SBI Life – eIncome Shield (UIN: 111N105V01)   (Product Code: 1Y)

About Product:

SBI Life – eIncome Shield, an Online Income Protection Plan, is the shield which secures income for your family when you are not around. Under this plan, in the unfortunate instance of death, your family continues to get a monthly payout which will help them sustain the life style you always worked for. Further, given that your income would increase under normal course of life; this plan provides you with benefit options for annual increase in the monthly payout your family would receive.

So, go ahead and safeguard your family so that they continue to enjoy life!

Key Features

• Flexibility to choose your monthly income.
• Additional lump sum amount payable on death over and above the monthly income payouts.
• Yearly Increments in income payout to meet the growing expenses based on the benefit option chosen.^{^}
• Convenient monthly and annual premium payment options
• Lower premiums for female life assured and non smokers.
• Tax benefits^~ as per prevailing norms under the Income tax Act, 1961.
• Hassle free 3 steps buying process.

^ Benefit option chosen at inception cannot be changed throughout the policy term.

~ Tax benefits are as per the Income Tax Laws and are subject to change from time to time. Please consult your Tax advisor for details.

 

Product Snapshot

Age* at Entry	Min : 18 years; Max: 50 years
Age* at Maturity	60 years
Policy Term	Min: 10 years Max: 35 years
Monthly Income (MI)	Minimum: Rs 25,000 p.m. & Maximum: No limit (Subject to the Board approved underwriting policy) (multiples of Rs 1,000)
Premium$ & Frequency	Frequency Minimum Maximum Yearly Rs. 4,500 No limit Monthly# Rs. 500 No limit
Benefit Option^	Options Simple Interest Percentage applicable for annual increase in Monthly Income Benefit Benefit Option A No Increase Benefit Option B 3% Benefit Option C 5% Benefit Option D 10%
Premium Paying Term (PPT)	Regular Premium (Same as Policy Term)
Monthly Income Payout Term	Outstanding Policy Term; the Monthly Income would be paid for a minimum of four years irrespective of time of death

*All the references to age are Age as on last birthday
$ Premium shown above are excluding taxes, cess and underwriting. Taxes and cess are applicable as per the government rules.
# The premiums for monthly mode as percentage of annual premium is 8.9% of annual premium. For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Auto Debit or Standing Instructions (where payment is made either by direct debit of bank account or credit card). For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.

How does this plan work?

• Step 1: Choose your Desired Monthly Income for your family, Yearly Increment Rate and Premium based on your age and Policy Term.
• Step 2: Fill in your Online Application Form – Personal Details, Nominee Details, Health and other Details.
• Step 3: Make Payment through your Debit Card, Credit Card / Internet Banking and upload your self-attested KYC Documents.

Illustration:

Mr. Rahul, aged 30 years, a non-smoker healthy individual, earns a monthly salary of Rs. 40,000 per month. He chooses to cover 75% of his monthly income i.e. Rs. 30,000 per month as a monthly income for his family. He opts for Benefit Option C(5% increment option) for a Policy Term of 30 years and opts for yearly premium payment frequency. He would have to pay yearly premium of Rs 9,955 plus applicable taxes. In case of unfortunate event of death, his family will receive Lump Sum Benefit immediately and a regular monthly income till the end of the Policy Term subject to minimum of four years payouts. The first monthly income will start from the 1st day of next policy month in which death of the life assured has occurred.

Suppose the death happens during the 6th policy year, the monthly income received by his family would be Rs. 37,500 (calculated at 5% increase every year at simple interest). Additionally, his family will receive a lump sum amount of Rs. 4,50,000 which is 12 times of the monthly income in the 6th policy year. In the 7th policy year, the monthly income to be received by his family will be Rs. 39,000 with monthly increment being Rs. 1,500 (5% of Initial Monthly Income) every year. The Monthly Income payouts will be made for the balance policy term of 24 years.

Please refer to the table below to understand how the benefit structure would be for this example.

Schedule of Illustrative Benefits

Policy Year in which death occurs	Monthly Income	Lump Sum Benefit	Policy Year in which death occurs	Monthly Income	Lump Sum Benefit
Year 1	30,000	3,60,000	Year 16	52,500	6,30,000
Year 2	31,500	3,78,000	Year 17	54,000	6,48,000
Year 3	33,000	3,96,000	Year 18	55,500	6,66,000
Year 4	34,500	4,14,000	Year 19	57,000	6,84,000
Year 5	36,000	4,32,000	Year 20	58,500	7,02,000
Year 6	37,500	4,50,000	Year 21	60,000	7,20,000
Year 7	39,000	4,68,000	Year 22	61,500	7,38,000
Year 8	40,500	4,86,000	Year 23	63,000	7,56,000
Year 9	42,000	5,04,000	Year 24	64,500	7,74,000
Year 10	43,500	5,22,000	Year 25	66,000	7,92,000
Year 11	45,000	5,40,000	Year 26	67,500	8,10,000
Year 12	46,500	5,58,000	Year 27	69,000	8,28,000
Year 13	48,000	5,76,000	Year 28	70,500	8,46,000
Year 14	49,500	5,94,000	Year 29	72,000	8,64,000
Year 15	51,000	6,12,000	Year 30	73,500	8,82,000

The above benefits are an appproximate benefit and are for illustration purpose only. Benefits would be payable subject to the policy is in-force by paying the due premiums.

Death Benefit:
(A+B)

1. An immediate Sum Assured amount is paid to the nominee. This sum assured will be higher of:
   1. 12 times monthly benefit payable on death
   2. 10 times annualized premium
   3. 105% of total premiums paid
2. Monthly Income payouts for the outstanding policy term, with a guaranteed payout for minimum 48 months provided policy is in-force.

Maturity Benefit:

There is no maturity benefit payable under this product.

BENEFIT OPTIONS ^{^}

The plan has 4 benefit options to choose from:

• Option A – No Increase
  Under this option the Monthly Income payable will be fixed and remain constant through the payout period
• Option B – 3% Increase
  The monthly income would increase at a simple rate of 3% on every policy anniversary and would remain fixed for the policy year.
• Option C – 5% Increase
  The monthly income would increase at a simple rate of 5% on every policy anniversary and would remain fixed for the policy year.
• Option D – 10% Increase
  The monthly income would increase at a simple rate of 10% on every policy anniversary and would remain fixed for the policy year.

^ Benefit option chosen at inception cannot be changed throughout the policy term.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.