The SBI Life EShield Insurance Plan is one of the best-selling term life insurance plans in India. It has a very wide range of covers. When a policyholder gets this plan, he gets a comprehensive life cover at a very affordable rate. In this article, we discuss the many features and benefits of this useful term life insurance plan and also mention some of its notable exclusions. Take a look and decide whether this life insurance cover is well suited for you.
Features of the SBI Life EShield Insurance Plan
Let us look at some of the features of the SBI Life EShield Insurance Plan that make it stand out among the other term life insurance plans in India:
- Comprehensive cover – The plan offers a comprehensive life cover. You can choose a high coverage amount, depending on what your needs and requirements are. Every individual has a different life insurance requirement. Before you select the ideal life insurance coverage amount, you must see how many dependent family members you have, what the other sources of income for your family are, etc. You will then be able to fix the correct amount and cover your loved ones in a proper and adequate manner. The minimum sum assured available on the SBI Life EShield Insurance Plan is Rs 20 lacs and there is no limit on the maximum amount.
- Affordable price – The plan is very economically priced. Term insurance allows you to get a wholesome life cover at an affordable rate. The SBI Life EShield Insurance Plan also offers this benefit to you. Since it is a pure life cover and you do not get a maturity benefit if you outlive the policy period, you get the term life plan at a very cheap rate.
- Choice of riders – Add-on covers are available with this plan. You can choose one or more riders to make the term life cover for flexible for yourself. The riders are available at an extra cost, so you must choose the covers wisely.
- Easy premium payment term – The premium needs to be paid for the entire duration of the term plan. You can pay your premium once a year, twice a year, quarterly or monthly. The plan can be purchased by anyone who is between the ages of `8 and 65 years. It is a very handy plan in every way.
- Online plan – And finally, being an online term insurance policy, the SBI Life EShield Insurance Plan is easy to buy, easy to maintain and cheaper as well. You get all the modern facilities of term insurance online when you purchase this life insurance cover for yourself.
These are some of the most useful features that make the SBI Life EShield Insurance Plan so efficient and popular at the same time.
Benefits of choosing SBI Life as your insurance provider
As we all know, buying a good term life cover is very important. However, when buying the plan one should not just look at the features and the price tag. While those are important parameters, a very vital parameter is the insurance provider’s reputation. Unless the insurer is good and trustworthy, the policyholder will face many issues in the life cover. SBI Life insurance is undoubtedly one of the very best life insurance companies in India. When you buy your term insurance plan from SBI Life, you are assured of having a smooth journey. These are a few reasons why:
- Excellent claim settlement ratio – The company has a very high claim settlement ratio to boast of. It pays over 97% of all the insurance claim applications received. This is a positive figure and a good pointer towards the professionalism of the insurance provider.
- Digitally advanced – You cannot buy and maintain term insurance online if the insurer doesn’t have a good digital presence. Thankfully, SBI Life has a very modern and advanced digital presence. Both the mobile app, as well as the website, are excellent and you can do everything online. Buy a plan, pay the premium, initiate a claim and do other jobs related to your term cover online instantly.
- Helpful and ready to assist – The insurance provider is very helpful. You can call the helpline and speak to a customer support executive who will solve all your doubts with politeness and ease. This makes it convenient for you to maintain your association with the insurer.
- Has won many awards – The life insurance company has won many awards and recognitions over the years for its term insurance plans and also for the service it offers. This goes on to show how good an insurer it is and how well you will benefit when you buy the SBI Life EShield Insurance Plan.
These benefits speak for themselves and tell you that you will gain immensely when you choose the EShield Insurance Plan from SBI Life.
Exclusions of the SBI Life EShield Insurance Plan
- Accidental death due to substance abuse – If the policyholder dies after meeting with an accident in a drunk or drugged state, his nominees cannot file a claim with SBI Life as this is a strict exclusion under the SBI Life EShield Insurance Plan.
- Suicide committed within one year of taking the term insurance plan – Another important exclusion is death due to suicide within a year of the policy’s purchase. The claim will be rejected if this is the case.
- Death due to self-harm – If the policyholder dies due to any form of self-harm, the insurance claim will not be honoured.
- Unless the death of the policyholder happens under these circumstances, the nominees can easily get the insurance claim processed provided the premium payments were all done on time.
In a nutshell
As you can clearly see from the points mentioned above, the SBI Life EShield Insurance Plan is one of the best term life insurance covers available in the country presently. From being wholesome in its coverage to being very economical, the plan offers many advantages to everyone who invests in it. The insurer is excellent too and that further helps you along.