SBI Life eShield is a pure protection individual, non-linked and non-participating term insurance plan offered by SBI Life. It’s an online plan that gives the prospective buyers the advantage of experiencing an easy and seamless online process of getting a life insurance. 

For the individuals seeking financial protection for their families, SBI Life eShield comes with a wide range of benefits at attractive premium rates.

SBI eShield Plan Overview

There are 4 variants available under this SBI term insurance plan:

Level Cover: Under this option, the basic sum assured will remain the same throughout the tenure of the policy.

Level Cover with Accidental Death Benefit: In addition to the benefits offered under Level Cover, there will be an Accidental Death benefit paid in case of death of the policyholder due to the accident.

Increasing Cover: Under this option, the basic sum assured will increase at the rate of 10% at the end of every fifth policy year.

Increasing Cover with Accidental Death Benefit: Besides offering the benefits of the ‘Increasing Cover’ option, there will be an Accidental Death benefit paid by the company in case of accidental death.
It’s important to understand that only the basic sum assured will increase under this plan option. There will be no increase in the amount of Accidental Death Benefit.

Eligibility Criteria for SBI eShield Plan

Entry Age18 years65 years
Maturity Age70 years
Policy Term5 years30 years
Sum AssuredRs 20,00,000No Limit
Premium Payment ModeYearly, Half-yearly and Monthly

Features of SBI Life eShield:

Grace Period:

For half-yearly and yearly payment mode, it is 30 days from the non-payment date. And, for monthly mode it is 15 days from the non-payment date. This rider is also applicable for rider premiums.

Revival Facility:

This facility is available up till 2 years from the date of first premium unpaid, provided the insured is able to provide sufficient proof of insurability to the company.

Free Look Period:

During this period, the policyholder can review the terms & conditions of the policy and if not satisfied can return the policy stating the reason of rejection. The policyholders who have purchased the policy through distance marketing will get 30 days as free look period.

Tax Benefits

The policyholder will get tax benefits as per applicable tax laws

SBI Life eShield Benefits:

Death Benefit:

Death benefit is given according to the benefit structure chosen at the time of buying the policy.

Accelerated Terminal Illness Benefit :

This is an in-built benefit available with all the plan options. In case the life assured is diagnosed with terminal illness, s/he will be paid the benefit equal to death benefit and the policy will be terminated.

However, this benefit will only be paid, provided the insured has paid all the premiums to date and the policy is in force as on the date of diagnosis.

Maturity Benefit:

This plan doesn’t offer maturity benefit.

Rider Benefit:

SBI Life – Accidental Death Benefit Rider

The sum assured under this rider will be paid in case the policyholder dies within 120 (6 months) days of the rider term, due to an accident.

SBI Life – Accidental Total & Permanent Disability Benefit Rider

Under this rider, the policyholder will get the sum assured in case of accidental total and permanent disability during the rider term, provided the rider policy is still active.

Medical Second opinion:

This option enables the life insured to receive the second opinion for diagnosis and treatment plans. This benefit is available for all the policyholders under all the plan options. The life insured doesn’t need to make any extra payment for this facility.

Reward For Healthy Lifestyle:

SBI eShield encourages a healthy lifestyle and offers lower premium rates for non-smokers.

Why should you buy SBI Life eShield plan?

The primary reasons that you should go for SBI Life eShield plan are:

  • It provides financial security for your family at reasonable premium rates.
  • The plan follows an easy and seamless online selling process to provide life coverage.
  • Insurance seekers following a healthy lifestyle get better premium rates.
  • It has a wide range of plan options to choose from, including level and increasing cover plan options.
  • The plan comes with in-built benefit of Accidental death Benefit.
  • SBI Life eShield plan offers tax rebate under section 80C and 10(10D) of the Income tax Act, 1961.

Who should buy SBI Life eShield plan?

In simple words, any individual who has dependent family to take care of should go for term insurance plans. There is no doubt in the fact that term insurance plans are one of the most affordable life insurance plans. It is one of the most pocket-friendly ways to financially secure your family against unforeseen events.

Claim Process of SBI Life eShield:

SBI Life eShield plan commits towards providing a hassle-free claim process to the insurance holders. The hassle free process makes an effort to ensure that the claimants are able to receive the claim amount they are entitled to, easily and efficiently.

Step 1:

First of all, the claimant can file the claim online claim at:[dot]in/en/services/claims-and-maturity entering her/his full name, date of birth and captcha code.

In case, the claimant wants to follow the offline mode, s/he can send the duly filled claim from by post along with the required documents. The form can be sent at:

SBI Life Insurance Co. Ltd,

8th level Seawoods Grand Central, Tower 2,

Sector 40, plot No.R-1, Seawoods, Nerul,

Navi Mumbai- 400706.

One can also submit the form by visiting her/his nearest SBI Life branch.

One other option is to send the claim form via email at:[dot]in

Step 2:

It is the document submission process.

The list of mandatory documents includes:

  • Original Policy Document
  • Claim Form
  • Photo identity proof of the Claimant
  • Current address proof of the Claimant
  • Valid bank passbook or bank statement or cancelled cheque of the claimant. Please note that these bank documents should have pre-printed name and bank account number of the claimant on them.
  • Original or Attested Death Certificate released by local authority

The company may also request for additional documents to check the admissibility of the claim:

  • Certificate from the medical attendant
  • Certificate of hospital treatment
  • Certificate from the employer (in case the policyholder is a salaried individual)
  • Copy of Punchnama Report / FIR/ Post Mortem
  • Copy of Police Final Report/ Inquest Report/ Magistrate’s Verdict / Chemical Analysis Report

In case the policyholder is living in a country where DTAA is accepted along with the TDS, the claimants can submit following documents to avail DTAA benefit for tax exemption:

  • Certificate of Tax Residency
  • Form 10F
  • Proof of residency issued by the government of the country where the policyholder is staying.

Step 3:

All claims will be assessed based on the information shared by the policyholder at the time of filling the proposal form and the claim documents submitted by the claimants.

Once the claim department has finalised its decision, the claim amount will be released based on the T&C of the policy.

For any queries or concerns regarding claim settlement, one can always contact the company at –[dot]in

FAQs of SBI Life eShield:

Q1) Can a minor be appointed as a nominee?

Yes, a minor can be appointed as a nominee. However, an appointed (major) has to be provided for the Minor Nominee.

Q2) What will the nominee receive in case the policyholder commits suicide?

If the life insured commits suicide within 12 months from the policy commencement date, the beneficiary will be entitled to 80% of the premiums paid till date. After that, the policy will be void and no claims will be paid.

If the policyholder commits suicide within 12 months from the revival date if reinstated, the beneficiary will receive 80% of the premiums paid till the date of death. The plan benefits and features will be void and no claim will be payable, thereafter.

Here, it’s important to understand that only the base premium will be considered as the premium for this purpose. Service tax, Accidental Death Benefit premium, cess, and extra premiums, will not be considered for the refund.

Q3) Is opting for a higher sum assured beneficial in SBI Life eShield Plan?

Yes, opting for higher sum assured is beneficial as going for higher sum assured doesn’t increase the premium rate. Hence, the policyholder will be able to get the benefit of higher sum assured at relatively lower premiums.

Q4) What is Underwriting process?

During the underwriting process, the company evaluates the applicant’s proposal. This evaluation will be based on the information provided by the proposer in the application form, along with the results of the medical tests conducted on the applicant.

Term insurance underwriting usually takes 3-4 days once all the requirements are met and the company has received all the important documents such as result for medical examination and financial and other related documents.