‘SBI Life eShield Next’, a future-ready product that ‘levels up’ protection coverage as the insured, achieves key life milestones
The outbreak of the COVID-19 pandemic has made us realize the importance of security in our lives. Over 2.5 lakh people have succumbed to the deadly virus in the country, many of whom are family breadwinners. It highlights the importance of having a future-proof life insurance policy to help protect your family and meet financial needs only in your absence.
The primary objective of life insurance is to provide financial security and stability to the dependents in case of any life uncertainties faced by the insured. The policy pays a specified amount called the “death benefit” to the named beneficiary. However, if you understand the term clearly and appreciate its importance in your life, consider “life insurance” as a ‘back-up plan for your loved ones’.
The sum assured should not only meet the current needs but also the changing lifestyle needs of the loved ones. This is possible only if the payment under the insurance policy is sufficient to cover the income due to the death of the policyholder. If the Sum Assured is not carefully evaluated based on the future needs of the family, the Sum Assured may run out as soon as possible.
In order to decide on the amount of cover you need, you should assess and consider such aspects as: your age, financial responsibilities, future financial needs of the family, basic expenses based on your lifestyle, the loan you can give and also account for inflation and rising costs. When you buy a life insurance policy, you can also choose to have some additional benefits, called “riders” or “add-ons”, on top of the base policy. You can choose from add-on riders like Accidental Death Benefit or Accidental Total and Permanently Disability Benefit Rider etc.
In today’s changing environment, there is a need for a new age protection plan that provides the flexibility to increase the sum insured associated with important events in life that demand higher protection. SBI Life Insurance Has launched a unique new age security solution ‘SBI Life-eShield Next’, That ‘level up’ coverage as the insured achieves major milestones of life. It is an individual, non-linked, non-participating, life insurance pure risk premium product and works by ‘flattening’ the insurance cover required by increasing the sum insured linked to important milestones in one’s life, Like getting married, becoming a parent or buying a new home.
The unique feature of the new age protection plan eShield Next is its ‘Level-up’ feature. It offers three plan options – ‘Level Cover, Increasing Cover and Level Cover with Future Proofing Benefit’.
Level Cover Benefit: Here, the entire sum assured remains constant during the entire policy term.
Enhancing Cover Benefit: Here, the Sum Assured on Death increases by 10% of the Basic Sum Assured per annum (simple) at the end of every 5th policy year.
Level cover with future-proofing benefits: This option gives consumers the option to increase their cover as they achieve important life milestones such as getting married or becoming a parent, or buying a home, without any medical tests.
In addition, the plan offers a better half benefit option to cover the spouse after the death of the insured. This is necessary as the surviving spouse will have the sole responsibility of the family and hence needs to be insured.
In addition, the plan offers the option to choose the mode of payment of the death benefit – Lump sum, Monthly Installments: and Lumpsum + Monthly Installment. Based on the nature of liabilities, needs of your dependent family members, customers can choose an option that best suits their needs
With these and more features, this financial security solution promotes financial immunity by protecting one’s current needs and also takes care of changing responsibilities. With its three plan options, it offers a unique customization facility that meets the evolving needs of the consumers ‘Simplicity of plans, the security of being financially secure, flexibility to choose from, affordability through convenient premiums and reliability of whole life insurance’. While buying a policy, consumers can choose an option that best suits their insurance needs.
This new age eShield Next Level-up plan offers customers the opportunity to fulfill their dreams with increased cover for critical occasions and all covered in one plan.
This ‘level-up’ is truly a future-proof of your family’s financial well-being.
Disclaimer: This article has been created by Mediawire team on behalf of SBI Life.