November 28, 2021

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Does your life insurance ‘Level Up’ with your growing needs?

Does your life insurance ‘Level Up’ with your growing needs?


Term insurance provides peace of mind

After the outbreak of the Covid-19 pandemic, there is a newfound realization of the importance of having a life insurance. As reflected in the IRDAI data, both the number of policies and the amount of premium have gone up in recent times. Compared to September 2020, for the month ending September 2021, the number of policies sold by the insurance industry increased by 14.4% and the sum assured too increased by 27.4%.

The above numbers show that the outlook towards life insurance has started to change. In an encouraging development, consumers today are realizing the importance of term insurance plans as a tool for life protection. The scenario witnessed in the country during the second COVID-19 wave also increased the awareness level about the importance of term insurance plans.

And why shouldn’t it, life insurance is a tool that ensures the family has financial resources to fall back upon when the bread earner is not around.? Life insurance is the only financial instrument which provides a guaranteed sum assured to the family members, regardless of any external factors like market fluctuations, interest rates etc. And, a term insurance plan serves the purpose well in providing such a protection level.?

When it comes to getting holistic financial protection, a term insurance plan like SBI Life-eShield Next, which essentially levels-up with the evolving priorities and provides a financially secured future to the loved ones is an ideal fit. Having purchased a term insurance plan, there is an assurance that the standard of living and the financial needs of the family will not be compromised in an eventuality of the insured not being around.

Considering the several prominent milestones in one’s life. From getting married, owning a home, becoming a parent, sending kids for higher studies, during the course of which, one’s financial responsibilities keep rising and often many of us are either unable to visualize all the elements of the future requirements or get so busy living those moments that we may overlook the need for additional insurance coverage which is essential for safeguarding the additional financial responsibilities.

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The purpose of buying a term insurance plan is to make sure that one’s financial responsibilities are not derailed even as one grows in life. Term insurance plays a larger role in financial planning as it provides peace of mind to the insured by guaranteeing financial security of the loved ones. Therefore, it is important to choose a term insurance plan that levels up with your evolving priorities, and is future-ready to help meet varying financial needs as and when they arise in life.

SBI Life-eShield Next, a new age term insurance plan, is one such pure term plan that helps you manage not only your current protection needs but also takes care of the changing financial responsibilities at different stages of life. What makes SBI Life-eShield Next a unique offering is its novel features that ensure protection to your family’s future in line with the growing standard of living and responsibilities that are distant in life. The new-age plan comes with an option to opt for increasing the sum assured for later stages in life without needing to buy a new policy or undergoing a medical check-up.

The level-up coverage

SBI Life-eShield Next is being looked upon as a game-changer in the space of protection plans, courtesy its ‘increasing cover’ option that provides automatic level-up coverage to the policyholder. The need to opt for such an ‘increasing cover’ variant arises because as one ages, the financial responsibilities rise and so does the need for a higher coverage. Illustratively, the coverage (life cover) keeps increasing automatically by 10% of the original sum assured, at regular intervals of every five years. Hence, with SBI Life-eShield Next, you don’t have to worry about protection needs at various stages of life.

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Level-up coverage at life’s prominent milestones

Typically, insurance needs go up at the time of marriage, buying a house, and in fulfilling the role of a parent. SBI Life-eShield Next, thus, gives you a level-up option to enhance your life insurance coverage considerably without going through additional medical underwritings. The ‘Level cover with future proofing benefit’ option, allows you to increase your life insurance at several milestones and changing responsibilities this can be opted at the time of purchasing the policy. Overall, when it comes to meeting the financial needs of the future, SBI Life-eShield Next plan has the provision to plan for it in the present.

Comprehensive Value-Add Protection Plan

While the Level Cover option in the SBI Life-eShield Next plan ensures the basic sum assured is paid to the nominee as the death benefit, the plan works out to be a comprehensive protection tool with several benefits in-store for the buyer.

Higher sum assured: A higher sum assured at different stages of life helps to keep in pace with the rising protection needs of the family. The plan keeps it simple for you and helps you manage protection needs as and when they arise in your life.

Effective against inflation: Rising coverage also takes care of the increase in inflation, thus protecting the worth of the life coverage for the benefit of the family.

Safety net: With the ‘increasing cover’ option, you know that the sum assured will keep increasing at regular intervals, thus providing an adequate safety net to the nominees. At the occurrence of any unfortunate incident, there will always be a larger amount of life coverage to fall back upon for the family members.

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Affordable and tax-benefit: SBI Life-eShield Next has several options to choose from and yet is an affordable plan to buy. The premium paid towards the policy for insuring self, and thereby ensuring financial protection for the family members, also qualifies for tax benefits under the Income Tax Act, 1961.

Be Future-Ready

A comprehensive term insurance plan serves the purpose of providing financial protection to the family. What makes it an intelligent buying decision is to choose a term insurance plan that ‘levels up’ in providing protection as you grow in life. SBI Life-eShield Next comes with several plan options that can add value to make it a complete plan when it comes to buying protection plans. Buying SBI Life-eShield Next takes care of not only your current needs but also the evolving priorities of life, which is the need of the hour.

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