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SBI Protection Plans Review | SBI Life Protection Plan Coverages/Inclusions & Exclusions

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Are you worrying about the Future of yours loved ones in your obscene? Then immediately shift towards the new protection side with Protection Plans offered by SBI Life. The security steps which we have taken today are the basis for the Tomorrow Strong Foundation. To provide the Financial Security and Bright Future to their Children, the Parents have to make a step towards the Protection Plans. SBI Life company offers one such plan. The SBI Protection Plans offer a various number of benefits, Key Features. Therefore all individuals can check the detailed description of the Protection plans here.

SBI Protection Plans Review

The SBI Protection Plans are low-cost insurance plans which are specially implemwnted to offer a full protection and financial stability to your family in case of any unforeseen events. SBI Life presents the range of attractive protection products so that you can continue to celebrate life without worrying about the uncertainties of life. Make your Family happy in every aspect of the life is the primary motive of you as a responsible member. The main objective of the insured is to take a complete responsibility to secure the future of their kids. Hence, for that Purpose SBI Life Insurance introduces some Protection plans.

Buying this plan is the first and foremost step taken by the Life Assured to protect your family from unexpected events. SBI Life offers the best protection plans for all the customers to secure their Life. The various protection plans are SBI Life eIncome Shield, Smart Shield, SBI Life Saral Shield, eShiled and Grameen Bhima. Each plan is distinct from every aspect and offers various benefits for the Policyholder. Check all about SBI Protection Plans here.

SBI Life Protection Plan Products

Whether you live to work or work to live, you depend on your income to maintain your lifestyle. An unforeseen event can take this security of regular income away in a second. Therefore you need to secure yourself and your family against such unfortunate disruptions in your life. The Insured will lead the rest of the life without any tension about their Family. The SBI Life Insurance Company Limited offers Five different protection plans with various benefits, key features. Check the SBI Protection Plans in the following Section.

  1. SBI Life eIncome Shield.
  2. Smart Shield.
  3. Saral Shield.
  4. SBI Life eShield.
  5. Grameen Bima.

 SBI Life eIncome Shield

The eIncome Shield is an Online traditional, non-participating Pure Term Life Insurance or Income Protection Plan offered by SBI Life. eIncome Shield is one of the SBI Protection Plans. This plan provides a shield which you need to protect your monthly income. Under this SBI Life eIncome Shield plan, a monthly income payout aims to replace a portion of your income on the unfortunate eventuality of death. Further, provide that your monthly income requirement would raise under the ordinary course of life, this plan gives you an option of the annual increase in your monthly payout.

Key Features of SBI eIncome Shield Plan
  • Flexibility to select your monthly income.
  • Offers Four Benefit Option to choose from. Your Monthly Income increases every year at the simple interest rate based on the Benefit Option selected by you.
  • Monthly Income for a minimum of four years irrespective of the year of death.
  • Immediate Lump Sum payment of 12 times of the then applicable Monthly Income applicable at the time of claim.
  • The lower premium for nonsmokers and female lives.
  • Income Tax benefits as per the prevailing norms as per the Income Tax Act, 1961.
SBI Life eIncome Shield Benefits

Death Benefit

The monthly income payouts will strat on the passing of the life assured from the 1st day of the next policy month and will be payable for the outstanding period of the policy term. The death benefit is payable as a series of monthly payouts, and the nominee or beneficiary would not be allowed to take discounted value of the future payouts as a lump sum.

Lump Sum Benefit

Along with the monthly payouts, a Lump Sum benefit amount equal to 12 times the then available monthly income will be payable immediately to the nominee/ beneficiary to death, as per the benefit option was chosen.

Tax Benefits

The Insured is eligible for Tax benefits or exemptions as per the applicable income tax Act, 1961 in India.

SBI Life Smart Shield

The Smart Shield is a traditional non-participating pure term life insurance plan offered by SBI Life. The SBI life Smart Shield plan is a one-stop solution that meets all your insurance needs. With benefits and Options specially tailored for those who want best financial protection at an affordable cost, this is the perfect plan from your preferred insurance provider, so that your family stays protected, even when you are not around.

SBI Smart Shield Plan Key Features
  • Establishes a strong foundation for a lifetime of financial security for your family at an affordable cost.
  • Rewards you for maintaining a healthy lifestyle.
  • Two plan options to give you freedom from your liabilities.
  • Large Sum Assured Rebates.
  • Customize the coverage by choosing from a broad range of additional riders mentioned below.
    • Accidental Death Benefit Rider (UIN: 111B015V02).
    • Accidental Total & Permanent Disability Benefit Rider ( Unique Identification Number: 111B016V02).
    • Criti Care 13 Non-Linked Rider (UIN: 111B025V02).
  • Tax benefits applicable as per prevailing norms As per the Income Tax Act, 1961.
Benefits offered by SBI Life Smart Shield Plan

Death Benefit

In the case of the unfortunate death of the insured during the term of the policy, the nominee or legal hire will receive the benefits, depending on the plan option chosen as below.

  • Level Term Assurance.
  • Increasing Term Assurance @ 5%.

Maturity Benefit

No Maturity benefit is available under SBI Life Smart Shield Insurance product.

Tax Benefits

The Insured is eligible for Tax benefits or exemptions as per the applicable income tax Act, 1961 in India.

SBI Life Saral Shield Plan

The Saral Shield Plan is traditional non-participating pure term Insurance offered SBI Life. At an affordable cost, the SBI Life Saral Shield offers coverage for your family and ensures that a proper safety net is created. Thus, it guarantees that there will be no compromise on your dreams and the ambitions for your loved ones.

SBI Life Saral Shield Key features
  • Hassle-free, easy and convenient issuance.
  • Financial Security.
  • Provides Freedom from your liability by choosing one of the following plan options as follows.
    • Level Term Assurance.
    • Decreasing Term Assurance (Loan Protection).
    • Decreasing Term Assurance (Family Income Protection).
  • Special premium discounts for women.
  • Large sum assured rebates.
  • Enhance your protection by availing two riders-SBI Life- Accidental Death Benefit Rider and SBI Life- Accidental Total and Permanent Disability Rider.
  • Tax benefits as per prevailing norms as per the Income Tax Act, 1961.
Saral Shield Plan Benefits

Death Benefit

In the case of the unfortunate death of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.

Maturity Benefit

No Maturity Benefit available at the end of the term.

Riders

  • SBI Life Accidental Death Benefit Rider (UIN: 111B015V02):
    In the case of death due to an accident, the total Rider Sum Assured is payable in addition to the death benefit.
  • The Accidental Total and Permanent Disability Benefit Rider (UIN: 111B016V02), The total Rider Sum Assured, will be paid to the policyholder being found eligible for the Total Permanent Disability Benefit as defined in the policy document.

SBI Life eShield Plan

The eShield is an Individual, NonLinked, Non-Participating pure term plan offered by SBI Life Insurance. The SBI Life e-shield plan is term plan with options and benefits specially tailored for those who want the best financial protection at an affordable cost.

Key features offered by the SBI Life eShield Plan

Check the list of SBI eShield Plan here.

  • Security for your family at an affordable premium.
  • Easy &seamless online process for securing life cover.
  • Offers a healthy lifestyle.
  • A Wide variety of plan options, which has the level and increasing cover.
  • The Accidental Death Benefit as an additional benefit.
  • Income Tax benefits as per prevailing norms As per the Income Tax Act, 1961.
Benefits offered by the SBI Life eShield Plan

Death Benefit

  • Depending upon the Plan option selected, the legal hire will receive the Effective sum assured at the time of mortality.
  • The death benefit will be payable with all regular policy premiums are paid, and the policy is in force as on the date of claim.

Maturity Benefit

  • No Maturity Benefit available at the end of the term under the SBI Life eShield.

Survival Benefit

  • No Survival Benefit available at the end of the term under the SBI Life eShield.

Other Benefits

  • Accidental Death Benefit: Inbuilt under SBI Life eShield plan options  Level Cover with Accidental Death Benefit and Increasing Cover with Accidental Death Benefit.
  • In the case one of the Accidental Death Benefit plan options is chosen, then in the case of death of the life assured due to the accident during the policy term, Accidental Death Benefit will be paid to the beneficiary in addition to the sufficient sum assured at the time of death.
  • The Accidental Death Benefit is same as the Basic sum assured or Rs. 50 Lakhs whichever is lower.

Tax Benefits
The policyholders are eligible for Tax benefits or exemptions as per Income Tax Act India, 1961 which are subject to change from time to time.

SBI Life Grameen Bima

The objective of SBI Life Grameen Bima product is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unexpected event. The Grameen Bima Plan is an individual, pure term, micro-insurance plan of SBI Life for the socially poverty-stricken and economically vulnerable segments of the population.

Key Features of SBI Life Grameen Bima
  • You can select your premium, correspondingly your life insurance cover will be determined.
  • Prompt Processing and Enrolment.
    • No medical examination, acceptance would be based on satisfactory health declarations in the proposal form.
    • Registration based on a simple form.
Benefits of Grameen Bima Insurance Plan

Death Benefit

  • In the unfortunate event of the demise of the life assured during the policy term, the legal hire will receive the Sum Assured.

Maturity Benefit

  • No maturity benefit is available under SBI Life Grameen plan.

Surrender Benefit

  • The Surrender is available from second year onwards.
  • No surrender benefit is payable under Grameen Bima in the last year of the policy.
    • The surrender value will be payable as follows.
      Single Premium (excluding the service tax) * 50% *Unexpired policy term / Total Term.

      • The policy Term is terms of completed months.
      • An Unexpired term would be the total policy term in months less the completed number of months as on date of surrender.

Tax Benefits

  • Income Tax exemptions/benefits are applicable for SBI Protection plans as per the applicable Income tax Act, 1961 which are subject to change from time to time.

SBI Life Protection Plan Buying Procedure

The SBI Life Protection Plan purchasing procedure is available here. Before purchasing the SBI Life Protection, read the Plan details carefully. The Insured can buy this SBI Life Protection Plan in two ways either online or offline. For Online mode refer the SBI Life India Official Website. For offline mode, Visit the nearest SBI Life Branch Office. Get the documents for the SBI Protection Plans here.

  • Proposal Form along with the Photograph.
  • Age proof of the Life assured.
  • Address Proof ( Nominee & Life Assured).

SBI Life Protection Plan Claim Procedure

The Life insured can claim the Protection plan offered by SBI Life Insurance after the completion of the policy period. In the case of eventual illness of the policyholder, the nominee can claim instead of the Life assured. The insured need to submit the claim documents to SBI Life Insurance Company or a Third Party Administrator (TPA) on the diagnosis of the cancer conditions.

Once SBI Life Insurance Company approves of the claim, the benefit amount payable under the policy will be credit in to policyholder’s account through a NEFT payout or transfer. Let us have a glance at the documents required for Claim the SBI Protection Plans here.

  • Original policy Bond / Document.
  • Discharge form.
  • NEFT Payout Form.
  • Cancel check or Bank Passbook xerox.
  • Proof of Accident and Disability.
  • Death certificate ( If in the case of the eventual death of the life insured).
  • Proof of title.

SBI Protection Plan Premium Calculator

SBI Premium Calculator is to calculate Premium amount for yearly, half-yearly, quarterly and monthly of any policy. This New SBI Protection plans calculator is used to estimating the benefits offered by the SBI Life Protection Plan. The SBI Life Maturity Calculator provision helps policyholder to calculate the premium and amount paid to the insured after maturity. SBI Life Premium Calculator is useful for the policyholder to calculate their Maturity amount and premium amount. Check the premium for SBI Protection Plans here.

To knock the uncertainty of life, SBI Protection Plans offers a broad range of solutions. If you are looking for a plan that guarantees financial protection to your family or saving that extra bit of money for post-retirement life, SBI Protection Plans are the best Option for you. SBI Life Protection Insurance Plan has come up with different insurance plans to assist you in all stages of life.

  • Enter Name.
  • Date of Birth.
  • Mobile number and email.
  • Policy term.
  • Sum Assured.