SBI Term Plan Review

I am planning to take term plan from SBI Life Insurance Company searching for some reviews related to this plan. Can you provide basic details along with Key Features of SBI eShield Life Insurance along with period and exclusion of SBI eShield Life Insurance so I plan to take this?

[shikha]

SBI Life Insurance is a joint venture between State Bank of India (SBI) and BNP Paribas Assurance.

SBI Life is currently the biggest private sector insurance company in India with a 6.12% share of the total market.

About term insurance plans:

SBI Life eShield is a non-participating pure term plan this plan also provides high protection at very low premium rates.

Key Features of SBI eShield Life Insurance

It is a pure term insurance plan with regular pay premium paying options
It has 4 protection variants to suit every individual’s needs:

Level Cover
Level Cover with Accidental Death Benefit
Increasing Cover
Increasing Cover with Accidental Death Benefit

Easy and hassle-free application process

Benefits of SBI eShield Life Insurance

The nominee gets the Sum Assured on death of the policyholder
In case of Increasing Cover, the SA increases by 10% every 5 years
Inbuilt Accidental Death Benefit rider with options 2 & 4 equal to SA or 50 Lakhs, whichever is lower
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium

Policy Termination or Surrender Benefit: there is no option of surrendering the plan.

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Additional Features or Riders

Premium discounts are given for non-smokers
Premium discounts for female lives

Exclusions

In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.

For the rider, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded

Contact:

State Bank of India
State Bank Bhavan, Madam Cama Road
Mumbai-400021.

SBI Office Phone Number: +91-22-22029456
SBI Office Fax Number: +91-22-22742431