SBI Life eShield Next: Get life cover for up to 100 years; know plan options, benefits and other details here

Having a life insurance cover has become important with the growing number of diseases and health issues. SBI Life is offering an individual, non-linked, non-participating life insurance pure risk premium product called 'SBI Life - eShield Next' to people for their financial security.

Here is all you need to know about SBI Life – eShield Next:

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1. Plan options

You can choose from three plan options- Level cover, Increasing Cover, and Level Cover with Future-Proofing Benefit depending on your needs, as per the information provided by SBI Life.

Level cover- The absolute sum assured on death remains the same throughout the policy term.

Increasing Cover- The absolute sum assured on death increases by a rate of 10 percent p.a (simple) of the Basic Sum assured at the end of every 5th policy year, subject to a maximum increase of up to 100% of Basic Sum Assured.

Level Cover with Future-Proofing Benefit- In this plan option, the Absolute Amount Assured on Death can be increased on attaining defined life stages- first marriage, birth or adoption of the first and second child, and on purchase of a house.

However, it can be noted that this facility is available only once during the policy term provided a house is purchased after the risk commencement date. Also, the absolute amount assured to be paid on death will depend on the plan option chosen by you at the policy inception.

2. Benefits

This life cover can be availed for up to 100 years (whole life) or 85 years (other than whole life).  If the life assured passes away during the policy term, the nominee/beneficiary receives a death benefit, provided the policy is in force as on the date of death of life.

If a person is diagnosed with a terminal illness, during the policy term, or before attainment of 80 years, whichever is earlier the benefit equal to the sum assured on death as on date of diagnosis would be payable, subject to a maximum of Rs 2,00,00,000 (for in-force policies) would be payable.

Following the claim under Terminal illness benefit, if the Sum assured is higher than the Terminal Illness benefit paid,  the balance death benefit will be paid on the death provided the policy is in-force. The policyholder is required to pay the reduced premium for the balance death benefit to keep the policy inforce.

The Terminal benefit shall be payable in any one of the following death benefit payment mode as opted under the plan at the policy inception: Lump sum, monthly installments, lump sum plus monthly installments.

3. Who can buy?

The minimum entry age for whole life is 45 years while for other than whole life is 18 years.

4. Basic sum insured

Minimum- for online (through company's website) and web aggregator channel is Rs 50,00,000. While for other distribution channel is Rs 75,00,000. There is no maximum limit for non smoker lives while for smoke lives the maximum limit is of Rs 99,00,000.

For more information you can go to the official website of SBI Life at https://www.sbilife.co.in.