SBI life E-Shield Plan Review – A pure online term plan with few advantages

SBI Life E-shield is a pure online term insurance plan from SBILife. Like other term plans this plan will cover life risk with a very high sum assured value with a less premium. In this plan insurer will get rider benefits. There is couple more benefits of SBILife E-Shield term plan which makes this plan different from other policies. Let’s find out the features and review SBI Life E-shield plan.

Sbilife eshield online term insurance plan review

SBI Life E-shield Key Features and Benefits

  • This is a pure term plan; one can buy this policy online from SBILife website.
  • Like other term plans there is no maturity benefit or bonus.
  • Minimum entry age is 18 years. Minimum sum assured value is 20 lakh and then further multiples of 1 lakh.
  • One can choose the coverage plan out of 4 options. Level Cover (LC), LC with Accidental Death benefit, Increasing cover (IC), IC with Accidental benefit
  • Under increasing cover one can get 10% sum assured after completing each 5 year of policy without increasing the premium.
  • Additional Accidental Death Benefit is equal to the Basic Sum Assured of Rs 50 lakhs, whichever is lower
  • If you are a non-smoker than you can get more discounts on premium. This is the rewards for maintaining a healthy lifestyle according to SBI Life E-shield.
  • Enjoy income tax benefit under section 80C and 10(10D)
  • No surrender benefit. If insurer stops paying premium then policy benefit will cease. But it can be revived within 3 years range.

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Check out the SBILife E-Shield Brochure to get more information in detail.

How to Buy SBI Life E-shield Online

If you want buy SBILife E-Shield term plan than you have to visit their website first. As this is an online term plan one can’t buy it offline.  Click on the BUY NOW button and you will see a screen asking for your personal information.

You have to fill up details step by step: Personal Details, Medical Details and then Make payment. In case if face any issue simply call their call center 1800225354 / 022 3947 5757.

Should I buy SBI Life E-shield online term plan?

As per recent claim settlement ratio data SBILife has maintained 91.06% which is good. You can also check the number of claim received. Off-course no comparison with LIC, the best insurance company declared recently based on this data. And with the increasing life cover one can get 5 lakh more sum assure after every 5 year without changing the yearly premium. Considering this point I can say that this is an advantage one should consider while comparing with other online term plans. So, if you understood the importance of a term plan in your life than you can buy this product to secure your life.

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Almost all online term plans has similar features, but as per your need, understanding and trust with a brand you can buy any plan. SBILife has done significantly good job in this insurance sector and hopefully it will enhance from here.

What do you say about this SBI Life E-shield online term plan? Waiting for your comments.

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15 Comments

  1. i have diabetes, can i get SBI Smart shield? And if yes, will the premium will b normal or higher? Please enlighten me
    Regards
    Anupam

  2. Hi Santanu,

    Will the sum assured be paid for term insurance in case of normal death.

    Regards,
    Rajesh.

  3. Hi Santanu
    i am 37 and working as a guest lecturer and i have two kids
    i want to invest in sbi life eshield would it be the right one to invest

    1. Hi renuka, if you are aware about the benefits of online term plans, then I think anyone from a popular brand in good.
      Specifically for SBI e Shield, I think this is a good term plan as SBI is a very big brand, like LIC of India if we consider term plans in India. 🙂

    1. Hi Sushma, Don’t buy any policy for your KID. Better to invest the money for his/her education at the age of 18. Choose PPF account or invest via Mutual Fund.

  4. Hi Shantanu,

    I am 24 years old. If I start investing for a period of 20 years from now in the increasing cover scheme and I want a term cover of Rs 1 crore, what would be the annual premium i have to pay? Also, at the time of maturity, would i get the amount or my nominees?

  5. Sir Thanx for your advise i want to clear two things regarding this.
    1St one is medical… in this case of Term Insurance, they do not have any medical test being done and believes what we declare online. Here if someone who for eg:
    1. already have cancer or any of these disease what they asked in their heath questions but declared as ‘NO health issues’, because policy holder even not know itself and eventually dies ..insurance health team after investigation found it was a disease before policy.
    would it(policy) be valid?

    2.already have cancer or any of the disease what they asked in their heath questions but declared as ‘NO health issues’, and eventually dies and his nominee may say that disease only after taking the policy,
    would it (policy)be valid.

    3. And in case while declaring they may be true but may got that disease acquired after a month/week, how do they distinguish between these 2 Genuine and fake case

    pls. clear all these points separatly ..i need your advise (as IRDA rules if any) on this issue.

    1. Hi Ashwani,

      Point 1 & 2 : This is policy holder’s fault and insurance company has 100% right to say that you have not disclosed pre-existing illness. Although medical test in not mandatory, but in case you have some illness you should not hide the same. Disclose all facts about your health. This may increase the premium but your future claim (if require) would be easy.

      3) In case any disease occur after purchasing the policy, then ideally you should contact to your insurer and share the same. After that you insurance need may be re-evaluate and your premium amount may get hiked.

      Remember one thing, insurance is a need of individual, not for the company. So it is our responsibility make sure that every information we provide is 100% correct. At the time of claim, your family should not face any hassle, as their further life could be effected if we do something unethical while buying the policy.

      Anyway, as per latest changes in insurance bills, I think companies will start monitoring individuals health while buying a policy, as if you continue a policy for 3 year then company have to settle the claim. If they don’t have enough fraud proof.

  6. Hi i m 43 yrs old, want Term insurance of 50 lac To 1 crore up to min age 70. My Annual income is 5 lac +.
    My wife’s age is 39; want term plan of 25lac to 50Lac up to min age 70. Her Annual income is 2.55 lac +.
    Please suggest me which company/Plan is best from Sbi Life , HDFC, Reliance.

    1. Personally I like HDFC and their click 2 protect plan could be the best among these 3. I have some doubt with Sbilife regarding their customer support after policy purchase. But from a term point of view I think all of them are on the same platform only.

      1. Hi Santanu,

        What happens in the case when the customer buys a policy and he mentions that he does not have any diseases, but in reality he might be having a disease which he is not even aware/has not been diagnosed of. For e.g. cancer(Which may take time to show symptoms).

        Is the policy valid in this case?, keeping in mind that the person is not aware/has not been diagnosed with any condition, but may have an underlying medical condition at the time of purchasing the policy.

        1. Hi Lakshya,

          Remember one thing, in case of term plan purchase company may not consider your data validation. It is your responsibility to provide 100% accurate information. Just imagine in case of unfortunate death, if your it is found that you had cancer and death is linked with that, then your family will not get the sum assured value. Then what is the point of buying this information with wrong information?

          If you love your family, then always say truth when it is investment and their future planning in absentee of you. I hope you got your answer.

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