SBI Life eShield Plan Term Insurance Benefits

Below mentioned are some of the benefits of SBI Life eShield plan:

1. Multiple Cover Benefits: SBI Life eshield plan comes with two benefit cover options which are Level Cover and Increasing Cover. Under the level cover benefit option the protection amounts remain the same throughout the policy term and in case of an unforeseen demise of the life assured, death benefit is provided to the nominee. Under the increasing coverage benefit option, the protection amount automatically increases by 10% at every 5th policy year and in case of an unforeseen demise of the life assured during the policy tenure, a death benefit for that policy year will be provided to the life assured.

2. Accelerated Terminal Illness Benefit: SBI Life eShield plan provides in-built accelerated terminal illness benefit with both benefit structures of the plan. Under this benefit a lump sum amount which is equal to the death benefit shall be provided to the life assured in case he/she is diagnosed with a terminal illness during the policy tenure. After the terminal illness claim has been made, the policy shall terminate. The benefit amount will only be provided if the premiums are paid on time and the policy is still active.

3. Medical Second Option: This plan also provides medical second opinion wherein the life assured can consult other doctors for second opinion for the diagnoses of an illness or treatment plan during the policy term. Medical second opinion is available for both the benefit cover options available under SBI Life eShield plan.

4. Availability of Riders: Under SBI Life eShield plan the life assured has the flexibility to choose from 2 different riders available under the term plan. The different riders are Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider. Either of the riders can be purchased at the time of policy issuance. The rider policy term shall be equal to the base policy term. These riders can be purchased with an additional premium to increase base cover of the term plan.
Tax Benefits: Under this plan one can avail tax benefits also. Premiums paid towards SBI Life eShield qualify for tax deduction under Section 80C of the Income Tax Act,1961.