SBI Term Insurance Plan: SBI Life has come up with a new term insurance policy named ‘eShield Next’, which is giving the option to change the plan according to the changing needs.
New Delhi: SBI Life always tries to innovate for its customers. Keeping in mind the needs of the customers, the company keeps on launching new policies with the changing times. Recently SBI Life has come up with a new policy in which a lot is new for the customers. The company has come up with a new term insurance policy named ‘eShield Next’ , which gives the option to change the plan according to the changing needs.
This term plan is giving the insured the option to increase the sum insured on occasions like life changes such as marriage, becoming a parent or buying a new home. At the same time, this policy is also giving an option to increase the sum assured amount according to the increasing inflation. This new policy is also offering a change in the benefits received after the death of the insured.
Increase in cover
The insurance cover under this option increases with rising inflation. The Sum Assured increases by 10% every year at the end of every fifth year. This amount also increases to 100% of the Sum Assured. Assume that a person of the age of 35 years is buying this policy with a basic cover of Rs 1 crore for 30 years and if he dies in the 14th year of the policy, then the Sum Assured on Death is 1.2 crore will be Rs.1 crore + 2, an increase of 10 lakhs. However, this increase is not applicable after attaining the age of 71 years. The premium is fixed at the time of taking the insurance and it remains the same till the end.
Benefit will be available according to increasing responsibilities
SBI Life ‘eShield Next’ policy gives you benefits as per your needs. Understand that when you get married or have children, your responsibilities also increase with these changes, with this new design of this policy it is ensured that you continue to get the cover as per your needs. One of the most important benefits is that you will get the increased sum insured without any medical underwriting.
Understand that, a 30 year old man is opting for this option for 20 years with a basic insurance cover of Rs 1 crore and if someone gets married after two-three years, he will get more insurance according to the increasing responsibilities. You can choose the amount option. After application and permission to increase the sum assured, the sum assured will be increased by 50% to Rs.1.5 crore. Similarly, on having a child, the sum assured increases by another 25 thousand.
Death benefits
This policy is offering customization not only in terms of sum assured but also on death benefits. As per the option, you can either choose to take the lump sum amount or pay in installments every year for a period of 5 months. Here 50 percent of the death benefit will be available as a lump sum and the remaining 50 percent will be available as monthly installment for 5 years.
Life partner will also get benefit
Under this option, if the life insured dies during the policy, the spouse will automatically be deemed to be insured for the remainder of the policy term. The Sum Assured will be a level cover, excluding the plan option opted by the Life Assured, with the Life Assured of the Spouse commencing from the date of death of the Life Assured. This option also provides another benefit, such as on the death of the spouse or diagnosis of terminal illness, before the maturity date, the policy pays a lump sum amount of Rs 25 lakh, irrespective of the death benefit opted by the life insured. Whatever be the mode of payment. After the death of the Life Assured, no future premium will be payable.
Premium Rate
In case of non-smoker, a level cover of Rs 1 crore for a man of 30 years is available for Rs 11,595. The premium rate for enhanced cover benefits becomes Rs 13964 and for level cover with future proofing benefits, the premium rate becomes Rs 11595. In this policy, you can choose and customize your cover according to your needs.
