Shift the load of securing family s future from shoulders to fingertips. A PURE TERM INSURANCE PLAN UIN: 111N089V01

Transcription

1 Shift e load of securing family s future from shoulders to fingertips. A PURE TERM INSURANCE PLAN UIN: 111N089V01

2 2 In today s uncertain world we all want one ing to be certain, which is e security of our loved ones in our absence. Also, at e same time we want to secure eir future in e most efficient way. $ Hence, we at SBI Life Insurance are happy to introduce SBI Life-eShield, an Online Pure Term, Non-Linked, Non-Participating insurance plan, where you are just a click away from getting insured and saving your time from e tedious paper work. Wi options and benefits specially tailored for ose who want e best financial protection at an affordable cost, is is e perfect plan from your preferred insurance provider. Thus, your family stays financially protected, even in unforeseen circumstances. Key Features: 1. Security for your family at an affordable premium 2. Easy and seamless online process for securing Life Cover 3. Rewards you for maintaining a healy lifestyle 4. Wide variety of plan options, which has level and increasing cover 5. Additional benefit of Accidental Dea Benefit 6. Tax benefits* as per prevailing norms under e Income Tax Act, 1961 Plan Eligibility: Plan options Level Cover Level Cover wi Accidental Dea Benefit Increasing Cover Increasing Cover wi Accidental Dea Benefit Age^ at Entry Minimum: 18 years Maximum: For Level Cover & Level Cover wi Accidental Dea Benefit: 65 years For Increasing Cover & Increasing Cover wi Accidental Dea Benefit: 60 years Age^ at Maturity 70 years Sum Assured Minimum: ` 20,00,000 Maximum: No Limit (Subject to underwriting) Sum assured would be in multiples of ` 1,00,000 only Premium Payment Mode Annual Policy Term Minimum: Maximum: 30 years For Level Cover & Level Cover wi Accidental Dea Benefit: 5 years For Increasing Cover & Increasing Cover wi Accidental Dea Benefit: 10 years Premium Payment Term Same as Policy Term Premium Amount Minimum: ` 3,500 Maximum: No Limit $ ^ All e references to age are age as on last birday. SBI Life eshield will be referred to as eshield hereafter. *Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.

3 Simple Steps to get Insured: Enter Personal Details Log on to Select Buy eshield Online option. Provide your name, contact and date of bir. Choose e Plan Option, Sum Assured and Policy Term, suitable to you. Calculate Your Premium Based on e details entered, we will calculate your premium. Your premium will be lower, if you are a non-smoker. Additionally for female lives, e premium will be lower. Fill Heal Questionnaire You need to fill a heal questionnaire, which will ask information about you and your family s heal history. Fill Nominee Details You have to provide nominee details. In case e nominee is minor, you need to fill e details of Appointee. Preview and Pay Premium Once you are satisfied wi e cover you have selected e premium, you can proceed to pay e premium. The premium can be paid by means of Credit / Debit card, Internet banking. You need to provide self attested KYC / AML documents. Four Plan Options: Level Cover The Sum Assured remains same roughout e Policy Term. Sample Illustration for Level Cover Mr. Kumar opts for Sum Assured of ` 50,00,000 for 20 years under Level Cover plan option. Mr. Kumar will be required to pay annual premium for 20 years or till e policy terminates due to dea, whichever is earlier. The Sum Assured payable on his unfortunate dea during e Policy Term^ would be ` 50,00,000 Sum Assured Sum Assured of ` 50 Lacs In case of unfortunate dea of Life Assured at any point during e Policy Term^, a Sum Assured of ` 50 Lacs will be paid to e nominee Policy term = 20 years 3

4 Level Cover wi Accidental Dea Benefit Wi is option, you get additional coverage against dea due to accident, during e Policy Term Increasing Cover If over a period of time you consider factors like inflation, higher standard of living and increasing liabilities, ere is a need for higher insurance protection, en is option is exactly what you need. This option automatically increases your Sum Assured by 10% simple after every 5 Policy Year wiout increasing your premium. The Sum Assured applicable at e time of dea claim will be called as e Effective Sum Assured. Sample Illustration for Increasing Cover Mr. Kumar opts for Sum Assured of ` 50,00,000 for 20 years under Increasing Cover plan option. Mr. Kumar will be required to pay annual premium for 20 years or till e policy terminates due to dea, whichever is earlier. The Effective Sum Assured applicable from e inception of e policy, till e end of 5 Policy Year will be ` 50,00,000 The Sum Assured will increase by 10% simple after e end of 5 policy year but e annual premium payable, will remain same. The Effective Sum Assured applicable from e 6 Policy Year, till e end of 10 Policy Year will be ` 55,00,000 and so on. The Sum Assured payable on his unfortunate dea, say, during e 6 Policy Year^ would be ` 55,00,000. However, if dea occurs in e 11 Policy Year, e Sum Assured payable would be ` 60,00,000 (` 50,00, increases of 5,00,000 each). In case of unfortunate dea of Life Assured in e 11 Policy Year^, an increased Sum Assured of ` 60 Lacs will be paid to e nominee Sum Assured In 11 year Sum Assured ` 60 Lacs In 6 year Sum Assured ` 55 Lacs Policy Term = 20 years ^ Provided e policy is in force at e time of claim. Increasing Cover wi Accidental Dea Benefit Wi is option you get additional coverage against dea due to accident during e Policy Term. The Accidental Dea Benefit cover will not increase during e Policy Term. Benefits in Detail: Base Sum Assured ` 50 Lacs 4

5 Benefits in Detail: Dea Benefit Depending upon e Plan option chosen, e nominee will receive e effective Sum Assured. Dea benefit will be paid provided you have paid all your regular premiums to date and your policy is in force as on e date of claim. Maturity Benefit: This plan provides no maturity benefit. Surrender benefit/paid up value: This plan provides no Surrender benefit/paid up value. Reward for Healy Lifestyle: Now being non-smoker can save you money. You get discount for being a non-smoker under is plan. If you are a non smoker, your premium rate will be lower if you choose Sum Assured of ` 50 lakhs and above. The table below shows indicative premiums for bo smoker and non-smoker for Level Cover option for a cover of ` 50 lakhs. Premium Illustration: Non-Smoker Life Male Smoker Life Age Last Birday / Term (yrs) Age / Term (yrs) ,910 4,660 6, ,985 7,770 11, ,610 9,495 13, ,385 17,145 25, ,980 22,305 NA 50 27,635 41,615 NA Non-Smoker Life Female Smoker Life Age Last Birday / Term (yrs) Age / Term (yrs) ,640 3,920 5, ,400 6,275 8, ,090 6,955 10, ,395 12,260 18, ,735 15,680 NA 50 19,415 29,020 NA The above rates are exclusive of service tax Accidental Dea Cover: The Sum Assured for accidental dea will be equal to e basic dea Sum Assured. However, e maximum accidental Sum Assured at you can avail under all your policies under is product is ` 50, 00, 000/-. Also for subsequent policies e minimum accidental Sum Assured at you will need to take is ` 5, 00, 000/-. 5

6 For example: (a) If Mr. Kumar opts for a cover of ` 48,00,000 under Level Cover wi Accidental Dea benefit, e base cover and e accidental dea benefit will bo be for ` 48,00,000. Subsequently, if Mr. Kumar comes to us seeking furer Life Cover of ` 20,00,000, we would not offer him Accidental Dea Benefit cover. (b) If Mr. Kumar opts for a cover of ` 45,00,000 under Level Cover wi Accidental Dea benefit, e base cover and e Accidental Dea Benefit will bo be for ` 45,00,000. Subsequently, if Mr. Kumar comes to us seeking furer life cover of ` 20,00,000, we would offer him Accidental Dea Benefit cover for ` 5,00,000 only. Grace Period: We offer you 30 days grace period from e premium due date. The policy will remain in force during grace period and will lapse ereafter if no premium is paid. Revival Facility: A lapsed policy may be revived wiin 2 years from e date of e first unpaid premium subject to satisfactory proof of insurability as required by e company from time to time. Nomination & Assignment: Nomination will be allowed as per Section 39 of e Insurance Act 1938, as amended from time to time. Assignment of e Policy shall be allowed as per Section 38 of e Insurance Act 1938, as amended from time to time. Free Look Period: You have e option to review e Terms and Conditions of policy wiin 30 days of receipt for policies sourced rough Distance Marketing. In case you disagree wi e Terms and Conditions, you can return e policy stating e reason for objection. Premiums paid by you will be refunded after deducting stamp duty and cost of medical expenses incurred, if any. The proportionate risk premium for e period of cover will also be deducted. * Tax Benefits: You are eligible for Income Tax benefits/exemptions as per e applicable income tax laws in India, which are subject to change from time to time. You may visit our website for furer details: Please consult your tax advisor for details. Exclusions: No benefit will be payable in respect of any condition arising directly or indirectly from, rough or in consequence of e following exclusions and restrictions: Suicide Exclusion If e life assured commits suicide wiin one year from e risk commencement date, wheer sane or insane at at time, e nominee will be entitled to 80% of e premiums paid, provided e policy is in force, e policy will be void and no claim will be payable. If e life assured commits suicide wiin one year from e reinstatement date if reinstated, wheer sane or insane at at time, e nominee will be entitled to 80% of e premiums paid till e date of dea, e policy will be void and no claim will be payable. The premium to be considered for e purpose would be e base premium only. Service tax, cess, Accidental Dea Benefit premium and extra premiums, if any, would not be considered for refund. Exclusion for Accidental Dea Benefit under Level Cover wi Accidental Dea Benefit & Increasing Cover wi Accidental Dea Benefit Dea under Accidental Dea Benefit arising from or due to e consequences of or occurring during e events as specified below is not covered: Infection : Dea caused or contributed to by any infection, except infection caused by an external visible wound accidentally sustained 6

7 Drug Abuse: Life Assured under e influence of Alcohol or solvent abuse or use of drugs except under e direction of a registered medical practitioner Self-inflicted Injury: Intentional self- Inflicted injury including e injuries arising out of attempted suicide. Criminal acts: Life Assured involvement in Criminal and/or unlawful acts wi criminal or unlawful intent. War and Civil Commotion: War, invasion, hostilities, (wheer war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion. Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature. Aviation: Life Assured participation in any flying activity, oer an as a passenger in a commercially licensed aircraft. Hazardous sports and pastimes: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by e Company. Dea should occur wiin 120 days of e date of accident, solely and directly due to injuries as stated below and independent of all oer causes Definition of Accident: An accident is a sudden, unforeseen and involuntary event, caused by outward, violent and visible means Prohibition of Rebates: Section 41 of Insurance Act 1938, as amended from time to time, states: 1. No person shall allow or offer to allow, eier directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of e whole or part of e commission payable or any rebate of e premium shown on e policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance wi e published prospectus or tables of e insurer: Provided at acceptance by an insurance agent of commission in connection wi a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium wiin e meaning of is sub section if at e time of such acceptance e insurance agent satisfies e prescribed conditions establishing at he is a bona fide insurance agent employed by e insurer. 2. Any person making default in complying wi e provisions of is section shall be liable for a penalty which may extend to ten lakh rupees. Non-Disclosure: Extract of Section 45, as amended from time to time No policy of life insurance shall be called in question on any ground whatsoever after e expiry of ree years from e date of e policy. A policy of life insurance may be called in question at any time wiin ree years from e date of e policy, on e ground of fraud or on e ground at any statement of or suppression of a fact material to e expectancy of e life of e insured was incorrectly made in e proposal or oer document on e basis of which e policy was issued or revived or rider issued. The insurer shall have to communicate in writing to e insured or e legal representatives or nominees or assignees of e insured, e grounds and materials on which such decision is based. No insurer shall repudiate a life insurance policy on e ground of fraud if e insured can prove at e mis-statement or suppression of a material fact was true to e best of his knowledge and belief or at ere was no deliberate intention to suppress e fact or at such mis-statement or suppression are wiin e knowledge of e insurer. In case of fraud, e onus of disproving lies upon e beneficiaries, in case e policyholder is not alive. In case of repudiation of e policy on e ground of misstatement or suppression of a material fact, and not on e grounds of fraud, e premiums collected on e policy till e date of repudiation shall be paid. Noing in is section shall prevent e insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because e terms of e policy are adjusted on subsequent proof at e age of e life insured was incorrectly stated in e proposal. For complete details of e section and e definition of date of policy, please refer Section 45 of e Insurance Act, 1938, as amended from time to time. Note: This document does not purport to contain all conditions governing is product. The contract will be governed by e terms expressed in e policy document. 7

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