Life is full of uncertainties you never know what will happen in the next second. To ensure your family that they will deal with any type of financial consequences when you are not around, you need to buy a term insurance plan for them. The term insurance policy is one of the crucial assets of your life because it will give financial security to your family for a definite period of time. When it comes to term insurance, SBI insurance plans are one of the cost-effective and reliable insurance plans. While choosing a term insurance plan, many people often confuse between SBI e Shield or SBI Poorna Suraksha. If you are one of them, then you have come to the right place. In this post, I will provide you a comprehensive guide regarding SBI e Shield VS SBI Poorna Suraksha Plan.
SBI e Shield Term Plan
SBI e Shield is an online term insurance plan that comes with accidental rider death benefits. It offers high insurance cover to the policyholder at affordable rates. Under this plan, an insured family will get the full sum assured in the event of the death of the insured.
Features of SBI e Shield Plan
- For the basic cover, the minimum age should be 18 years include/exclude accidental death benefits, whereas the maximum age is 65 years.
- For the increasing cover, an applicant age must be 18 years include/exclude accidental death benefits, whereas the maximum age is 60 years.
- With or without accidental benefits the maturity period of this policy is a maximum of 30 years.
- The minimum sum assured SBI e shield Plan is 20 Lakhs.
Why choose SBI e Shield plan?
SBI e Shield plan has come with two options:
- Level Cover: In level one option with or without accidental benefits, the sum assured never going to change till the maturity period.
- Increasing Cover: In increasing term insurance plan, with or without accidental benefits, the principal sum will go raise at the rate of 10% each fifth year of the policy with no increase in premium.
Additional Features of Riders
- This plan offers rebates for large sum assured range.
- Non-smokers will receive premium discounts.
- Accelerated critical illness cover rider.
- Accidental death benefits riders.
- Accidental permanent disability riders.
What flexibility you will get under SBI e Shield Plan?
- The policyholder is allowed to terminate his policy after its second year.
- In case, if a policyholder doesn’t satisfy or feel happy with this plan, he/she has a total liability to cancel his/her policy within 15 days of buying the policy.
- The beneficiaries will get sum assured amount in the event of the death of the policyholder.
- Claiming settlement of SBI e Shield plan is very simple.
- To cater to customers’ needs, this plan has 4 protection options that are level term assurance, increasing term assurance, decreasing term assurance (loan protection) and decreasing term assurance (family income protection).
- All the premium paid is eligible for tax deduction under section 80C.
SBI Poorna Suraksha
SBI term insurance offers various life insurance plans to cater to customers’ requirements. SBI Poorna Suraksha is one of the best term insurance plans that come with the critical illness cover at the attractive premium rates. This term insurance plan covers 36 critical illness. Furthermore, it offers a tax benefit, death benefit, and premium waiver benefit. Since this plan is pure term insurance plan so it would not offer you maturity benefit.
Features of SBI Poorna Suraksha Plan
- The minimum age of buying SBI Poorna Suraksha plan is 18 years and the maximum is 65 years.
- The tenure periods of this policy is different like 10, 15,20, 25 and 30 years.
- This plan comes with three regular premium plans that are yearly, half-yearly and monthly basis.
- The minimum premium amount that policyholder has to pay Rs. 250 on a monthly basis, 15,00 half-yearly, Rs.3000 on a yearly basis.
- The critical illness pays off is given when the policyholder survives for 15 days after the diagnoses.
Why Choose SBI Poorna Suraksha Plan?
This plan enables policyholders to make a perfect balance between critical illness and life at attractive premium rates. Under this plan, in a case of sudden death, the beneficiaries will receive the sum assured after the maturity period. The premium payable under the plan are eligible for a tax deduction. This plan allows you to increase your coverage according to your financial requirements. The highlight of this plan is that premium remains constant and cover amount increase.
Additional Features of Riders
- All major critical illness is covered under this plan.
- You can give quality healthcare as a gift to your family.
- Offer double benefits term insurance plus critical illness cover.
You are the Best Person to Decide
After reading the above-mentioned benefits and features of SBI e Shield plan and SBI Poorna Suraksha plan, I hope you can decide which term insurance plan will suit you best.