New Delhi; State Bank of India (SBI) Life Insurance recently announced the launch of ‘SBI Life eShield 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, life insurance pure risk premium product, which allows customers to reap benefits by ‘levelling 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 as marriage, becoming a parent, or purchasing property (new house etc). The new age protection plan ‘eShield Next’ with its ‘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 fifth year of the policy.
Option 3: Level Cover with Future-Proofing Benefit: With this option, policyholders have the choice 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 the sum assured increments available under the option 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.
SBI Life eShield 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 five years to 25 years and also includes the option to pay for a period of ‘policy term minus five years’. 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.
“SBI Life eShield Next, with its three plan options, offers a distinctive customization feature that caters to the evolving needs of the consumer,” added Mr Krishnamurthy.
On Wednesday, August 18, shares of SBI Life Insurance Company settled 1.68 per cent lower at ₹ 1,114.65 apiece on the BSE.