SBI Life – eIncome Shield is an individual, online, non-linked, non-participating, decreasing cover term assurance product which ensures that your monthly income stays protected. Through this plan, you can secure your income so that your family continues to receive a cash inflow every month even when you are not around.

Any Indian national aged between 18 – 50 years. This plan is suited for individuals who are either sole earning members of the family or where the family has a high dependency on the individual’s income (e.g. where one of the partner’s has a sporadic or irregular source of income; dependency would be high on the other partner’s income)

The plan offers insurance cover to both Resident Indian nationals as well as Non – Resident Indian nationals; other than persons of Indian origin (PIO). However, Non-resident Indians can purchase this plan only during their visit to India.

SBI Life – eIncome Shield offers features as below:

1. Flexibility to select the monthly income you wish to receive. The product allows you to insure your entire monthly income or a part of it.
2. Choice of four benefit options based on which your monthly income benefit would increase every year at simple interest rate based on the Benefit Option chosen.
3. Payment of a lump sum amount on death to ensure that the immediate financial needs of your family are well met.
4. Regular payouts to meet day to day expenses paid through monthly income benefit on death of the life assured. The payouts would be paid for the outstanding period of the policy term or 48 months, whichever is higher.
5. Lower premiums for female lives and non smokers.
6. Tax benefits as per the prevailing norms under the Income Tax Act, 1961.

The plan works in a very simple manner, you have to select the following:

1. Monthly Income you wish to cover. While choosing the income levels you wish to cover, please consider all sources of income such as salary, rental income, income from investments, etc.
2. Policy Term, i.e., the duration for which you wish to be insured. You can choose to insure yourself for any number of years (between 10 years and 35 years) or it could simply be for the years left to retire.
3. Benefit option based on which your monthly income benefit would increase every year basis option chosen. The plan provides four benefit options where either the monthly income would remain constant throughout the policy term or increase at a simple rate of 3%, 5% or 10% every policy year.

Depending upon your current age, monthly income, the policy term and the benefit option selected, appropriate premium amount will be decided.

You will pay the premiums regularly on a Yearly or Monthly basis throughout the policy term to enjoy the benefits of your policy.

In case of an unfortunate event of death of the Life Assured, a lump sum amount, equivalent to 12 times the monthly income benefit will be payable to the nominee.

Apart from the lump sum, the nominee will receive a monthly income payout commencing from the 1st day of the next policy month for the remaining period of the policy term or 48 months whichever is higher.

The product offers four benefit options (based on the rate of increment) for you to choose from. The options are as below:

Benefit Option A: The monthly income would be level.

Benefit Option B: The monthly income would increase at a simple rate of 3% on every policy anniversary and would remain fixed for the policy year.

Benefit Option C: The monthly income would increase at a simple rate of 5% on every policy anniversary and would remain fixed for the policy year.

Benefit Option D: The monthly income would increase at a simple rate of 10% on every policy anniversary and would remain fixed for the policy year.

The options have been explained below with an example. In this case, the initial monthly income has been assumed as Rs. 10,000. Please refer the below grid for increments under the various options:

The policyholder has to choose one Benefit option at inception and Benefit option once chosen at inception cannot be changed throughout the policy term.

In case of an unfortunate event of death of the life assured, we will pay benefits as below:

1. Monthly Income Benefit: The then applicable Monthly income will be paid for the outstanding policy term starting from the 1st day of the next policy month in which the death has occurred or for a period of next 48 months, whichever is higher.
2. Lump Sum Benefit: This benefit would be equivalent to 12 times the applicable monthly income as on the date of death.

Since this is a pure term assurance plan, there is no maturity benefit offered.

There are no rider benefits offered under this plan.

Since this is a pure term assurance plan, no surrender benefits are payable under this plan.

The life assured may, at any time during the policy term, nominate a person or persons as per Section 39 of the Insurance Act, 1938, to receive the policy benefits in the event of his/ her death.

Yes. Assignment will be allowed under the plan as per Sec 38 of Insurance Act, 1938 as amended from time to time.

The product offers a 30 day grace period from the premium due date for yearly premium frequency and 15 day grace period for monthly premium frequency for payment of premiums. If the premiums are not paid within this period, the policy will lapse and no benefits would be payable.

A lapsed policy may be revived within 2 years from the date of the First Unpaid Premium subject to satisfactory proof of insurability as required by the approved underwriting policy from time to time and on payment of all overdue premiums with interest.

Yes.

The product does not cover death due to suicide during the first 12 months from the date of risk commencement or re-instatement/ revival of the policy. Under such circumstances, the policy will become null and void and an amount equal to 80% of the premiums paid till the date of death will be refunded.

Loan facility is not available under this policy.

You have the option to review the terms and conditions of policy within 30 days of receipt of Policy. In case, you disagree with the terms and conditions, you can return the Policy stating the reason (s) for objection. Premiums paid by you will be refunded after deducting stamp duty and cost of medical expenses incurred, if any. The proportionate risk premium for the period of cover will also be deducted.

Tax deduction under Section 80 C is available. However in case the premium exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.

Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.

Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. For further details please visit: http://www.sbilife.co.in/sbilife/content/21_3672#5.

PAN Card is a mandatory document for buying SBI Life - eIncome Shield. Other documents required for policy processing include:

• Age Proof: Driving License, School / College Certificate, PAN Card, Passport, Birth Certificate
• Identity Proof: Voters ID Card, Letter from Recognised Public Authority or Public Servant with photograph verifying the identity and residence, PAN Card, Driving License, Aadhar Card, Passport
• Address Proof: Telephone Bill, Electricity Bill, Bank A/C Statement, Letter from Recognised Public Authority
• Income Proof: I. T. Return / Assessment Order / Employers Certificate

*Please upload / submit self attested copy of all the documents.