e-Shield Next SBI Life Insurance

With the SBI Life eShield Next Life Insurance Plan, you get the option to choose from 3 plan options depending on your budget, requirements, and other factors. 

• Level Cover Benefit

With this plan option, the basic sum assured remains the absolute amount assured on death. It remains level during the entire policy duration. Death benefit is paid as either an absolute amount assured, 10 times the annual premium, or 105% of your total premiums paid up to death, whichever is higher. 

• Level Cover with Future Proofing Benefit

This plan option ensures that, as your goals and financial needs change in life, you don't need to buy a new plan every time. Instead, with love covered with future benefits, your coverage aligns with your changing responsibilities. It allows you to manage your protection as per your life stages. With this option, the life assured may increase the absolute amount assured on death at certain life stages with no requirement for medical underwriting. 

For instance, 50% of the basic sum assured (SA) can be increased on the event of a first marriage. 25% of the sum assured on the live birth and adoption of each first and second child, and 50% of the sum assured on the house purchase. 

• Increasing Cover Benefit 

With this plan option, your coverage is on automatic increase mode, so that your insurance coverage grows in line with inflation and increasing responsibilities. Under this option, the absolute amount assured on death increased by 10% of the basic sum assured at the end of the 5th policy year. This provision is not applicable once the life assured reaches the age of 71. 

With the SBI Life eShield Next Life Insurance Plan, you also get to customise your plan in two modes. 

• Death benefit payment mode 

The death benefit paid to the nominee or beneficiaries will be revised according to the plan option. In case of untimely demise of the life assured during the policy term, the sum assured can be anything, 10 times the annual premiums, 105% of the total premiums paid till death, or the absolute amount assured, whichever is higher.

For single premium policies, the amount assured can be either an absolute amount or 1.25% of the single premium, whichever is higher. 

• Better half benefit option 

With this option in the SBI Life eShield Next Life Insurance Plan, you ensure your spouse has adequate coverage even when you're no longer around. This is an optional benefit that must be selected during policy inception. Additionally, ensure that the age difference between the life assured and their partner is equal to or less than 10 years. With this benefit, the spouse can avail of a lump sum payment. 
 

Feeling that you need to add more to your base plan to make it more comprehensive and well-balanced. With the SBI Life eShield Next Life Insurance Plan, you can easily do the same, thanks to access to a wide range of optional riders. From accidental death or partial permanent disability, you may add any rider that you feel makes your policy more well-suited to your requirements. 
 

One of the other prominent features of the SBI Life eShield Next Life Insurance Plan is that it helps you avail of a range of base and optional benefits. For instance, you get access to death and terminal illness. However, with a death benefit, you also have access to payment modes of your choice. A Lump Sum payout ensures that the beneficiary of the policy receives the death benefit in a single payment. With monthly instalments, a certain amount is payable every month, ensuring steady income. And then there is a lump sum plus monthly instalments, where 50% of the death benefit is payable monthly, and the rest is payable as a lump sum amount.

Another striking feature? The plan is suitable for all income groups. This means that, regardless of whether you are a salaried employee or a freelancer, you can choose your premium payment term to ensure you pay premiums based on your income. No payment dues, no stress over premium payment. You can choose from any of the monthly, half-yearly, yearly, or single payment options available. 

The unexpected demise of the sole earner of a family can be devastating. But it can also be a diagnosis of terminal illness. And SBI Life eShield Next Life Insurance Plan understands the same. With a belief to help you and support you even in such instances, a benefit equal to the sum assured on death is payable in case the life assured is diagnosed with a terminal condition; a maximum benefit of ₹2 crores is payable.