Is it worth to take e-Shield from SBI as my age is 41 yrs ?

POSTED BY angu012d ON December 21, 2013 2:06 pm ONE COMMENT

Is it worth to take e-Shield from SBI as my age is 41 yrs in addition to lic SARAL

Level Cover:
Sum Assured remains the same throughout the term of the policy.
On death of the Life Assured during the Policy Term, Sum Assured will be paid to the beneficiary.
Level Cover with Accidental Death Benefit (ADB):
Sum Assured remains the same throughout the term of the policy.
On death of the Life Assured during the Policy Term, Sum Assured will be paid to the beneficiary.
In case of death due to accident, Accidental Death Benefit will be paid in addition to Sum Assured to the beneficiary.
Illustration:
Increasing Cover:
The Basic Sum Assured under this plan option increases at the rate of 10% (simple interest) at the end of every 5th Policy Year.
The effective Sum Assured will be the Increased Sum Assured applicable at the time of death.
On death of the Life Assured during the Policy Term, the effective Sum Assured will be paid to the beneficiary.
Illustration of effective Sum Assured is as given below:
Basic Sum Assured = ` 50 Lakhs Policy Term = 30 years
Policy Term Effective Sum Assured
1-5 years Rs. 50 Lakhs
6-10 years Rs. 55 Lakhs
11-15 years Rs. 60 Lakhs
16-20 years Rs. 56 Lakhs
21-25 years Rs. 70 Lakhs
26-30 years Rs. 75 Lakhs
Hence, if death of the Life Assured happens in 15th year then 60 Lakhs will be paid to the beneficiary.

Increasing Cover with Accidental Death Benefit:

The Basic Sum Assured under this plan option increases at the rate of 10% (simple interest) at the end of every 5th Policy Year.
The effective Sum Assured will be the Increased Sum Assured applicable at the time of death.
Under this option, only the Basic Sum Assured will increase and not the Accidental Death Benefit.
On death of the Life Assured during the Policy Term, the effective Sum Assured will be paid to the beneficiary.
In case of death due to accident, Accidental Death Benefit (ADB) will be paid in addition to the effective Sum Assured to the beneficiary.
Illustration:

https://epolicy.sbilife.co.in/FAQ/e-Shield%20faqs/product_related.htm

 

One reply on this article “Is it worth to take e-Shield from SBI as my age is 41 yrs ?”

  1. ashalanshu says:

    Dear Angu, Rain may happen or may not happen, should I purchase an umbrella or not?

    Your financial liabilities should decide that you purchase a term cover or not.

    Thanks

    Ashal

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