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If you are a Millennial or a young achiever, you not only need to consider your current needs and lifestyle but also reassess your future goals. This includes many aspects. For instance, you can level up your education through an online certification, to get a job that pays more and provides more satisfaction. You can level up your lifestyle, by purchasing your dream car or a lavish house in a great locality.
Whether on the personal or professional front, changes are certain throughout your lives, and they will impact financial goals and needs. We tend to purchase a term insurance to financially secure our loved ones, in case of any eventuality. However, we often do not consider that the sum assured might be insufficient for their future needs. As we meet different milestones in lives, priorities changes and also our financial needs. What is needed, is a term insurance which offers the option to ‘level up’ at defined stages of life.
The SBI Life - eShield Next has been thoughtfully curated to secure defined life stages. It protects your goals and helps you achieve new ones.
Choice of Plan Options to Match Your Life Stage
As life advances, your responsibilities grows as well. You might get married, start a family, purchase a home, a new car, or start a new business. It’s given that the cost of goods and services will rise too. You need to prepare for these events beforehand. The sooner you buy a term life insurance plan, the lower will be your premiums . However, if you consider purchasing an additional term insurance policy to meet the increasing needs, it would result in hassles like going through the process of documentation, medical underwriting, and the hassles of handling multiple premium payments.
The simple route is to buy a term life insurance that offers a ‘level up’ feature i.e. an option of increasing cover. SBI Life - eShield Next offers 3 plan options - Level Cover Benefit, Increasing Cover Benefit, and Level Cover with Future-Proofing Benefit. The third plan option allows you to manage your coverage amount, based on defined life stages. You can increase the Absolute Amount assured on death when you meet specific milestones in your life. For instance, when you get married, there is an increase of 50% of Basic Sum Assured ( subject to maximum increase of Rs 50 Lakh) in absolute amount assured on death.
Inbuilt Terminal Illness BenefitYou cannot afford to skip on financial planning, or “go with the flow” when you have dependents. Even if you lead a healthy and active life, you need to prepare for uncertainties in the future. You need to choose a term life insurance, based upon your stage in life. So, if you are unmarried, it’s important to make sure that your parents don’t face financial constraints if you fall seriously ill. If you are a young parent, you need to make sure that the treatment cost for your illness doesn’t eat into the savings kept for your child’s future.
With SBI Life - eShield Next, you will get inbuilt Terminal Illness Benefit under all plan options. If you are diagnosed with a terminal illness, during the policy term or before you turn 80 years old (whichever is earlier), a benefit equal to the sum assured on death applicable as on the diagnosis date will be provided to you subject to maximum of Rs 2,00,00,000 ( for inforce policies). These benefits can be provided in the form of any of the death benefit payment modes chosen by you during policy purchase.
Protection for Your Spouse
Even if you have a working spouse, you might consider not leaving them with financial burdens in your absence. Say you jointly purchase a house together on loan. In your absence, they will have to repay the EMIs alone, which were supposed to be shouldered by you as well.
To prevent such circumstances, you can opt for the ‘Better Half Benefit’ option at the policy inception, for your spouse’s future financial security. For instance, in case something happens to you before term expiry, as per the option the spouse cover of sum assured ₹25,00,000 will get activated, along with the death benefit payable on the life assured, the future premiums will also get waived off.
Option to Choose the Death Benefit Payment Mode
It is a misconception that term insurance plans are not flexible. They can provide financial stability to your family, by paying the death benefitin form of monthly instalments or lumpsumor a combination of both. In this term plan, you have the option to choose the mode of payment of death benefit. A large lumpsum payment can help your family clear any pending debt, while monthly instalments can become a regular income for them. You can also opt for a combination of both i.e Lumpsum + monthly instalments.
Option of Two Riders
Accidents can take place anytime in your life. They can cause significant damage to your health and resources, dealing a blow to all your well-thought plans. This is why rider options like “SBI Life - Accidental Death Benefit Rider” or “SBI Life - Accidental Total & Permanent Disability Benefit Rider” can help you.
It’s time to take insurance out of the bottom of your priority pyramid. SBI Life - eShield Next will not only pay off in the long run, but it will also cater to your future responsibilities seamlessly. The policy has been carefully crafted with the needs of todays’ young earners.
These are only brief features of the product. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. For more details on riders, terms and conditions, exclusions, please read rider brochure.
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