SBI Life has long been recognised for its role in extending life insurance to the masses. With strong backing from the State Bank of India and BNP Paribas Cardiff, the insurer has a wide reach across the country and offers a range of policies tailored to various needs. In fact, SBI Life is the second largest life insurer in the country by market share, next only to the Life Insurance Corporation of India (LIC). With a pan-India presence and strong claim settlement metrics, it is often the first choice for many individuals looking to buy a term insurance policy.
Overview: SBI Life eShield Next Comprehensive Review
In this article, we’ll break down everything you need to know about the SBI Life eShield Next term insurance plan. From the insurer’s background to detailed plan features, riders, pricing perks, and ideal suitability—we’ve got it all covered. Whether you’re planning to buy your first term plan or considering an additional one, this review should help you decide whether eShield Next fits the bill in 2025.
Friendly reminder: It’s easy to get lost comparing policies and premiums. Instead of spending hours on it, why not get personalized insurance advice from Ditto? We offer free consultations with zero spam! Just book a call to clarify all your doubts.
| Quick Verdict on SBI Life eShield Next Among the many options in the market today, SBI Life’s eShield Next has emerged as a popular choice, especially for those who want a customizable plan backed by a trusted brand. With a promise to adapt to life’s changes and a focus on long-term protection, this plan tries to offer more than just a plain vanilla cover. There are a few necessary riders and built-in features, but not too many. So, if you’re looking for a basic, no-frills term insurance plan from a reliable state-backed insurer, I would compare other insurers and then make an informed decision. |
|---|
SBI Life eShield Next: Brief Overview
SBI Life Insurance is one of India’s most recognized insurers, having started operations in 2001. It’s a joint venture between the State Bank of India (SBI), India’s largest public sector bank, and BNP Paribas Cardif, a global insurance giant. Over the years, SBI Life has built a strong presence with a wide distribution network and a robust digital offering.
Here’s a quick look at their performance (average over 2021–2024):
| Metric | SBI Life Metrics (Avg of 2021-24) | Industry Metrics (2021-24) |
|---|---|---|
| Claim Settlement Ratio | 97.64% | Mean: 98.13% |
| Solvency Ratio | 2.1x | Mean: 2.0 (IRDAI specifies a minimum of 1.5 is acceptable) |
| Complaint Volume | 4.8 per 10,000 claims | Median: 15 per 10,000 claims |
| Total Business Volume | ₹ 31,095 crore | Median: ₹3,018 crore |
| Amount Paid in Claims | ₹ 2,125.8 crore | Median: ₹254 crore |
Now that we’ve spoken about the insurer, let’s take a look at the plan itself:
| Features | Details |
|---|---|
| Variants | Level Cover | Increasing Cover | Level Cover with Futureproofing |
| Coverage | ₹50 lakhs to No limit (Subject to underwriting) |
| Entry age | 18 – 65 years |
| Maturity Age | • Whole Life: 100 years • Other than Whole Life: 79 years |
| Premium Payment Term | Single Pay Limited Pay - 5, 7, 10, 15, 20, 25 years and (Policy Term less 5 years) Regular Pay - Same as policy term |
| Payment Frequencies | Yearly, Half-yearly, and Monthly (Quarterly not available) |
| Documents required for the purchase | PAN Card | Aadhaar Card | Income Proof | Medical documents (if prompted)| Address Proof |
| Available Riders | Inbuilt - Better Half Benefit | Life Stage Benefit (Future Proofing) |Terminal Illness Benefit Optional - Accidental Death Benefit(ADB) | Accidental Partial Permanent Disability Benefit (APPD). |
Should You Buy SBI Life eShield Next in 2025?
The eShield Next plan offers flexibility to keep up with life’s changes. You can choose from three distinct coverage structures, each catering to a different mindset:
- Level Cover: This is the standard option, where the sum assured remains fixed throughout the policy term. It is ideal if you want straightforward protection cover.
- Increasing Cover: Here, your life cover automatically goes up over time to keep up with growing responsibilities and inflation. Every 5 years, your sum assured increases by 10% of the original amount, up to a maximum of 100%. This means your cover can double over the years without you needing to do anything. The premium stays the same throughout the policy, and no further increases happen after age 71. For example, if you start with ₹1 crore cover, it could grow to ₹1.2 crore by the 14th year, offering your family greater financial security..
- Level Cover with Future Proofing Benefit: The Level Cover with Future Proofing Benefit lets you increase your life insurance cover at key life stages — like marriage, buying a home, or having children—without undergoing new medical tests. This ensures your cover keeps up with your growing responsibilities. For example, you can increase your cover by 25% (up to ₹25 lakh) for each child, or by 50% (up to ₹50 lakh) on marriage or home purchase. You can choose whether or not to opt for these increases. If you do, your premium will go up accordingly, starting from the next policy anniversary after your request is accepted, based on your age and the remaining policy term at that time.
Each option is designed with a different life trajectory, giving you control over how your policy matures. Now that we have looked at the variants, let’s take a look at the in-built features and riders SBI offers for the eShield Next term insurance plan.
A. In-Built Features of SBI Life eShield Next
- Terminal Illness Benefit:
Terminal Illness Benefit means that if you're diagnosed with a terminal illness and have less than 6 months to live (as confirmed by two doctors — one from your side and one from the insurer), the insurer will pay you up to ₹2 crores from your term insurance cover in advance. This benefit is available only if the diagnosis happens while the policy is active and before you turn 80. If this advance payout is less than your total cover, the remaining amount will be given to your family after your death. You can choose to receive this money as a lump sum, in monthly instalments, or a mix of both. - Better Half Benefit:
Better Half Benefit is an optional feature in term insurance that ensures your spouse is financially protected if you pass away during the policy term. If chosen at the start (and if you're married with an age difference of 10 years or less), this benefit provides your spouse with a life cover of ₹25 lakhs starting from the date of your death. This cover continues for the remaining term of your original policy, without requiring any further premium payments. If your spouse passes away or is diagnosed with a terminal illness during this period, the ₹25 lakh benefit is paid out in a lump sum. However, if your spouse passes away before you, this benefit doesn’t apply.
B. Add-Ons/Riders available in SBI Life eShield Next
- Accidental Death Benefit Rider:
If the policyholder passes away within 180 days of the accident, the insurer pays the Accidental Death Benefit Rider sum assured to the nominee.
However, at Ditto, we do not recommend purchasing this rider because it is applicable only to accidental deaths. If you’re eligible for a higher cover amount upfront, you might as well go for this, because this is payable in case of any type of death. - Accidental Partial Permanent Disability (APPD) Benefit:
Accidental Partial Permanent Disability (APPD) is a rider benefit that provides a payout if you suffer certain permanent disabilities due to an accident. To qualify, the disability must result solely from the accident and occur within 180 days of it, while the rider is active or in paid-up status. Even if the disability occurs after the rider term ends, the benefit is still payable if the accident happened during the rider term. The payout amount is a percentage of the rider sum assured, depending on the severity and type of injury—for example, 75% for total loss of hearing in both ears, 50% for loss of one eye or a hand, and smaller percentages for partial loss of fingers or toes.
What’s Unique About the SBI Life eShield Next Term Insurance Plan?
The Better Half Benefit is a thoughtful and unique touch to this policy. Instead of asking the spouse to buy a separate plan, this feature extends limited protection after the primary policyholder’s death without adding complexity or additional paperwork upfront.
In simple words, upon your death, your spouse receives life cover of ₹25 lakhs for the remaining term, without any extra premium at the outset. However, this benefit can’t be availed if the spouse dies first or both die in the same incident.
Discounts in the SBI Life eShield Next Term Insurance Plan
SBI Life offers attractive discounts for different customer segments:
- Online Channel Discount: This is available when the policy is purchased online and can lower your premium by 1.5% to 4%.
- Staff Discount: Staff Discount is a price benefit for employees, retired staff, VRS holders, their spouses, and children of SBI Life, SBI, and its group companies. They get a discount on premiums as follows:
- 2.5% for regular premium plans,
- 5% for limited pay plans, and
- 5%–7.5% for single premium plans (based on policy term).
But if a staff member buys the policy online, only the staff discount applies.
Who Should Consider the SBI Life eShield Next Plan? (Ditto’s take)
This plan is ideal for individuals who prefer sticking with traditional insurers. If you value brand legacy, trust, and simplicity in your insurance coverage, SBI Life Smart Shield could be a decent fit. However, from a feature-to-premium perspective, you may find more cost-effective policies from other insurers that offer a broader range of features.
That said, this plan does come with its limitations. It does not offer a Critical Illness (CI) rider or a Waiver of Premium benefit in case of CI or Accidental Total and Permanent Disability (ATPD). Modern term insurance features like Cover Continuation Benefit, instant claim payouts, and wellness-based benefits (seen in plans from Bajaj Allianz and Aditya Birla Sun Life) are also absent. Additionally, the plan lacks a zero-cost option, which has become a popular inclusion in newer policies. These gaps make it a relatively basic offering compared to some of the newer, more flexible plans in the market.
Due to this, you may find other term plans with more riders, higher flexibility, and lower premiums. If you’re someone who values customisation, enhanced critical illness cover, or better digital service platforms, here are some top term insurance plans that you may want to check out:
| Top Term Insurance Providers in India for 2025 | Average Claim Settlement Ratio (FY 21 -24) | Average Amount Settlement Ratio (FY 21 -24) | Average Complaint Volume per 10k claims (FY 21 -24) | Average Annual Business Income (FY 21 -24) | Best Term Insurance Plans Offered by the Insurer |
|---|---|---|---|---|---|
| Axis Max Life Insurance | 99.50% | 96.20% | 7.3 | ₹9,296 | Axis Max Life Smart Term Plan Plus |
| Bajaj Allianz Life Insurance | 99.11% | 93.50% | 4.4 | ₹10,456 | Bajaj Allianz eTouch II |
| ICICI Prudential Life Insurance | 97.52% | 95.10% | 14.3 | ₹17,198 | ICICI Prudential iProtect Smart |
| HDFC Life Insurance | 99.20% | 93.90% | 2 | ₹27,490 | HDFC Life Click2Protect Super |
| TATA AIA Life Insurance | 98.91% | 95.10% | 3 | ₹7,599 | Tata AIA Sampoorna Raksha Promise |
Why Talk to Ditto for Your Term Insurance in 2025?
At Ditto, we’ve assisted over 7,00,000 customers with choosing the right insurance policy. Why customers like Srinivas below love us:
✅No-Spam & No Salesmen
✅Rated 4.9/5 on Google Reviews by 12,000+ happy customers
✅Backed by Zerodha
✅100% Free Consultation
You can book a FREE consultation. Slots are running out, so make sure you book a call now!
Conclusion: Is the SBI Life eShield Next Term Insurance Plan Worth It?
SBI Life eShield Next stands out for its flexibility, structured coverage growth, and robust brand backing. With built-in benefits like terminal illness coverage, flexible payout modes, and thoughtful add-ons like Better Half and Future Proofing, it offers more than standard coverage. The insurer’s strong claim record and service metrics further reinforce its credibility.
However, SBI Life is a state-backed insurer (a quasi-PSU, if you will). Due to this, their customer support and post-sales service may not be on par with that of top private life insurance companies. This could further hinder people looking for reliability and good post-sales service.
This is why comparing different insurers and policies is of utmost importance. But if you’d like to skip the legwork and want to know what policy is best for you, you can always feel free to book a call with our term insurance experts to know more.
Last updated on
