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.


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

Also Read :   SBI Life Insurance Suraksha Plus Plan

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1 thought on “SBI Life Insurance RiNn Raksha – Loan Protection Plan”

  1. Girish Chandra Tiwari

    Kindly remit policy documents of my Rinn raksha max gain no32783296362 from sbi life raj nagar gaziabad 201002 up

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