Chandigarh (Gurpreet) SBI Life Insurance, one of most trusted private life insurers in the country, today announced the launch of a unique new age protection solution - 'SBI Life eShield Next’, that ‘Levels Up’ the protection coverage as the insured achieves life’s prominent milestones. An individual, non-linked, non-participating, life insurance pure risk premium product,is designed to let consumers enjoy the finer moments in life, by ‘levelling up’ the required insurance protection, through an increase in sum assured linked to the significant ‘level-up’ milestones in one’s life, like getting married, becoming a parent or buying a new house.
The unique selling proposition of the new age protection plan eShieldNext is its ‘level-up’ feature. It offers three plan options – ‘Level cover, Increasing cover and Level Cover with Future Proofing benefit’. Each has been thoughtfully crafted to meet the changing needs of consumers.
· Option 1: Level Cover Benefit- here the Absolute amountassured stays constant throughout the policy term.
· Option 2: Increasing CoverBenefit- Here, the absolute amount assured on death increases by 10%p.a. (simple) of the Basic Sum assured at the end of every 5th year of the policy.
· Option 3: Level Cover with Future Proofing Benefit– This option provides consumers the choice to increase their cover as they achieve throughlife’s important milestones like, getting married or becoming a parent or buying a house, without undergoingfurther medical tests.
When buying the policy, consumers can choose an option that best suits their insurance needs.
To know more about SBI Life ‘eSheild Next’ plan, click on the link given below: https://www.sbilife.co.in/en/online-insurance-plans/eshield-next
Commenting on the launch of SBI LifeeShield Next, Mr. Ravi Krishnamurthy, President, SBI Life Insurance said, “We live in highly uncertain times, our needs and priorities keep evolving with time. It is therefore crucial that our insurance moves in tandem with our ever evolving needs. As we progress in life, our term insurance should be able to intelligently take care of our needs as we progress through life’s important milestones. In other words, our term insurance should be able to “Level Up’, just like us. And SBI LifeeShieldNext 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.”
He added, “SBI LifeeShield Next, with its three plan options, offers a distinctive customization feature that caters to the evolving needs of the consumer. We believe SBI LifeeShieldNext is a contemporary, future-ready financial protection solution, that provides a plethora of benefits under a single policy, which truly has the potential to Level-Upinsurance adoption in the country.”
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Key features of SBI Life ‘eShield Next’plan:
1. Choice of 3 Plan Options:
The Product offers Three Plan options - Level Cover Benefit, Increasing Cover Benefit, and Level Cover with Future Proofing Benefit
The plan option once chosen at inception cannot be changed during the policy term.
a. Level Cover Benefit:
• Under this Plan option, the Absolute amount assured on death would remain level throughout the policy term
b. Increasing Cover Benefit
With time, your responsibilities grow, the inflation goes up, and so your insurance cover should be able to keep up with these increases. The increasing cover benefit puts your insurance cover on an "increase" mode automatically, so that your security is enhanced with time without you having to manage the same.
• Under this Plan option, the Absolute amount assured on death would increase by 10% 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.
c. Level Cover with Future Proofing Benefit
With changes in your personal and financial needs, it is not always possible to buy additional insurance coverage each time. Thus, to ensure that your protection cover matches with the changes in your responsibilities at important life stages, this option has been designed. The Level Cover with Future Proofing Benefit empowers you with the choice of managing your protection based on defined life-stages.
• Under this plan option, the life assured has a choice to increase Absolute Amount assured on death on attaining certain Life Stages during the policy term, without further medical underwriting, applicable from next policy anniversary following the acceptance of the request for the increase.