 Introduction:With changing times, large numbers of NGOs, Social Welfare Groups including Government aided agencies as well as Corporates have evinced interest to float new schemes that will cost a little but still bring well-being to their group members as well as some security for their lives. Hence, genesis of SBI Life - Dhanrashi!! SBI Life - Dhanrashi is a traditional non participating Group Savings Linked Insurance scheme. This scheme is applicable for both employer-employee and non-employer employee groups. |
Key Features: |
| • | Convenient Savings cum Protection Scheme with: |
| • | Attractive returns on savings with twin benefits |
| • | Protection at low cost with no medical examination. |
| • | Hassle free joining process with no entry charges. |
Benefits: |
| • | Maturity benefit Accumulated Fund Value for the Group Member is payable as per the scheme rules. |
| • | Death benefit Sum Assured plus Accumulated Fund Value for the Group Member is payable as per the scheme rules. |
| • | Returns on Investment:Savings component will earn annually compounded returns in two ways: |
| • | A minimum Basic Interest rate that is declared in advance for each financial year. |
| • | An Additional Investment Return, which will be declared at the end of each financial year, based on earnings on the fund and fund size. |
| • | Higher the fund size, higher will be the investment return. |
| • | Option to change the Sum Assured: At the beginning of each policy year, the Master Policyholder may request for a change in sum assured, within the permissible sum assured limits. |
| • | Grace Period Provision: A grace period of 30 days will be allowed for payment of contribution for Regular mode (15 days for Monthly mode). |
| • | Revival Period: 2 years revival period will be available, from the first unpaid contribution. |
| • | Suicide Exclusion: No suicide exclusion is applicable for basic life cover. |
| • | Surrender Facility: Master Policyholder can surrender the Master Policy from 2nd Policy year onwards subject to conditions applicable. |
| • | Charges: Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Savings fund. We ensure you pay only for what you benefit -- No hidden costs! |
Tax Benefits*: |
| • | Members’ total contribution, including service tax is entitled for income-tax rebate under Sec 80C of the Income Tax Act. |
| • | The entire claim amount, including interest earned, payable on Maturity or on death is free from income-tax (U/s 10(10D) of income tax Act. |
| • | The life cover premium paid by the employer towards Life Cover is treated as business expenses (U/s 37 (1)) of income tax Act. |
| *Tax Laws are subject to change. Please consult to your Legal/ Tax expert for details. |