SBI Life Insurance has announced the unveiling of 'SBI Life eShield Next,' a revolutionary new age protection solution that 'levels up' the protection coverage when the insured reaches important life milestones.
It is a non-linked, non-participating individual life insurance pure risk premium product that works by 'leveling up' the required insurance protection through an increase in sum assured linked to significant 'level-up milestones in one's life, such as getting married, becoming a parent, or purchasing a new home.
Key features of SBI Life 'eShield Next'
- To meet varying protection needs, there are three plan options: Level Cover, Increasing Cover, and Level Cover with Future-Proofing Benefit.
- Life insurance coverage for up to 100 years (whole life) or 85 years (partial life) (other than Whole Life).
- A plan that can be customized to fit specific needs: Through the Better Half Benefit Option and payment modalities for death benefits
- Pay a premium whenever it is convenient for you: Only once, for a limited time, or for the duration of the policy.
- Additional Coverage through Riders.
The 'level-up aspect of the new age protection plan eShield Next is its unique selling proposition. There are three plan options available: 'Level cover, Increasing cover, and Level Cover with Future-Proofing benefit.' Each has been carefully designed to satisfy the evolving needs of customers.
Option 1: Level Cover Benefit- In this case, the total amount assured remains constant throughout the policy period.
Option 2: Increasing Cover Benefit- In this case, at the end of every fifth year of the insurance, the absolute amount insured on death grows by 10% p.a. (simple) of the Basic Sum assured.
Option 3: Level Cover with Future Proofing Benefit - This option allows customers to enhance their coverage as they reach life's major milestones, including as getting married, becoming a parent, or purchasing a home, without having to pass further medical examinations.
5 Reasons to Choose SBI Life - eShield Next -
- Security- To ensure that your family is financially secure.
- Flexibility - Three plan options to choose from
- Simplicity - Use Optional Benefits to personalise your package.
- Affordability - You have the option of paying a premium at your leisure.
- Reliability - Lifetime coverage of up to 100 years (full life) or 85 years (partial life) (other than Whole Life)
Annually, or following major life events such as marriage, divorce, starting a family, or purchasing large assets such as a home, it's a good idea to re-evaluate and upgrade life insurance coverage. Alternatively, to answer your changing financial goals, firms may provide you the option of paying higher premiums throughout the policy term to get a plan with greater benefits without having to go through the inconveniences of obtaining and paying premiums for a new plan.