Life is full of uncertainties, and it is our responsibility to secure the financial future of our loved ones in case of any unfortunate event. SBI Life understands this need and offers a comprehensive online insurance plan called eShield Next. With a wide range of features and benefits, SBI Life eShield Next offers the right solution to protect your family’s financial stability.
1. Introduction to SBI Life eShield Next Term Insurance
SBI Life eShield Next Term Insurance is one of the leading insurance providers in India, offering a wide variety of products to meet the unique needs of individuals. With its offerings, eShield Next stands out as a popular choice for those seeking a reliable and convenient life insurance solution.
2. Understanding the Importance of Life Insurance
Life insurance is an important tool that ensures financial security for your family in case of your untimely demise. It provides a lump sum amount to the nominee/beneficiary, known as death benefit, which can help cover various expenses such as outstanding loans, daily living expenses, children’s education and other financial commitments.
3. Features and Benefits of SBI Life eShield Next Term Insurance
Flexibility to choose the Sum Assured
SBI Life eShield Next offers the flexibility to choose the sum assured based on your financial goals and needs. This ensures that your family will receive adequate financial support in your absence.
Affordable premium rates
With SBI Life eShield Next, you can enjoy affordable premium rates, making it easy to secure the desired coverage without putting a strain on your budget.
Option to increase coverage through riders
It allows you to enhance your coverage by adding optional riders like Accidental Death Benefit, Critical Illness Benefit and Accelerated Terminal Illness Benefit. These riders provide additional financial protection against unforeseen circumstances.
Tax benefits under section 80C and 10(10D) of the Income Tax Act
By investing in this Term Insurance, you can avail tax benefits on premiums paid and death benefit under section 80C and 10(10D) of the Income Tax Act respectively. This can help you save tax while ensuring financial security.
4. How SBI Life eShield Next Works?
SBI Life eShield Next can be easily bought online, saving you time and effort. The process is hassle free and can be completed in a few simple steps.
Online Application Process
To get started, visit the website of SBI Life and navigate to the eShield Next plans page. Fill in the required details including personal information, desired coverage and policy terms.
Underwriting and Medical Examination
Based on the information provided, SBI Life will undertake underwriting to assess your insurability. In some cases, medical tests may be required to determine premium rates.
Policy issue and premium payment option
Once the underwriting process is complete and the policy is approved, SBI Life will issue the policy document. You can choose from various premium payment options, such as yearly, half-yearly, quarterly or monthly, as per your convenience.
5. Eligibility Criteria and Coverage Options
To avail the benefits of SBI Life eShield Next, it is necessary to fulfill certain eligibility criteria.
Minimum and Maximum Entry Age
The minimum entry age for SBI Life eShield Next is 18 years, while the maximum entry age is 65 years. This ensures that individuals of different age groups can secure life insurance coverage.
Policy term option
It offers flexibility in choosing the policy term. You can opt for a policy term ranging from 5 years to 30 years depending on your financial goals and requirements.
Sum Assured Option
The sum assured under SBI Life eShield Next starts from Rs. 35 lakh, providing adequate coverage for your family’s financial needs. You can choose a sum assured that suits your specific needs.
6. Comparing SBI Life eShield Next Term Insurance with other life Insurance plans
Before choosing a life insurance plan, it is essential to compare the various options available in the market. Here’s how SBI Life eShield Next Term Insurance stacks up against other plans:
Premium Rates and Affordability
This Term Insurance offers competitive premium rates, ensuring affordability without compromising on the coverage provided. Comparing premium rates can help you make an informed decision.
Coverage and Benefits
With SBI Life eShield Next Term Insurance, you can avail a comprehensive coverage that includes death benefit and optional riders for enhanced protection. Understanding the coverage and benefits provided can help you choose the right plan for your needs.
Claim settlement process
SBI Life has a strong track record of efficient claim settlement. This ensures that in case of a claim, your family will receive the necessary support and assistance during difficult times.
7. Why to choose SBI Life eShield Next Term Insurance?
Choosing the right life insurance plan is an important decision, and SBI Life eShield Next Offers several compelling reasons to consider it:
- Convenience: This Term Insurance can be easily purchased online, thereby eliminating the need for lengthy paperwork and physical visits to insurance branches.
- Affordability: The premium rates of SBI Life eShield Next are competitive, making it a cost-effective option for individuals seeking life insurance coverage.
- Flexibility: With this plan, you have the flexibility to choose the sum assured as per your financial goals and needs.
- Additional Riders: SBI Life eShield Next offers the option to enhance your coverage by adding riders like Accidental Death Benefit, Critical Illness Benefit and Accelerated Terminal Illness Benefit.
- Tax Benefits: By investing in this term insurance, you can avail tax benefits on premiums paid and death benefit under section 80C and 10(10D) of the Income Tax Act respectively.
- Strong Claim Settlement Record: SBI Life has a reputation for efficient and quick claim settlement, ensuring a smooth process for the beneficiaries.
- Positive customer feedback: Customers who have opted for SBI Life eShield Next have shared positive experiences, highlighting the ease of the online process and the peace of mind it provides.
Keeping these factors in mind, SBI Life eShield Next has emerged as a reliable and convenient life insurance plan that provides financial security to your loved ones.
8. How to Get SBI Life eShield Next Term Insurance?
To get SBI Life eShield Next, you can follow these simple steps:
- Visit the SBI Life Insurance website: Visit the official website of SBI Life Insurance at sbilife.co.in
- Navigate to the eShield Next page: Explore the website and find the eShield Next plan page. Here you will get detailed information about the scheme and its features.
- Understand the plan: Take a moment to review the features, benefits and coverage options offered by SBI term Insurance. This will help you make an informed decision based on your requirements.
- Calculate Premium: Use the online premium calculator available on the website to estimate the premium amount for your desired coverage. You need to enter details like your age, sum assured and policy term.
- Fill Application Form: If you are satisfied with the plan and premium amount, then proceed to fill the online application form. Provide accurate information about yourself including personal details and contact information.
- Select Coverage Option: Select the desired coverage option, such as the Sum Assured and any additional riders you wish to add for better protection.
- Complete the underwriting process: After submitting the application form, SBI Life will review and underwrite your details. In some cases, medical tests may be required to assess your insurability.
- Receive the policy document: Once the underwriting process is complete and your application is approved, SBI Life will issue the policy document. You will receive it either digitally or through physical mail.
- Pay premiums: Choose the premium payment frequency that best suits you, be it yearly, half-yearly, quarterly or monthly. Pay the premium through the available options, which may include online payment gateway or bank transfer.
- Keep the policy document safe: Keep the policy document safe in a safe place. It is an important document that contains all the terms and conditions of your SBI Life eShield Next policy.
By following these steps, you can easily get SBI Life eShield Next and secure the financial well-being of your loved ones.
9. Customer Reviews & Feedback
SBI Term Insurance has received positive feedback from customers who have experienced its benefits firsthand. Here are some testimonials that highlight the benefits of eShield Next:
- SBI Life eShield Next Term Insurance provided me with a seamless online insurance experience. The affordability and coverage offered are exceptional.
- The claim settlement process with SBI Life eShield Next was quick and hassle-free. It gives me peace of mind knowing that my family is protected.
SBI Life eShield Next Term Insurance offers a reliable and convenient online insurance solution for individuals looking to secure their family’s financial future. With its flexible coverage options, affordable premium rates and additional riders, eShield Next offers comprehensive protection. Positive customer reviews and efficient claim settlement process further strengthen its credibility. Ensure the financial well-being of your loved ones by considering SBI Life eShield Next as your life insurance plan.
Frequently Asked Questions (FAQs)
Q 1: Can I customize my SBI Life eShield Next policy?
Yes, SBI Life eShield Next Term Insurance offers customization options such as choosing policy term, sum assured and optional riders based on your needs.
Q 2: What if I miss paying the premium?
If you fail to pay the premium within the grace period, the policy may lapse. However, SBI Life offers a grace period during which you can pay the premium without any penalty.
Q 3: Can I surrender my policy before the maturity date?
Yes, you can surrender your SBI Life eShield Next policy before the maturity date. However, surrender charges may be applicable as per the terms and conditions of the policy.
Q 4: How can I claim under SBI Life eShield Next Term Insurance?
In case of a claim, you may inform SBI Life through their customer support channels. The claim settlement process will be initiated and required documentation will be required.
Q 5: Can I increase my Sum Assured during the policy term?
No, you cannot increase the Sum Assured during the policy term. However, you can opt for a higher sum assured at the time of purchasing the policy or at the time of policy renewal.