SBI Life launches ‘eShield Next’

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.
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.”