SBI Life – eIncome Shield Protection Plan Review

By | February 13, 2017

As the name suggests, Income is the integral part of each and every one’s life. Whether we work to live, or live to work, income is the one which helps us to maintain the lifestyle. Income helps us to pay all rents, mortgage, telephone bill and utility bills. Life is a serious event that any unforeseen event can occur any time during the lifetime. Therefore you need to protect yourself and your family to avoid unnecessary conditions in life.

Here, we present you one of the best plans by SBI Life. An eIncome shield. It is an online, traditional term insurance plan. It is also called as Income protection plan.  Under this plan, you will receive the monthly income where there is any unfortunate event of death. This will help your family to receive the monthly income and live happily during any disruption.

Benefits:

  1. You have the option to choose your monthly income.
  2. There are totally 4 Benefit Options available in this plan. Your monthly income increases every year based on simple interest rate based on the benefit option chosen by you.
  3. Where there is a claim of the plan, you can receive the lump sum amount of 12 times of the monthly income applicable.
  4. You will receive the monthly income of minimum 4 years irrespective of death.
  5. There is an addition option available in this plan. You can pay lower premium for females and non smokers.
  6. You will be benefited under the Income Tax Act, 1961.

Plan Highlights:

Entry age:

Minimum – 18 years Maximum – 50 years

Maturity Age – 60 years

Term of the policy:

Minimum – 10 years Maximum – 35 years

Monthly Income:

Minimum – Rs. 25,000 Maximum – No limit (Subject to Board approved Underwriting policy in the multiples of 1000)

Monthly Income payout term:

Monthly income would be paid for minimum of 4 years irrespective of time of death.

Maturity Benefit:

No maturity benefit is available in this plan.

Premium:

Frequency Minimum Maximum
Yearly Rs 4,500 No Limit
Monthly Rs 500 No Limit

 

Benefit Options:

Benefit Option A:

This will be constant all through the payout period. The monthly income payable will be fixed.

Benefit Option B:

There will increase of 3 % in simple interest on every policy anniversary in monthly income and remain fixed for the policy year.

Benefit Option C:

There will increase of 5 % in simple interest on every policy anniversary in monthly income and remain fixed for the policy year.

Benefit Option D:

There will increase of 10 % in simple interest on every policy anniversary in monthly income and remain fixed for the policy year.

Benefits of the Plan:

Death Benefit:

When death occurs, immediate sum assured will be paid to the nominee. There are 3 options available for sum assured.

  1. 12 times monthly benefit payable on death
  2. 10 times of annual premium
  3. 105 % of total premium paid

Monthly income payout for outstanding policy, with guaranteed payout of minimum 48 months provided is in-force.

This plan is really useful for those who consider their income as more precious one. It will be benefit to nominee ever after the death of the insurer and will make sure that they lead a happy life.

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