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 CapAssure Plan
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