Below mentioned are some of the benefits of SBI Life eShield plan:
1. Multiple Cover Benefits: SBI Life eshield plan comes with two benefit cover options which are Level Cover and Increasing Cover. Under the level cover benefit option the protection amounts remain the same throughout the policy term and in case of an unforeseen demise of the life assured, death benefit is provided to the nominee. Under the increasing coverage benefit option, the protection amount automatically increases by 10% at every 5th policy year and in case of an unforeseen demise of the life assured during the policy tenure, a death benefit for that policy year will be provided to the life assured.
2. Accelerated Terminal Illness Benefit: SBI Life eShield plan provides in-built accelerated terminal illness benefit with both benefit structures of the plan. Under this benefit a lump sum amount which is equal to the death benefit shall be provided to the life assured in case he/she is diagnosed with a terminal illness during the policy tenure. After the terminal illness claim has been made, the policy shall terminate. The benefit amount will only be provided if the premiums are paid on time and the policy is still active.
3. Medical Second Option: This plan also provides medical second opinion wherein the life assured can consult other doctors for second opinion for the diagnoses of an illness or treatment plan during the policy term. Medical second opinion is available for both the benefit cover options available under SBI Life eShield plan.
4. Availability of Riders: Under SBI Life eShield plan the life assured has the flexibility to choose from 2 different riders available under the term plan. The different riders are Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider. Either of the riders can be purchased at the time of policy issuance. The rider policy term shall be equal to the base policy term. These riders can be purchased with an additional premium to increase base cover of the term plan.
Tax Benefits: Under this plan one can avail tax benefits also. Premiums paid towards SBI Life eShield qualify for tax deduction under Section 80C of the Income Tax Act,1961.
Key Inclusions and Exclusions of the Plan
- Unforeseen Demise
- Terminal Illness
- Accidental Death
- Accidental Total or Permanent Disability
What's Not Included
- SBI Life eShield plan does not cover death due to suicide. In case the life assured passes by commiting suicide within first 12 months from the date of policy issuance, the nominee shall receive 80% of the total premium paid till the date of life assured’s demise. After the mentioned benefit amount has been paid the policy shall be terminated.
FAQs on eShield Health Insurance Plan
What are Features of SBI Life eShield plan?
Following are some key features of SBI Life eShield plan:
- Provides financial assistance to the family of the life assured during difficult times
- Offers two benefit covers namely Level cover and Increasing Cover
- In-built Accelerated Terminal Illness Benefits
- Flexibility to choose from two different riders available
- Avail Medical Second Opinion service
What are the different benefit structures under SBI Life eShield plan?
There are two different benefit structures offered with the SBI Life eShield plan, which are Level Cover and Increasing Cover.
Does this plan provide maturity benefits?
No, SBI Life eShield plan does not provide any maturity benefits.
What are the riders available for the SBI Life eShield plan?
Under SBI Life eShield plan you can add from any of the following riders to enhance the base coverage of your term plan:
- SBI Life - Accidental Death Benefit Rider
- SBI Life - Accidental Total and Permanent Disability Rider
What is the Accelerated Terminal Illness Benefit under the SBI Life eShield plan?
Under accelerated terminal illness benefit, the life assured will be provided a benefit amount equal to the death benefit in case he/she is diagnosed with a terminal illness during the policy term.