Term Insurance 137 views August 28, 2021

SBI Life eShield Next Plan helps individuals enhance their financial immunity. This plan from SBI Life Insurance also protects your family if you die during the policy period by providing them a death benefit. You can also take care of your different responsibilities at different points in life. The best part is that you can choose from multiple plan variants. Please check the key features of this plan mentioned below to get an overview.

  • Flexible Sum Assured Options
  • Option to Choose from 3 Plan Types
  • Multiple Policy and Premium Payment Term Options
  • Multiple Death Benefit Payout Options
  • Better Half Benefit
  • Terminal Illness Benefit
  • Multiple Premium Payment Frequencies
  • Additional Protection through Rider Options
  • A Grace Period of 15 or 30 days
  • Tax Benefits under Income Tax Act, 1961
  • A 15 or 30-day Free Look Period

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Continue reading this page to understand these features in detail. Let’s start.

Let’s Discuss the Features and Benefits of the SBI Life eShield Next Plan

SBI Life eShield Next is an individual, non-linked, non-participating, life insurance pure risk premium product. We have discussed the features of this term insurance plan below.

What is the Basic Sum Assured under the Plan?

Policyholders can choose the basic sum assured in multiples of INR 1,00,000. To know more about the minimum and maximum sum assured, check the below table.

Minimum Sum AssuredFor Online (through company’s website) and Web Aggregator Channel - INR 50,00,000

For Other Distribution Channels - INR 75,00,000
Maximum Sum Assured For Non-smoker Lives - No Limit

For Smoker Lives - INR 99,00,000

What is the Policy and Premium Payment Term?

The minimum policy term stands at five years, while the maximum depends on the premium payment term. To know more about it and the premium payment term options, check the below table.

DetailsLimited Premium Payment TermSingle Premium Payment TermRegular Premium Payment Term
Maximum Policy TermWhole Life - (100 minus the age at entry) years

Other than Whole Life - (85 minus the age at entry) years
(85 minus the age at entry) years
(85 minus the age at entry) years
Premium Payment TermWhole Life - 7, 10, 15, 20 and 25 years

Other than Whole Life - 5, 7, 10, 15, 20, 25 years and (Policy Term less 5) years
One time at Policy InceptionSame as the Policy Term

Multiple Plan Options to Choose From

As mentioned in the introduction, SBI Life eShield Next Plan allows policyholders to choose from three plan options – Level Cover, Increasing Cover and Level Cover with Future Proofing Benefit. At the inception of the policy, you can choose any of them, and the chosen cover cannot be changed later. We have discussed them below. Please check.

Level Cover Benefit – Absolute amount assured on death would remain the same throughout the policy term

Increasing Cover Benefit – Absolute amount would increase by 10% per annum of the basic sum assured at the end of every 5th policy year up to 100% of the basic sum assured. The increase will not be applicable once the life assured reaches the age of 71 years.

Level Cover with Future Proofing Benefit – This plan option provides the choice of managing your protection according to the important life stages. Under this, the absolute amount assured on death can be increased on attaining certain life stages during the policy term. To know about life stages, please check the below table.

Life StagesIncrease in Absolute Amount Assured on Death
First marriage 50% of the basic sum assured (up to INR 50 lakh)
Birth or on the adoption of First child 25% of the basic sum assured (up to INR 25 lakh)
Birth or on the adoption of Second child 25% of the basic sum assured (up to INR 25 lakh)
Purchase of house (available once during the policy term)50% of the basic sum assured (equal to the home loan amount or up to INR 50 lakh, whichever is lower)

Death Benefit

If a life assured dies during the policy term, SBI Life eShield Next will offer a death benefit to the nominee or beneficiary depending on the plan option chosen. This benefit will be the sum assured on death, which will further depend on the premium payment term.

For the Regular and Limited Premium Payment options, the death benefit will be the highest of the following amounts.

  • 10 times the Annualised premium
  • Absolute amount Assured to be paid on death
  • 105% of the total premiums received up to the date of death

For the Single Premium Payment option, the death benefit will be higher of the following.

  • 1.25 times of Single premium
  • Absolute amount Assured to be paid on the date of death

Terminal Illness Benefit

If a policyholder is diagnosed with a terminal illness during the policy term or before he/she attains 80 years of age (whichever is earlier), the policy will provide a terminal illness benefit. It will be equal to the sum assured on death as on the date of diagnosis up to INR 2,00,00,000.

Policyholders will get the terminal illness benefit in any of the following payment modes as chosen under the plan at inception.

  • Lump Sum
  • Monthly Installments
  • Lump Sum plus Monthly Installments

Multiple Rider Options

This plan from SBI Life also allows you to choose from different rider options to enhance your overall protection. Under these options, the rider sum assured would be equal to or lower than the sum assured on death chosen under the policy. Check out the rider options mentioned below.

  • SBI Life Accidental Death Benefit Rider
  • SBI Life Accidental Total and Permanent Disability Benefit Rider

How Much Premium Amount Will You Need to Pay?

SBI Life eShield Next allows policyholders to select premium payment frequency from different options – Single, Half-yearly, Yearly and Monthly. The minimum premium amount depends on the chosen frequency, while there is no maximum limit. To know more, check the below table.

Premium Payment FrequencyMinimum Premium Amount (In INR)
Single19000
Yearly3600
Half-yearly1836
Monthly306

SBI Life eShield Next Plan Eligibility Criteria

Please check the conditions you need to meet to purchase the plan.

ConditionsDetails
Minimum Age at EntryFor Whole Life - 45 years

For other than Whole Life - 18 years
Maximum Age at Entry For Level Cover, Increasing Cover Benefit & Level Cover with Future Proofing Benefit

Single Premium & LPPT - 65 years
Regular Premium - 60 years

For Better Half Benefit: 55 years
Maximum Age at MaturityFor Single and Regular Premium - 85 years

Limited Premium Payment Term -

Whole Life Option - 100 years
Other than Whole Life - 85 years

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