SBI Life eShield Plan is a term insurance plan offered by the insurance company SBI Life.

This plan has several features that make it an attractive choice for many individuals. It offers the advantage of increasing cover and enables customers to customise their claim payouts to suit their family requirements. It is relatively more expensive compared to other products in the market and there are only limited choices available to accelerate premium payments under the limited pay option. Additionally, our research shows that the insurer has received minimal complaints regarding policy purchase and claim settlement, indicating a high level of customer satisfaction, despite a poor record when it comes to fast claim settlements.

Let’s look into some benefits and features that the SBI Life eShield plan offers.

What are the benefits of SBI Life eShield Plan?

Life Cover Benefit: This term insurance plan pays a guaranteed sum of money to your family if you pass during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy.
Entry age for the policy: The SBI Life eShield plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old.
Increasing Cover: Once you choose an appropriate sum assured that fits your family’s current financial needs, the SBI Life eShield plan offers you an increasing cover using which you can increase the sum assured by 10% at the end of every five years, till the base cover amount doubles. Increasing cover starts from the 6th year, increasing by 10% every 5th policy year, and can go up to 2X of the base cover.
Cover Duration: The SBI Life eShield plan gives you the option to choose the policy duration up to the age of 79 years. This means that you can take a cover well beyond your planned retirement age which is usually around 60-65 years.
Limited Pay Options: If you’re someone who wants to finish paying off all premiums early in life - the SBI Life eShield Plan is a good option. You can choose from these premium payment term options - 5, 7, 10, 12, 15, 20, (PT-5) years. You can pay the premiums on a monthly, half-yearly and yearly basis, until the completion of your chosen term.
Claim Payout Options: In the claim payout options, the SBI Life eShield plan allows you to customise how your family receives the claim amount. Claim payout options available for customization to your nominee include one-time, instalment, and one-time + instalment options.

What are the riders available with the SBI Life eShield plan?

The SBI Life eShield Plan provides one rider that can enhance your base coverage.

The plan only offers an Accidental Death Benefit Rider, which will provide your family with an additional sum of money in case you pass away during the policy period due to an accident. You can also use this rider to improve your overall cover. So if you’re not able to buy the desirable term insurance cover, you can consider buying the accidental death benefit rider along with your term insurance cover. The Accidental Death Benefit Rider coverage is available up to 75 years of age, with a maximum cover of 2 Crore.

On the flip side, this plan does not offer a Critical Illness Rider or Waiver of Premium rider like other term insurance products in the market.

Why should you choose the insurer SBI Life?

Speed of Claim Settlement: SBI Life holds a moderate track record in its claim settlement process. It has settled 98.99% of claims in less than 30 days.
Claim Complaints: Based on the research conducted by our team, we discovered that SBI Life has received 0.06% of complaints compared to other insurers. This suggests that your family is likely to experience a seamless claim settlement process.
Claim Settlement Ratio: The claim settlement ratio of SBI Life is 98.25%.

What are the disadvantages of buying this policy from SBI Life?

When we make important decisions for our family to secure them and their future, we should always consider both the positive and negative aspects. Here are some cons you should be wary of while choosing this term insurance plan from SBI Life:

Online Tracking of Claims: The insurer does not have the option to track claims online, your family will have to contact the insurance company via the provided toll-free number for details about the claim.
Home Pickup of Claims: Your family/ nominee will have to visit the branch to submit the documents personally as the insurer does not provide the option to pick up the documents from home.
Personal Relationship Manager for Claims: Not available, so you may need to handle the claims process without a dedicated manager.
Separate Claim Form for Above 3 Years Claim: Not available, so a standard claim form will be required for all claims, regardless of duration.
Death Claim Form Complexity: The form is not available, which may add challenges during the claim process.

How is SBI Life’s Customer Services?

Toll-free: Our research team rated SBI Life as being ‘Average’ based on their toll-free services.
Twitter Response: SBI Life has a track record of responding slowly to queries and complaints on its Twitter handle.
Policy purchase-related complaints: Based on our research, SBI Life has received 0.06% of complaints related to its after-sales service, which is higher than other insurance companies.

About the Insurer- SBI Life

SBI Life is a Life Insurance company in India. It offers various insurance products including Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. It was founded in 2001 as a joint venture between SBI Bank and BNP Paribas Cardif. The company is headquartered in Mumbai and owns over 947 branches across the country. The CEO of SBI Life is Mahesh Kumar Sharma.

What is the overall Rating of the SBI Life eShield Plan?

On the basis of the 100+ parameters analysed by our in-house research team and after considering the product benefits, customer service, and claims experience, the SBI Life eShield Plan gets a Beshak⭐Rating of 3.6/5.

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