'eShield Next' is a non-participating, non-linked, life insurance pure risk premium productState Bank of India (SBI) Life Insurance recently announced the launch of'SBILifeeShield Next' - a new age-term insurance policy, which raises or 'levels up' the protection coverage with the life milestones of the insured.
The policy is a non-participating,non-linked, lifeinsurance pure risk premium product, which allows customers to reap benefits bylevelling up' the required insurance protection, according to a recent statement shared by the company.The process is done through an increase in sum assured linked to the significant level-up' milestones in one's life, such asmarriage, becoming a parent, or purchasing property (new house etc).
Thenew age protection plan 'eShield Next' withits level-up' feature, offers three plan options suited for customer's personalisation, which are as follows:Option 1:Level Cover Benefit: With this option, the absolute amount assured stays constant throughout the policy term.Option 2: Increasing Cover Benefit: With this option,the absolute amount assured on death increases by 10 per cent per annum (simple) of the basic sum assured at the end of every fifthyear of the policy.Option 3:Level Cover with Future-Proofing Benefit: With this option, policyholdershave thechoice to increase their cover with important milestones of life such as marriage,becoming a parent or buying a house, without undergoing any medical tests.
It is the customer's discretion whether to exercise any of thesum assured increments available under theoption on the occurrence of any respective events.At the time of buying the policy, customers can choose any of these options that best suits their insurance needs.'SBILifeeShield Next' also offers a range of flexibilities.
It gives the choice of premium payment term, such as -pay once, pay regularly, or for a limited period.
The limited period could range from fiveyears to 25 years and alsoincludes the option to pay for a period of policy term minus fiveyears'.
It also offers an option of life cover up to 100 years or 85 years.''...our term insurance should be able to "Level Up', just like us.
And SBI Life eShield Next does exactly that.
It is a financial protection solution that protects one's present as well as future needs in the current fast-paced and uncertain times that we live in,''said Mr.
Ravi Krishnamurthy, President, SBI Life Insurance.SBILifeeShield Next, with its three plan options, offers a distinctive customization feature that caters to the evolving needs of the consumer,'' added MrKrishnamurthy.On Wednesday, August 18, shares of SBI Life Insurance Company settled 1.68 per cent lower at Rs 1,114.65 apiece on the BSE.