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Frequently Asked Questions [Hide]

 

What is SBI Life - eShield?

SBI Life - eShield is an individual, Non Linked (Traditional), Non-Participating, Online pure term plan.

What are the plan options offered under the product?

The plan options offered are as follows:
 
• Level Cover: Basic Sum Assured remains same throughout the Policy Term.
 
• Level Cover with Accidental Death Benefit: Basic Sum Assured remains same throughout the Policy Term. In addition to this there is an Accidental Death benefit which will be paid in case of death due to accident.
 
• Increasing Cover: Basic Sum Assured increases at the rate of 10% simple interest at the end of every 5th Policy Year.
 
• Increasing Cover with Accidental Death benefit: Basic Sum Assured increases at the rate of 10% simple interest at the end of every 5th Policy Year, in addition to this there is an Accidental Death benefit, which will be paid in case of death due to accident. Only the basic Sum Assured increases under this plan option and not the Accidental Death Benefit.

What are the Entry Age / Maturity Age criteria?

Minimum entry age: 18 years.

Maximum entry age:
 

• For Level Cover and Level Cover with Accidental Death Benefit option: 65 years
 
• For Increasing Cover and Increasing Cover with Accidental Death Benefit option: 60 years
 
Maximum Maturity age: 70 years

What is the minimum and maximum Policy Term?

Minimum Policy Term:
 

• For Level Cover and Level Cover with Accidental Death Benefit option: 5 years
 
• For Increasing Cover and Increasing Cover with Accidental Death Benefit option: 10 years
 
Maximum Policy Term: 30 years

What are the criteria for Sum Assured?

Minimum Basic Sum Assured: ` 20, 00,000.

The Basic Sum Assured can be selected in multiples of ` 1, 00,000 only.

There is no upper limit for the Basic Sum Assured.

What is the premium criteria?

The minimum premium (exclusive of Service Tax) is ` 3,500 for all plan options.

The premium can be paid only in annual mode. There is no upper limit.

Why should I buy SBI Life - eShield?

• Security for your family at an affordable premium.
 
• Easy and seamless online process for securing life cover.
 
• Rewards you for maintaining a healthy lifestyle.
 
• Wide variety of plan options, which has level and increasing cover.
 
• Additional benefit of Accidental Death Benefit.
 
• Tax benefits# u/s 80C and 10(10D) of Income Tax Law, 1961.
 

Why should I opt for Accidental Death Benefit?

In case of death due to accident, we will pay Accidental Death Benefit along with the Effective Sum Assured.

The Accidental Death Benefit is available under two plan options, namely,
 

• Level Cover with Accidental Death Benefit
 
• Increasing Cover with Accidental Death Benefit
 

The benefit is in-built under the above mentioned options and cannot be stopped during the Policy Term.
 
The Accidental Death Benefit will be equal to the Basic Sum Assured or ` 50 lakhs, whichever is lower; hence, the Accidental Death Benefit will automatically be selected as you choose the Basic Sum Assured and need not be chosen separately.

The Illustrations are as follows:
 

Basic Sum Assured Accidental Death benefit
Rs. 40 Lakhs Rs. 40 Lakhs
Rs. 60 Lakhs Rs. 50 Lakhs
   
A cap of ` 50,00,000 across policies of this product will be applicable for this benefit. Also for subsequent policies, the minimum accidental Sum Assured will be ` 5,00,000/-.
 
For example:
 
• If Mr. Kumar opts for a cover of ` 48,00,000 under Level Cover with Accidental Death Benefit, the base cover and the Accidental Death Benefit will both be for ` 48,00,000. Subsequently, if Mr. Kumar comes to us seeking further Life Cover of ` 20,00,000, we would not offer him Accidental Death Benefit cover.
 
• If Mr. Kumar opts for a cover of ` 45,00,000 under Level Cover with Accidental Death Benefit, the base cover and the Accidental Death Benefit will both be for ` 45,00,000. Subsequently, if Mr. Kumar comes to us seeking further Life Cover of ` 20,00,000, we would offer him Accidental Death Benefit cover for ` 5,00,000 only.
 

What are the different Plan options available and the Death Benefit offered under each of them?

Level Cover:
 
• Sum Assured remains the same throughout the term of the policy.
 
• On death of the Life Assured during the Policy Term, Sum Assured will be paid to the beneficiary.
 

Level Cover with Accidental Death Benefit (ADB):
 
• Sum Assured remains the same throughout the term of the policy.
 
• On death of the Life Assured during the Policy Term, Sum Assured will be paid to the beneficiary.
 
• In case of death due to accident, Accidental Death Benefit will be paid in addition to Sum Assured to the beneficiary.
 
• Illustration:
 
Increasing Cover:
 
• The Basic Sum Assured under this plan option increases at the rate of 10% (simple interest) at the end of every 5th Policy Year.
 
• The effective Sum Assured will be the Increased Sum Assured applicable at the time of death.
 
• On death of the Life Assured during the Policy Term, the effective Sum Assured will be paid to the beneficiary.
 
• Illustration of effective Sum Assured is as given below:
 
    Basic Sum Assured = ` 50 Lakhs

 Policy Term = 30 years
 
Policy Term Effective Sum Assured
1-5 years Rs. 50 Lakhs
6-10 years Rs. 55 Lakhs
11-15 years Rs. 60 Lakhs
16-20 years Rs. 65 Lakhs
21-25 years Rs. 70 Lakhs
26-30 years Rs. 75 Lakhs
 
Hence, if death of the Life Assured happens in 15th year then 60 Lakhs will be paid to the beneficiary.
 
Increasing Cover with Accidental Death Benefit:
 
• The Basic Sum Assured under this plan option increases at the rate of 10% (simple interest) at the end of every 5th Policy Year.
 
• The effective Sum Assured will be the Increased Sum Assured applicable at the time of death.
 
• Under this option, only the Basic Sum Assured will increase and not the Accidental Death Benefit.
 
• On death of the Life Assured during the Policy Term, the effective Sum Assured will be paid to the beneficiary.
 
• In case of death due to accident, Accidental Death Benefit (ADB) will be paid in addition to the effective Sum Assured to the beneficiary.
 
• Illustration:
 

What are the premium payment modes available?

The Premiums can be paid in annual mode only.

Can the Nominee be a Minor?

Yes, a Nominee can be a Minor.
However, an Appointee (major) has to be provided for the Minor Nominee.

What will the beneficiary get in case the insured commits suicide?

If the life assured commits suicide within one year from the risk commencement date, whether sane or insane at that time, the nominee will be entitled to 80% of the premiums paid, provided the policy is in force, the policy will be void and no claim will be payable.

If the life assured commits suicide within one year from the reinstatement date if reinstated, whether sane or insane at that time, the nominee will be entitled to 80% of the premiums paid till the date of death, the policy will be void and no claim will be payable.

The premium to be considered for the purpose would be the base premium only. Service tax, cess, Accidental Death Benefit premium and extra premiums, if any, would not be considered for refund

What are the benefits of opting for a higher Sum Assured?

As you opt for higher Sum Assured you will see that the premiums don't increase at the same rate as the Sum Assured. Hence, the benefit for higher Sum Assured at a relatively low cost.

E.g., For Age 35 years, Policy Term 20 years, Sum Assured of ` 25 Lakhs premium is ` 4233/-, where as if we increase the Sum Assured fourfold to ` 1 crore, the premium is only ` 11,760/-, which is just 2.8 times multiple.

The table below shows indicative premiums for both smoker and non-smoker for Level Cover option for a cover of ` 50 lakhs. The illustration for the same follows.
 
Non-Smoker Life, Male
Age last birthday / Term (yrs) 10 20 30
30 Rs. 3,910 Rs. 4,660 Rs. 6,425
40 Rs. 6,610 Rs. 9,495 Rs. 13,955
50 Rs. 14,980 Rs. 22,305 NA
 
Smoker Life, Male
Age last birthday / Term (yrs) 10 20 30
30 Rs. 5,985 Rs. 7,770 Rs. 11,190
40 Rs. 11,385 Rs. 17,145 Rs. 25,430
50 Rs. 27,635 Rs. 41,615 NA
 
Non-Smoker Life, Female
Age last birthday / Term (yrs) 10 20 30
30 Rs. 3,640 Rs. 3,920 Rs. 5,055
40 Rs. 5,090 Rs. 6,955 Rs. 10,020
50 Rs. 10,735 Rs. 15,780 NA
 
Smoker Life, Female
Age last birthday / Term (yrs) 10 20 30
30 Rs. 5,400 Rs.6,275 Rs. 8,540
40 Rs. 8,395 Rs. 12,260 Rs. 18,040
50 Rs. 19,415 Rs. 29,020 NA
 
The premiums given are exclusive of Service Tax and only for illustration purpose.

What is the Grace Period under the product?

A Grace Period of 30 days from the premium due date will be allowed under the product.

Can a loan be taken under this product?

Loan is not available under this product.

What are the tax benefits available?

Tax deduction under Section 80C is available. However in case the premium paid during the financial year, 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 premium not exceeding 10% of the Sum Assured in any of the years during the term of the policy.

Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

As an NRI, can I buy life insurance under SBI Life - eShield?

SBI Life - eShield is only for resident citizens of India. However, we have other plans (including term plans) which can be purchased through insurance advisors, distributors or the State Bank Group bank branches by NRIs. We would be glad if you could provide us your details and our representative will be happy to guide you through the purchase of those plans. You can write to us at buyonline@sbilife.co.in.

Can I insure my spouse / children?

No. You can only insure yourself in this plan. However, it is mandatory that the Life Assured has to be over 18 years.

Can I get term insurance cover if I am a smoker or use tobacco in any form?

Yes. However, smoker rates are higher than the non-smoker rates. A person is considered as a non-smoker if he/she has not been smoking or using tobacco in any form for at least last 5 years.

When will my life insurance cover begin?

Your coverage will begin only on acceptance of your proposal form. A written confirmation would be sent to you in this regard.

Can I take a print out of the Online Form and make a cheque payment at any SBI Life branch?

SBI Life - eShield is offered Online only. You can only pay through Debit / Credit card or through Internet Banking mode.

If you wish to take the policy through cheque payment (offline mode), there are other plans which can be purchased through our insurance advisors, distributors or the State Bank Group bank branches. We would be glad if you could provide us your details and our representative will be happy to guide you through the purchase of those plans. You can write to us at buyonline@sbilife.co.in.

What is Underwriting?

During underwriting we evaluate your proposal. The evaluation is based on the information submitted by you in the proposal form and the results of your life insurance medical examination. Term insurance underwriting generally takes 3-4 days once all the requirements, such as insurance medical examination, financial and other related documents, related to your insurance proposal are received by us.

What are the conditions for reviving the policy?

• The policy may be reinstated for full benefits within two years from the date of the first unpaid premium.
 
• The reinstatement will be considered on receipt of written application along with the proof of continued insurability of Life Assured and on payment of all overdue premiums with interest. The interest will be charged at a rate declared by the company from time to time.
 
• The reinstatement will be effected on company's discretion and subject to such conditions as the company in its discretion may decide.
 
• We will inform you whether your revival request has been accepted or rejected.
 
• Once the two year Revival Period is over the policy will be terminated.
 



BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
TELEPHONIC SUPPORT AVAILABLE

*For a healthy non-smoker male 25 years old with a policy term of 20 years, level cover option, paying Rs. 6,360 as annual premium without service tax for a sum assured of Rs. 1 cr. (Premium for one day = Annual Premium / No of days in a year = Rs. 6,360 / 365 = Rs.17.43 - Rs. 18.00 approximately). Premium mentioned above is indicative and might change subject to underwriting. Premiums can be paid only in Annual Mode of Premium Payment. #For the Premium paid on Life Insurance of Rs. 1.5 lakhs, save tax upto Rs. 51, 912/- (Assuming highest tax bracket applicable for an individual and subject to provision of Income Tax Act, 1961.) No medicals required for a cover up to Rs. 75 lakhs for the age upto 40 years. No medical underwriting if no adverse declaration is made in the proposal form by the policyholder.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details. Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license. SBI Life - eShield, UIN: 111N089V01, a non-participating pure term insurance plan. Registered & Corporate Office: SBI Life Insurance Co. Ltd, Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069. IRDAI Registration no. 111. CIN: U99999MH2000PLC129113. www.sbilife.co.in

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