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New Delhi: SBI Life Insurance Co., Ltd. announced a new era of protection solution, “SBI Life e Shield Next”. This is a personal, unlinked, non-participating, pure risk premium product of life insurance. This means that the policy is not linked to the stock market and does not share profits or dividends with policyholders.
“This insurance works by” leveling up “the insurance protection you need through increased coverage associated with important level-up milestones in your life, such as getting married, becoming a parent, or buying a new home. “The insurance company said. In the statement.
We offer three plan options: level cover, increased cover, and level cover with future-proof benefits. Each is designed to meet the changing needs of consumers, he said. Plan options, once selected at the start, cannot be changed during the insurance period.
Ravi Krishnamurthy, President of SBI Life Insurance, said: For the evolving needs of consumers. “
Option 1: For Level Cover Benefits, the absolute amount guaranteed is kept constant throughout the insurance period.
Option 2: When increasing compensation benefits, the absolute amount guaranteed at death is 10% pa (simple) of the basic amount guaranteed at the end of every 5 insurance years, subject to a maximum increase of up to 100% of basic insurance. It will increase little by little. Guaranteed total.
Option 3: Profitable level coverage for the future allows you to increase coverage without further medical examination through important life milestones such as marriage, parenting, and buying a home.
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This facility can only be used once during the insurance period if you purchased the home after the risk start date.
According to the insurance company’s statement, it is at your discretion whether to exercise any of the guaranteed total increments available with this option (as described above) at the time of each event.
Insurance companies offer a variety of flexibility in premium payment options. You can pay the premium once, on a regular basis, or for a limited time. The limited term ranges from 5 to 25 years and includes the option to pay the insurance term minus 5 years.
You also have the option of a lifespan of up to 100 years (whole life) or 85 years (excluding whole life).
Better half benefit
This option is designed to allow your spouse full coverage in the absence of you. The insurance company said in a statement that this was essential because the surviving spouse was solely responsible for the family and therefore had to be insured.
Death benefit payment mode
You have the option of choosing a payment method for death benefits or end-stage illness benefits. You can receive one-time payments, monthly installments, or either one-time payments or monthly installments.
“When making this choice, you can consider your personal circumstances, the nature of your debt, and the needs of your dependents. For example, lump sum payments help families pay off large debts, and monthly installments are a loss. It helps to make up for the regular income, “said Krishnam Lucy.
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