Posts Tagged ‘SBI Life Insurance’

SBI Life Insurance – Life Shield Insurance Plan

SBI life insurance Shield, a life insurance ( protection plan) is a pure risk policy which is affordable by any individual in India. This plan gives you a significant life cover at a very low cost. It has lowest premium option compared to other insurance plans available in the market.

Please note that there is no Survival Benefits at the end of the policy term.

Some Unique Features of this policy:

1. Term Life cover at the cost.
2. Available in 3 options: Increase in sum assured by 5%, 50%, and level cover.
3. Tax benefit u/s 80 C and 10 (10 D) of IT Act.
4. Discount for womens.
5. Rider options available.
6. 15 days Free Look Period from the date on which you receive the policy documents.

Eligibility Criteria:

1. Entry Age: Minimum age limit is 18 years and Maximum age limit is 60 years.
2. Maturity Age: Maximum maturity age is 65 years.
3. Sum Assured: Minimum sum assured limit is 300000 (3 Lakhs) and Maximum sum assured no limit.
4. Premium Paying Term: Minimum premium paying term is 5 years and Maximum premium paying term is 25 years.
5. Premium Paying Frequency: Monthly, Quarterly, Half-Yearly, Yearly, Single.

Key Policy Benefits:

Death Benefit: in case of unfortunate death of the insured person, the nominee will get the sum assured.

Maturity Benefit :No survival benefit are entertained at the end of the term.

Tax Benefit: Premiums paid for this plan is eligible for tax benefit under Income Tax Act of India.