SBI Life Insurance Grameen Super Suraksha Plan

The purpose of this Product is to provide life cover at low costs to groups of economically weaker sections of Society, like people who are funded by Micro financial Institutions or NGO’s or avail loan form Bank/ Financial institutions through SHG. SHG is a group of rural poor who have volunteered to organize themselves into a group for eradication of poverty of members.
Grameen Super Suraksha is a low cost Group term assurance plan for rural people who can seek life insurance protection without maturity benefit.

Key Features:

 

Duration of plan: 5 years fixed.
Age at entry:
Minimum 18 years age last birthday.
Maximum 50 years age last birthday.
Sum assured: As per the Minimum / Maximum premium amount and premium mode.
Premium frequency: Single premium or Yearly premium as per Group Master policyholder choice.
Single Premium: 30 times the Single premium amount (exclusive of Service Tax).
Regular Premium: 150 times the Yearly premium amount (exclusive of Service Tax).
Premium frequency: Single premium or Yearly premium as per Group Master policyholder choice.
Requirement from the Group Member: Automatic acceptance linked to signature of Membership form containing a Good health Declaration and nomination clause.

Benefits: 

 

Death benefits:
First 45 days after the cover start date or after the revival date – No death claim will be accepted (inclusive of accidental death)
From 46th day from the cover start date / revival date – Sum assured is payable.
Maturity benefits : No maturity benefits payable
Grace Period:
30 days from the premium payment due date which is common for al Group Members under the same Master policy. During the grace period, claim amount less premium amount due is payable.
Revival Period:
2 years from the due date of the first unpaid premium and within the term of the cover subject to underwriting decision. All unpaid premiums have to be paid along with interest (9%p.a). A new 45 days exclusion period from the revival date will be applicable.
Surrender value : No surrender value as it is a pure term assurance product 
Exclusions:
45 days from joining the scheme/ revival date: No death claim will be accepted.
In the event of there being more than one death claim in respect of the same group Member, death claim only up to the maximum of Rs.50,000/- per group member will be payable.All other claims will be declined and premium net of Service tax and Stamp duty will be refunded to the nominee as stated in the membership form.
Suicide within the first policy year:Single premium mode – Premium net of Service tax and Stamp Duty will be refunded to the nominee. Regular Premium mode – No benefit payable.

 

Generic Benefit Illustration of SBI Grameen Super Suraksha Plan

 

For Single Premium mode:
The Sum Assured is equal to 30 times the single premium (net of service tax):
If Single Premium for one member is Rs. 500/-*, the Sum Assured will be: 30* Rs. 500 = Rs. 15,000 /-
In case of death when the cover is in force:
Sum Assured  payable is Rs. 15,000/-, subject to exclusions
For Regular  Premium mode:
The Sum Assured is equal to 150 times the yearly premium (net of service tax):
If Regular Premium for one member is Rs. 100/-*, the Sum Assured will be: 150* Rs. 100/- = Rs. 15,000  /-
In case of death when the cover is in force:
Sum Assured  payable is Rs. 15,000/-, subject to exclusions
*Premium referred to here is net of Service Tax

SBI Life Insurance Grameen Shakti Plan

The purpose of this product is to provide life insurance protection to the weaker sections of the society, like people who are funded by Micro Financial Institutions or NGO’s or avail loan from Bank/ Financial institutions through SHG. SHG is a group of rural poor who have volunteered to organize themselves into a group for eradication of poverty of members.
We have designed ’Grameen Shakti’ which is a Group Micro insurance product with refund of premiums at maturity.
 

Key Features:

 

 

Duration of plan: 5 years or 10 years as per the Group Master policyholders choice.
Age at entry:
Minimum 18 years age last birthday.
Maximum 50 years age last birthday.
Sum assured: Rs.5,000/- to Rs.50,000/- (in multiples of 5,000) as per choice of Master Policyholder
Premium frequency: Yearly.
Requirement from the Group member: Automatic acceptance linked to signature of Membership form that includes Good health declaration and nomination clause.
 

Benefits:

 

Maturity benefits: 
Depending on term chosen by the Master Policyholder, on survival of the policy term a percentage of total premiums paid would be refunded.
5 years – 50% of premium paid net of service tax.
10 years – 100% of premium paid net of service tax.
Death Benefits: 
First 45 days after the cover start date or after the revival date – No death claim will be accepted (inclusive of accidental death)
Form 46th day from cover start date / revival date – Sum assured is payable
Surrender value: 
The surrender value will be payable if at least 3 years premiums have been paid and is payable as follows:
For a 5 year term – 35% of (total premiums paid net of service tax less the first year premium)
For a 10 year term – 65% of (total premiums paid net of service tax less the first year premium)
Grace Period: 
30 days from the premium payment due date which is common for all Group Members under the same Master policy.
Revival Period:
3 years from the due date of the first unpaid premium and within the term of the cover subject to underwriting decision. All unpaid premiums have to be paid along with the applicable interest (at ‘RBI Repo rate + 2.5%’). A new 45 days exclusion period from the revival date will be applicable.
 

Exclusions:

 

45 days from joining the scheme/ revival date: No death claim will be accepted.
In the event of there being more than one death claim in respect of the same group Member, death claims only up to the maximum of Rs. 50,000/- per group member will be payable. All other claims will be declined and premium net of Service tax and Stamp Duty will be refunded to the nominee as stated in the membership form.
Suicide within the first year: Premium net of Service Tax and Stamp Duty will be refunded to the nominee


 

Generic Benefit Illustration

 

For a Sum Assured of Rs. 25000/- and term of 5 years;

Yearly premium is Rs. 297.5+ Rs. 3.06 (Service Tax @ 1.03%)    = Rs. 301/-

 

Benefits Available:

 

In case of maturity :
For 5 year term : 50%  of the premium paid (net of service tax) are refunded
50% (Rs. 297.5 * 5) = Rs. 744/-
In case of death of the insured member
Rs. 25,000/- is payable to the nominee

SBI Life Insurance Nidhi Raksha RP Plan

SBI Life Insurance Nidhi Raksha RP Plan is a unique Plan which will help protect and grow your customer’s savings. This Plan is an excellent tool to ensure that your customer’s savings will accumulate as originally planned, even in the unfortunate event of his/her demise. The powerful protection under this Plan will thus lend a competitive edge to your savings products.
 

Key Features:

 

Offered to deposit holders of the master policyholder (bank/financial institution)
Cover is available for a term of 1 to 10 years, subject to a maximum cease age of 70 years (age as on last birthday).
Sum Assured starting from as little as Rs.5,000/-, with no maximum limit.
A transparent plan, where the benefit available at any point of time is clearly defined in the Certificate of Insurance (COI) issued to the insured group member.
Cost effective insurance ideally suited to protect planned savings
Nomination facility available for each member
Simple joining process
Attractive Rebates
*Certain features may differ for different Master Policies.For more details please dial 1800 22 9090 (Toll Free) or email at [email protected]
 

 

Premium Illustration of SBI Life – Nidhi Raksha RP 

 

Product SBI Life – Nidhi Raksha RP
Master Policy Holder A leading Bank
Nature of deposit Recurring Deposit Account
Age of group member (male) 40 years
Regular Monthly Installment Rs.1000/-
Rate of Interest 8.25%
Term of deposit 7 years
Maturity Value of deposit as per original schedule Rs. 1,13, 709/-
Initial Basic Premium Amount Rs.375/-(based on 0.332% of sum assured)
Yearly Regular Premium Amount^ 0.332% X (Maturity Value of deposit as per original schedule – Accumulated balance in deposit at beginning of each year)
* Applicable Service Tax and Education Cess will be charged additionally 

Notes:

 

 

These Basic Premium rates and Benefits are merely for illustration purpose.
Premium Rates depend on the characteristics of the group, rate of interest, term of deposit, age and other parameters, and hence will need to be specifically quoted for any bank/financial institution. For specific quotation, please contact SBI Life.
Please note that individual deposit holders interested in the product can be enrolled only through their bank/financial institution.
Please refer to the brochure for details of this Plan. Grant of cover shall be subject to underwriting.

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Brochure

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Brochure for Master Policyholder

Brochure for Group Member

SBI Life Insurance RiNn Raksha – Loan Protection Plan

The dream house, the best education for your kids, the latest car, an overseas family vacation and much more. To fulfill these aspirations, most of us don’t hesitate to avail loans.Now, with SBI Life insurance RiNn Raksha, a group credit life insurance plan, you can rest assured that your family will always enjoy the assets, which you so lovingly acquired, without worrying about any liabilities.

In other words, live life ’Debt- Free’!

 

Key Features

 

Wide variety of loans covered -including Housing Loans, Car Loans, Agricultural Loans, Educational Loans and Personal loans.

Cover can be availed for a policy term as low as 1 year upto maximum period of 30 years.
Multiple Premium paying options – Single, 3 years, 4 years, 5 years &10 years.
Upto 3 joint borrowers (including primary borrower) can be insured upto 100% of the loan amount.

Tax benefits as per prevailing tax laws.

 

Product Snapshot

 

Age at Entry ^ Min: 16 years;  Max: 69 years
Max. Age at Maturity 70 years (cover would not extend beyond the 71st birthday)
Policy Term Min: 1 year
Max: 30 years
Premium Payment Terms 
&
Policy Terms 
Single PremiumLevel Premiums:

Premium Paying Term (PPT) Policy Term
3 5 years to 10 years
4 6 years to 15 years
5 8 years to 30 years
10 15 years to 30 years

PPT should not exceed 2/3rd of the policy term

Sum Assured
(in multiples of Re.1)
Minimum: 10,000 per member                                                Maximum: No Limit
Moratorium  Minimum:   3 monthsMaximum: 72 months
Tax Benefits Under Sec. 80C and  Sec. 10(10D) of Income Tax Act,1961
ˆ All the references to age are age as on last birthday
 

Terms and Conditions

 

Surrender Value
Special Surrender Value (SSV) is available at any point of time after the first year of cover, provided at least first year’s premiums are paid.Grace Period
A grace period of 15 days from premium due date for monthly premium mode and 30 days from the premium due date for annual, half-yearly and quarterly premium modes will be allowed for payment of premiums. If any premium remains unpaid at the end of the grace period, the policy shall lapse.

Cancellation of Loan Cover
If the loan is cancelled or not taken up by the proposed member after sanction, but the premium for the same has been paid, cancellation of cover may be requested. Such a request must be received at our office within 90 days of issuance of COI. Upon receipt of such a request, SBI Life shall refund 90% of the premium paid excluding taxes and cess, in respect of that member after deducting expenses towards stamp duty.

Suicide Claim provisions
If the group member / life assured whether sane or insane commits suicide within one year from the date of commencement of the insurance cover for that member the sum assured benefit will not be payable. Only the premiums paid (net of taxes and cess) pertaining to the life assured concerned shall be refunded without interest after deducting the expenses incurred towards stamp duty.

Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

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Brochure

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You may download the official brochure of this plan from here.

SBI Life Insurance Swadhan Group Plan

Swadhan (Group) is a Non Participating Group Term Insurance Plan with Return of Premium. It is a simple and easy solution which offers dual benefits of life cover protection in the event of death and refund of premium in case of survival up to the end of the cover term.
 

Key Features:

 

Eminently affordable premium rates
Complete protection during cover term
Refund of part/full basic premiums paid, depending on the Term of insurance Cover
Choice with regard to Term of Insurance Cover and Sum Assured
Flexibility to choose appropriate premium payment modes
Simple and convenient joining process
Hassle free and efficient claims settlement
Revival facility is made available within 2 years from the first unpaid premium due date. 
*Certain features may differ for different Master Policies.
 

Exclusions:

 

Death due to natural causes within the first 45 days from cover start date
Death due to suicide within one year from cover start date

 

You may download the official brochure of this plan from here.

SBI Life Insurance Suraksha Plus Plan

SBI Life – Suraksha Plus a pure term non participating product for all types of Groups such as Employer – Employee Groups, Credit Card / Banks / Mutual Fund Customer and any group of people sharing a common view, at a very affordable premium wherein SBI Life aims at Protecting your members and their family under all circumstances.
 

Key Features*: 

 

Flexible Option to select the Cover Term
••

Minimum Single Premium (SP) Mode : 1 YearMinimum Regular Premium (RP) Mode : 2 Years

Maximum Term : 30 Years

Wide choice of Sum Assured available
Rs. 1,000/- per Member to Maximum no limit (in multiplies Rs. 1/-)
Multiple premium payment mode options available
You can pay a Single Premium or pay regularly either yearly, half yearly, quarterly or monthly
••

Free Cover Limit facility availableCover spouse and /dependant parent(s) of your member

You have the choice to select any of the below options* in addition to basic life cover* of your member

••

Option 1 : Accidental Death Cover for the Group MemberOption 2 : Basic Life Cover +Accidental Death Cover for Spouse/Dependent Parent(s) of the Group Member

Option 3: Accidental Death cover for Spouse and / Dependent parent(s)

Surrender facility available for Single Premium mode.
 

 

Eligibility Criteria: 

 

 

Entry Age (as on last birthday) Group Size
• Min : 18 Years
• Max : 69 Years
• Min.: 50 members
• Max : No Limit
Premium Payment Option Minimum Premium :
• Single Premium OR
• Regular Premium
° Yearly
° Half Yearly
° Quarterly
° Monthly
• RP : Rs. 1,000/- Per Scheme
• SP : Rs. 5,000/- Per Scheme
 

Benefits:

 

Maturity Benefits : No maturity benefits payable as it is a Pure term Product
Death Benefit :
For a Group Member:
••
In case of death due to any reasons, the Basic Sum Assured is payable.If option 1 is choosen, in case of death due to accident, an additional accidental sum assured will also be payable.

If option 2 is chosen:
In case of death due to any reasons, the basic sum assured for spouse/ dependent parent(s) is payable.
in case of death due to accident, an additional accidental sum assured for spouse / dependent parent(s) will also be payable.
If option 3 is chosen, in case of death due to accident, the accidental sum assured will be payable for the cover of spouse / dependent parent(s).
Grace Period
A 30 days grace period is available for all modes except monthly which is 15 days.

 

You may check Generic Benefit Illustrator of this plan from here.

SBI Life Insurance Credit Guard Plan

SBI Life – Credit Guard is a Non Participating Group Term Insurance Plan. It is a simple and easy solution to cover the cardholders of a bank/other Financing entity, through a Group Master Policy
 

Key Features*:

Excellent protection with customised solution for cardholders
Twin protection against death and permanent disability provides comprehensive risk cover to cardholders
Helps the cardholder safeGuard assets acquired through borrowing
Flexibility to choose Sum Assured, benefits, premium payment modes etc.
Attractive premium rates make this plan irresistible
Simple and convenient Plan, with hassle free and efficient claims settlement
*Subject to terms and conditions. Certain features may differ for different Master Policies.
 

Exclusions:

Death due to suicide within one year from cover start date
No accident benefit shall be payable at any point of time if a claim arises out of suicide/attempted suicide

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SBI Life Insurance Sampoorn Suraksha Plan

SBI Life Insurance Sampoorn Suraksha Plan is a yearly renewable group term insurance plan offering excellent protection at affordable rates. This plan is available for different formal and informal groups such as Employer-Employee groups, Borrower / Depositor Groups, Professional / Affinity Groups etc.
 

Key Features: 

 

Provides financial support to the family members / dependents in unfortunate event of death of the group member
Flexibility to define Sum Assured as per the group’s requirement , such as:
Flat cover
Graded cover
Multiple of salary or Cost to company
Outstanding loan / Liability amount / Size of bank deposit
As per any other scheme rules
Flexible options:
Convertibility
Spouse cover benefit
Death benefit settlement
Terminal illness benefit
Range of riders available for comprehensive coverage:
SBI Life – Group Rider -Accidental Death – 111B007V01
SBI Life – Group Rider – Accidental Partial Permanent Disability – 111B006V01
SBI Life – Group Rider – Accidental Total Permanent Disability –    111B009V01
SBI Life – Group Rider – Accident and Sickness Total Permanent   Disability –  111B013V01
SBI Life – Group Rider – Accelerated- Extended Critical Illness – 111B008V01
SBI Life -Group Rider – Additional – Extended Critical Illness – 111B010V01
SBI Life – Group Rider – Accelerated – Core Critical Illness – 111B011V01
SBI Life – Group Rider – Additional – Core Critical Illness – 111B012V01
The above information is a brief summary of SBI Life – Sampoorn Suraksha, a Non Participating Group Term Insurance Plan.

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Important docs for this plan:

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Brochure for EE Group
Brochure for NEE Group
Generic Benefit Illustration

SBI Life Insurance CapAssure Plan

SBI Life Insurance CapAssure Plan is a traditional non linked, non participating Plan featuring stable growth with capital protection. This plan can be offered to employer-employee group or non-employer-employee group or any group formed as per group guidelines 2005 issued by IRDA.This is an ideal plan which caters to the needs of the group administrators / employers / trustees / State governments/ Central government/ PSUs who want to fund group members’ retirement benefits and other welfare benefits.

What does SBI Life – CapAssure offer?

Defined Benefit (DB) scheme
Defined Contribution (DC) scheme
Hybrid Scheme
 

Key Features:

 

Capital Guarantee on Fund Under Management
Unique Pooling Advantage
All funds under non linked group schemes managed by SBI Life would be clubbed
Special Contributions
Exit penalty charged by the previous insurer would be added to the fund up to 3% of transferred fund amount (gross of exit penalty)
Convenience of inbuilt Life Cover
 

Additional details:

 

Customised Services:
Dedicated service team as one point of contact.
Dedicated operations & Claim department to cater to your operational needs.
Legal advice on trust formation and other related query.
Help in creation of Trust Deeds, Deed of Variations, CIT filing etc.
Monthly investments newsletter to keep our clients abreast with the latest developments
 

 

Benefits payable

 

 

In case of death of a member, we will pay an inbuilt Sum assured of Rs. 1000/- plus scheme benefit amount
In case of survival benefit, the scheme benefit amount will paid as per the scheme rules.
Exclusions:
No exclusion period.
No suicide exclusion.
 

Tax Benefits*:

 

Gratuity:
For Employer:
The contributions made through an approved Gratuity fund may be claimed as business expenditure under section 36 (1)(v) of the Income Tax Act, 1961 subject to the conditions contained therein.
Income on the investments received by an approved Gratuity fund is exempt from tax under Section 10(25)(iv) of the Act.
For Employee:
Gratuity benefits are tax free up to Rs.10,00,000 in the hands of employee.
The contribution made by the employer is not included in the value of taxable perquisites in the hands of the employee.
Any death benefit under life cover is tax-exempt under section 10 (10D) of the Income Tax Act, 1961.
Leave Encashment:
For Employer:
The cash equivalent of the leave Encashment Benefit as and when paid by the employer is deductible from his income under section 43B (f) of the Income Tax Act.
The amount of risk premium paid for Life Insurance cover will be treated as business expenses.
For Employee:
The benefit received by the employee at the time of retirement, gets tax relief as per section 10(10AA) of Income Tax Act, subject to maximum of ten months leave.
*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962 and are subject to change in Tax Laws. Please consult to your Legal/ Tax expert for details.
Free look Period:
We offer free-look period of 15 days from the date of the receipt of the policy document to review the terms and conditions of the policy and upon disagreement to any of the terms and conditions, the master policyholder has an option to return the policy stating the reasons for objection, in which case the master policyholder shall be entitled to a refund of the amount equal to premium paid less expenses incurred on stamp duty.
The above information is a brief summary of SBI Life – CapAssure.

SBI Life Insurance Swarna Ganga Plan

SBI Life Insurance Swarna Ganga Plan is a non-linked group saving cum insurance product.The product is designed as a saving vehicle and to offer insurance cover to groups of persons who share common identity or affinity such as groups of professionals, farmers and employed/ self-employed individuals, agricultural and industrial workers, teachers, members of Self Help Groups and beneficiaries of priority sector advances.

 

Key Features:

 

 

Contributions enjoy the advantage of our investment expertise, through which we strive for growth coupled with safety
Life cover option is available under “SBI Life – Sampoorn Suraksha” (UIN 111N040V02) or SBI Life – Suraksha Plus (UIN: 111N051V01)
Option to avail of Group Accidental Death and Total Permanent Disability Rider (UIN: 111B002V01) for added protection
Multiple premium payment mode options available
Flexibility to change Sum Assured and Contribution
 

Benefits:

 

 

Maturity Benefit: Accumulated fund value
Death Benefit: Accumulated fund value plus Life cover
The above information is a brief summary of SBI Life – Swarna Ganga, a Traditional Non Participating Group Saving Cum Insurance Plan, which shall be subject to further terms and conditions and exclusions as applicable.