SBI Life eShield

SBI Life eShield Term Plan is an online term insurance plan designed especially for high-tech and educated individuals. It is a non-linked, non-participating life insurance plan that offers financial security against unforeseen fiscal exigencies for your loved ones. The plan comes with a Level Cover benefit and an Increasing Cover benefit that offers you the stability of a constant and increasing protection over time. 

It also comes with an Accelerated Critical Illness Benefit (ACI) so that your family is always financially protected. This policy has a free-look period of 30 days from the commencement of the policy within which you have the option of discontinuing the policy if you are unsatisfied with its terms. During this period, all premiums paid by you till the date of policy surrender will be refunded after deducting stamp duty, applicable taxes and medical expenses incurred by you, if any. 

Best Features of the SBI Life eShield 

The following are some of the best features of the SBI Life eShield Insurance Plan -

• The SBI Life eShield offers financial security for your family at an affordable price.
• The Level Cover and Increasing Cover benefit options with an in-built terminal illness benefit allow you to choose a stable, constant and increasing financial insurance for your loved ones.
• It has attractive rewards for you if you are a non-smoker.
• The policy enhances your financial coverage by providing two extra riders such as the SBI Life Accidental Death Benefit Rider and the SBI Life Accidental Total and Permanent Disability Rider.
• As per the plan, its Mediguide India service enables you to receive a second medical opinion for better diagnosis and treatment by another doctor.
• If you are unable to pay the premiums, the policy offers you a period of 5 years from the first date of unpaid premium to revive the lapsed policy, subject to the proof of insurability as required by the company from time to time.

SBI Life eShield Benefits -

The following are a list of benefits guaranteed to the policyholder under the SBI Life eShield insurance policy -

• Comprehensive Cover 

SBI Life eShield offers the policyholder a comprehensive insurance cover. It secures your family and loved ones with a death benefit, accidental or total permanent disability benefit and against 13 critical illnesses. There are also two rider options for added protection.

• Payout Flexibility Benefit 

This policy has a flexible premium payment option that is payable in a monthly, quarterly, half-yearly or annual installment format. 

• Medical Opinion Benefit

This policy allows the policyholder a second medical opinion service by which they can opt for a better diagnosis and treatment from amongst a panel of medical practitioners. 

• Healthy Lifestyle Benefit

This plan offers incentives to non-smoker for following a healthy lifestyle. This benefit  option ensures that non-smoker policyholders are offered a discount and they pay a lower rate of premium. 

What is Covered?

The following types of coverage options is available under the SBI Life eShield insurance policy -

• Death Benefit -

This policy offers the life assured or the policy a sum assured in the unfortunate occasion of their death that they can choose according to their personal and financial requirements. This benefit can be collected from the insurance company either in the format of a Level Cover Benefit or an Increasing Cover Benefit. 

• Level Cover Benefit -

This feature ensures that the sum assured on death for the policyholder or the life assured remains constant throughout the entire term of the policy. The Benefits this feature offers are as follows -

•  Accelerated Terminal Illness Benefit -

If the policyholder is diagnosed with a terminal or critical illness, he is paid an accelerated terminal illness benefit equal to the death benefit and the policy will be terminated. This benefit will be payable provided that all regular premiums have been paid till date and the policy is in force as on the date of the diagnosis. 

• Medical Opinion Benefit -

This policy comes with the unique benefit of offering a second medical opinion to the policyholder or the life assured for better treatment, diagnosis and the introduction of new medical intervention. This service is available under this benefit option only when the policy is in force. The policyholder cannot request a second medical opinion under the following circumstances -

1. The policyholder has not received a diagnosis
2. The policyholder has not been under the supervision of a physician within the last 12 months of policy commencement
3. The policyholder has developed a terminal medical condition
4. The policyholder requires a physical examination

For example, this is how the Level Cover Benefit works -

Benefits payable -

1. If Mr. Kumar dies during the period of 20 years, under the Level Cover option, his nominee or family members would be paid a sum assured of INR 50 Lakh, provided that all premiums have been paid and the policy is still in force.
2. If Mr. Kumar is diagnosed with a critical or terminal illness, then he would be paid INR 50 Lakh as ACI Benefit, provided that all regular premiums have been paid and the policy is still in force as on the day of the diagnosis. The policy will be terminated after ths payment.

• Increasing Cover Benefit 

Under this benefit option, the policyholder’s sum assured automatically increases every 5 years at a simple interest rate of 10% and the premium remains constant throughout the policy term. This option also has an inbuilt ACI Benefit that is paid to the policyholder on the diagnosis of a critical or terminal illness, provided that all regular premiums have been paid till date and the policy is still in force. 

• Accelerated Terminal Illness Benefit -

If the policyholder is diagnosed with a terminal or critical illness, he is paid an accelerated terminal illness benefit equal to the death benefit and the policy will be terminated. This benefit will be payable provided that all regular premiums have been paid till date and the policy is in force as on the date of the diagnosis. 

• Medical Opinion Benefit -

This policy comes with the unique benefit of offering a second medical opinion to the policyholder or the life assured for better treatment, diagnosis and the introduction of new medical intervention. This service is available under this benefit option only when the policy is in force. The policyholder cannot request a second medical opinion under the following circumstances -

1. The policyholder has not received a diagnosis
2. The policyholder has not been under the supervision of a physician within the last 12 months of policy commencement
3. The policyholder has developed a terminal medical condition
4. The policyholder requires a physical examination

For example, this is how the Increasing Cover Benefit works -

Benefits payable -

• If Mr. Kumar dies during the period of 20 years, under the Increasing Cover option, his sum assured on death at the end of the 5th year from the date of policy commencement will be INR 50 Lakh. It will increase to INR 55 Lakh from the 6th year onwards.
• If Mr. Kumar dies in the 11th year of his policy tenure, his nominee or family members would be paid a death sum assured of INR 60 Lakh where the effective sum assured is being calculated as INR 50 Lakh + 2 increases of INR 5 Lakh each.
• If Mr. Kumar is diagnosed with a critical or terminal illness, then he would be paid INR 50 Lakh as ACI Benefit, provided that all regular premiums have been paid and the policy is still in force as on the day of the diagnosis. The policy will be terminated after this payment.

What is not Covered?

The foremost exclusion under the SBI Life eShield insurance policy is death caused by suicide or self-harm. If the life assured or the policyholder dies within a period of 12 months from the date of commencement of the policy or from the date of its revival, the nominee of the beneficiary of the life assured will be paid a sum equal to 80% of all the premiums paid till the date of death, given that the policy is still in force. Once this sum has been paid by the insurance company, the policy would be terminated and no further benefits would be available any longer. 

Death caused by any of the following causes is also not covered under the terms of this policy -

1. Death caused or contributed by an infection except for an external, visible wound
2. Alcohol, drug or psychotropic substance abuse
3. Criminal acts
4. War and civil commotion
5. Nuclear contamination
6. Aviation other than as a passenger in a commercially licensed aircraft
7. Hazardous sports

SBI Life eSheild Eligibility Conditions

The following are a list of eligibility conditions for the SBI Life eShield Insurance Policy -

SBI Life eShield Claim Process 

The following is the process for filing Death Claim under the SBI Life eShield Insurance Policy -

Death Claim -

1. In the unfortunate occasion of the demise of the policyholder or the life assured, the nominee or the family members of the policyholder will have to inform the insurance company of the death of the life assured at the earliest.
2. The process can be initiated by submitting the claim request online at the official website of the insurance company at www.sbilife.co.in or by post.
3. The death claim form has to be submitted along with other necessary documents.

Documents Required for Filing Death Claim -

The following are a list of mandatory documents that must  be filed by the claimant along with the death claim request -

1. Death Claim Form
2. Original Policy Document
3. Original or Attested Death Certificate issued by local authority
4. Claimant’s Photo ID Proof
5. Claimant’s Direct ID Proof
6. Signed copy of Direct Mandate Form
7. Claimant’s valid bank passbook or statement or cancelled cheque with pre=printed name and pre-printed bank account number

The following are a list of additional documents that must be filed by the claimant along with the death claim request -

1. Medical Attendant’s Certificate
2. Hospital Treatment Certificate
3. Employer’s Certificate (for salaried individuals)
4. Copy of FIR or Punchnama Report or Post Mortem Report (in case of accidental death or murder)
5. Copy of Inquest Report or Police Final Report or Chemical Analysis Report or Magistrate’s verdict (in case of accidental death or murder)

Critical Illness Claim -

1. The nominee or the family member of the policyholder or the life assured has to inform the insurance company of the policyholder’s diagnosis of critical illness at the earliest.
2. The process has to be initiated by filing a critical illness claim form by both the claimant and their doctor by downloading it online from the website of the insurance company.
3. Once the claim request has been received, the company will review and assess the application and assist the claimant’s family through the period till the funds have been transferred to their account.

Claim Intimation process in case of Death or diagnosis of Critical Illness -

The following steps can be undertaken by the policyholder or their nominee or family members to intimate te insurance company about death or the diagnosis of critical illness -

1. The nominee or the family member of the policyholder can inform the insurance company about the death or diagnosis of any critical illness by filing a claim online at the website www.sbilife.co.in
2. It can also be done by sending a duly filled claim form along with other necessary documents at Navi Mumbai office of the SBI Life Insurance Company or at the nearest branch of the SBI Life Branch.
3. The insurance company can also be intimated online via email or by calling them at the toll free number 1800 22 1111.
4. In case of critical illness claims, the customer care executive of the insurance company will inform the claimant of the necessary documents to be filed in with the claim request form.
5. After all necessary documents have been received, reviewed and assessed, the SBI Life Insurance Company will settle all claims within 30 days from the date of receipt of the last necessary document.

SBI Life eShield Insurance Policy Riders 

The SBI Life eShield Insurance Policy offers its policyholders or the life assured the added benefit of availing rider options for greater protection as follows -

• SBI Life Accidental Death Benefit Rider

This rider offers the policyholder an additional sum equal to that of the sum assured on death of the policyholder or the life assured die as a result of an accident. The death benefit will be paid as a lump sum to the nominee or the family member of the policyholder or the life assured.  This benefit amounting to a minimum of INR 25, 000 and a maximum sum of INR 50,000 will be paid before the end of the policy term. 

• SBI Life Accidental Total and Permanent Disability Rider

This rider offers an assured benefit to the policyholder or the life assured as a sum equal to the sum assured on death if the policyholder suffers from Accidental Total and Permanent Disability (ATPD). This benefit shall be paid to the policyholder once the permanence of the disability caused by accident has been proved within a period of 6 months from the date of the event that caused the disability. The ATPD benefit amounting to a minimum sum of INR 25, 000 and a maximum sum of INR 50,000  shall be paid before the end of the policy term. 

SBI Life eShield Plan Review

The SBI Life eShield Insurance Policy comes with a comprehensive insurance cover that offers an inbuilt protection against 13 critical illnesses and accidental death coverage. The insurance company has been the recipient of many awards such as the ‘Gold Award’ under the Life Insurance Provider of the Year Awards in 2019 and ‘India’s Leading Life Insurance Provider Award’ at the BFSI Summit and Awards in 2019. 

The policy offers a grace period of 30 days from the date of the first due premium for yearly, half yearly, quarterly mode and a grace period of 15 days for the monthly mode of premium payment. The policy remains in force during this period and will lapse if premiums are unpaid. People who are looking for an easy and comprehensive life insurance policy that offers them a stable, constant and increasing life cover should shortlist this policy. With its flexible payment options, unique medical opinion benefit and an attractive claims settlement ratio of 95.03% makes it a lucrative and hassle-free insurance term plan for anyone. It is a good choice for securing the future of your loved ones with a wide age margin for eligibility and an unlimited sum assured margin, subject to board approved underwriting policies.