Insurance Plans 357 views March 31, 2020

SBI Life eIncome Shield

SBI Life eIncome Shield Insurance policy is an online term insurance plan which offers to pay regular and monthly benefits on the death of the insured individual during the term of the insurance plan. The benefit is paid for the remaining period of the insurance plan after the death of the insured individual. It is a non-linked and income protection insurance policy which is designed to act as a shield providing regular income to the family of the insured. The holder of the policy is required to make regular contributions during the tenure of the policy to be able to receive monthly regular income in the form of pay-outs. The eIncome Shield plan offers the policyholder to choose the type of monthly income which can be increased or fixed which is to be received by his/her family.

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Features of SBI Life e-Income Shield

It is an online pure protection insurance plan which offers the following key features: 

  1. The policyholders have the option to choose from four types of benefit at the time of inception of the plan. The option once exercised cannot be changed. 
  2. Two options of premium payment which includes regular premium throughout the term of the plan on a monthly or yearly basis or limited premium for a limited time period. 
  3. Premium discounts are offered for higher sum assured under the plan. The premiums are low for non-smoker individuals and female applicants. 
  4. The customers can obtain the received detailed information and buy the policy from the official website of SBI Life Insurance by filling the form and providing relevant information. 
  5. The plan offers four kinds of monthly incomes which include fixed level income and other three as increasing level incomes which increases at different rates
  6. No add-on riders are available under the plan and it does not provide any surrender benefit to the policyholder. 
  7. No loan facility is available in this insurance plan
  8. In case the insured commits suicide within one year of the inception of the policy, then the nominee of the policy will receive 80% of the premiums paid for the plan till death of the insured. 
  9. The details of the nominee are to be submitted by the insured to the insurance company at the time of the commencement of the insurance policy. The insured can change the nominee of the plan by contacting the insurance company within the term of the insurance plan. 
  10. The tax benefit is offered under section 80C of the Income Tax Act on the premiums paid for the plan. Also, the death benefit received under the plan is exempted from tax.

Benefits of SBI Life eIncome Shield

eIncome Shield plan offered by SBI Life Insurance offers the following benefits to the policyholder: 

Benefit Options

There are four benefit options to choose from at the time of purchasing the policy. Based on the option selected, a specified amount of percentage of simple interest is applicable which increases the monthly income benefit to be paid to the nominee of the plan. The four options include fixed monthly income, an increase at the rate of 3% simple interest, increase at the rate of 5% simple interest and increase at the rate of 10% simple interest after the completion of each of the term of the policy. The selected benefit option will be applied throughout the policy tenure and cannot be changed by the policyholder.

Death Benefit

On the death of the insured during the term of the policy, 12 times of the monthly income is paid in lump sum amount in the year of death of the insured. Thereafter the incomes under the plan are paid according to the benefit option selected by the policyholder. However, no benefit is paid on maturity of the plan as it is pure protection plans.

Monthly Income Benefit

Monthly Income will be paid to the nominee of the policy in the event of the death of the insured during the term of the plan. The monthly income will be paid for the remaining period of the term or 48 months whichever is higher. The monthly income will be paid to the nominee of the policy in addition to the death benefit in a lump sum in the year of the death of the insured individual. The monthly pay-out will begin from the date of the death of the insured.

Grace Period

30 days grace period is offered for payment of annual premium after the expiry of the due date of the premium payment and 15 days grace period for monthly premium payment mode. Upon expiry of the grace period, the policy will lapse.

Revival Benefit

A lapsed policy can be revived by the policyholder within 2 years from the first non-payment premium date.

Free Look Period

The plan offers a free look period of 30 days within which the holder of the plan can cancel it if he/she is not satisfied with the term of the policy. The policyholder is required to return the policy documents along with stating the reasons for cancellation of the policy.

Eligibility Conditions of SBI Life eIncome Shield

The individuals are required to fulfil the following eligibility conditions to purchase SBI Life eIncome Shield plan: 

  1. The minimum required for entry in the plan is 18 years and maximum age at entry is 50 years
  2. The maximum age at maturity is 60 years
  3. The minimum term of the plan is 10 years and the maximum term is 35 years
  4. Regular and limited premium paying options
  5. The premium paying term is the same as the term of the plan
  6. The minimum monthly income is Rs 25,000 and there is no maximum limit. However, it should be in multiples of 1,000. 
  7. Minimum pay-out term of the monthly income is 48 months which is irrespective of the time of the death of the insured. 

Conclusion

SBI Life eIncome Shield provides financial support and security through the monthly Income payment to the family of the insured. It is an income protection insurance plan that helps your family financially in your absence. It offers various flexible features and options to choose as per your need. A plan with offers assured income with wide benefit and features is a good choice if you are looking for an assured term insurance plan. Also, the plan is available online which facilitates the process of easy buying. 

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