verdict
The final choice of which term insurance is the better option is highly subjective. Depending on your personal circumstances you may judge the two policies under the various fields of comparison that have been provided. In general, the Bajaj Allianz Life Smart Protect Goal Plan might prove to be a better option due to its lesser issuance time, more claim settlement ratio, and more coverage years.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
