SBI Life Insurance Gaurav Jeevan Plan

SBI Life Insurance introduces “SBI Life – Gaurav Jeevan” for Central Government / State Governments/ Government Enterprises and their agencies who wish to purchase their annuity liability (existing or emerging or both) in respect of the annuity payments for compensation to the land owners whose lands are being acquired.

This product will enable you to transfer your annuity liability; which in turn is taken care by our in-house investment expertise and an investment approach best suited to the nature of the liability. This protects you from deficits due to adverse changes in demographic or economic scenario in the future.

 

 

Key Features:

 

 

Flexible annuity term
Flexible options with Income Protection on Death
Attractive annuity rates
Simple Joining process
 

 

Product Snapshot:

 

Age at Entry:
Min : 18 years / Max : 85 years as on last birthday
Group Size:
Min : 50 members
Max: No Limit
Annuity Term :
5 years to 35 years
Modes for Annuity Payments:
You will have an option to choose Yearly, Half-yearly, Quarterly and Monthly modes for payment of annuity benefit.
Annuity amount:
Min Amount:  Rs. 100
Max Amount: No Limit
 

 

What are the annuity options available?

 

 

You can select one of the below mentioned two options:
Level temporary annuity with income protection on death
Increasing temporary annuity with income protection on death

SBI life Insurance Swarna Jeevan Plan

SBI Life Insurance introduces “SBI Life – Swarna Jeevan” a Group Immediate Annuity Plan for Corporate Clients (ie.Employer-Employee groups) and other Group Administrators, who wish to purchase annuity to provide for their annuity liability (existing or emerging or both) totally/partially from SBI Life

The annuity payment to members starts right away (Technically, anytime within 12 months of Purchase depending upon periodicity chosen). All you need to do is choose the annuity option. We at SBI Life will calculate the amount of each annuity payments based on the purchase amount and life expectancy.

 

 

Key Features: 

 

Attractive Annuity rates due to group effect.
Based on your scheme rules customized annuity options available
Wide choice of annuity Options to suit your members needs
Option to choose the periodicity of annuity payment: Annual, Half yearly, Quarterly, and Monthly.
 

 

Eligibility Criteria:

 

 

Age at Entry:
For Member : 35 to 85 Years as on last birthday
For Spouse : 18 to 85 Years as on last birthday
Group Size
Min : 10 Members* or 50 Members
Max : No Limit
Minimum Annuity amount will be Rs. 1,200/- per person per annum.
*For approved Group Superannuation Schemes
 

What are the Annuity Options Available? 

 

 

A variety of Options to choose from:
Single Annuity
Life Annuity:
Life annuity with refund of purchase price:
Life annuity with refund of balance purchase price:
Annuity certain for 5 to 35 years and annuity for life thereafter:
Increasing Life annuity (Simple increasing):
Joint Annuity
Joint life (last survivor) annuity
Joint life (last survivor) annuity with refund of purchase price:
Joint life annuity certain for 5 to 35 years and joint life (last survivor) annuity thereafter:
 

Why SBI Life Insurance?

 

SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Assurance. State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, BNP Paribas Assurance is the insurance arm of BNP Paribas – Euro Zone’s leading Bank. BNP Paribas, part of the worlds top 10 group of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks

 

Important Docs for this plan:

 

Brochure
Member Annuity Form
Generic Benefit Illustration

SBI life Insurance Dhanrashi Plan

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.

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Generic Benefit Illustrator

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Generic Benefit Illustrator for Formal Groups
Generic Benefit Illustrator for Informal Groups

SBI Life Insurance CapAssure Leave Encashment Scheme

Introduction:
As per the Accounting Standard (AS-15) (revised 2005), it has become necessary for the employers to provide for the accrued liabilities in respect of Leave Encashment benefits available to all the employees in the books of accounts. It helps the employer in ascertaining the true cost of their products and services.Hence, SBI Life provides SBI Life Insurance CapAssure Leave Encashment Scheme – a scheme that not only guarantees your investment but also offers additional funding and many more added benefits…!

SBI Life – CapAssure Leave Encashment Scheme (CA-LE):
It is a Non-Participating yearly renewable traditional group leave encashment scheme. Under this scheme, the contributions paid continue to accumulate on traditional platform of investments and at the end of the financial year, an investment income earned on your contributions is credited to your CA-LE fund account.

 

 

Key Features: 

 

 

 

Capital Guarantee on Fund Under Management
Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds
Additional Funding upto 3% to absorb exit penalty charged by the previous insurer
No Suicide Exclusion clause for basic life cover
Additional benefit for your employee through our Group Accidental Death and Permanent Disability Rider (UIN: 111B002V01)
 

 

Benefits:

 

 

On Retirement/ Resignation/ Termination: Accrued Leave Encashment benefits as per scheme rules.
On occurrence of Total Permanent Disability (TPD): Accrued Leave Encashment benefit as per scheme rules + Rider Sum Assured, if any,in case of TPD is due to an accident.
On an unfortunate Death: Accrued Leave Encashment Benefit, as per scheme rules will be payable + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death due to accident.
However, maximum benefit under Accidental Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.
 

Grace Period:

A grace period of 30 days will be allowed for payment of life cover premium.
However, if death occurs during the grace period, the death claim shall become payable subject to the receipt of the due and unpaid risk premium or renewal risk premium for the entire group from the Master Policyholder.

In case of non-receipt of the risk/rider premium within a grace period of 30 days, the life cover/rider would lapse. However, the accumulation of the fund will be continued without life cover/rider and the Leave Encashment claims will be settled subject to the availability of funds.

Revival Period:
Life Cover can be revived within two years from the first due but unpaid premium, subject to payment of risk premium for the future.

Charges:
Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Gratuity fund. We ensure you pay only for what you benefit — No hidden costs! What more….. we ask no Fund Management Charges, no Administration Costs and recovery of Additional Funding is without interest !!!

 

 

Tax Benefits*: 

 

 

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.
For the Employee the leave encashment benefit is taxable under section 15 of the Income Tax Act
However 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.
The amount of risk premium paid for Life Insurance cover will be treated as business expenses.
*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult to your Legal/ Tax expert for details.

SBI Life Insurance CapAssure Gratuity Scheme Plan

Introduction:
Gratuity is a statutory benefit, governed by Payments of Gratuity Act, 1972. As per the Act, gratuity is payable if an employee has rendered minimum 5 years of service at the time of exit. The minimum benefit payable is 15 days salary based on last drawn salary for each service year rendered. However, an employer can better the terms of benefits..Here, the principal concern will be to safeguard and availability of sufficient funds to meet the company’s obligation for statutory Gratuity Payments. Hence, you would definitely want prudent fund management at least of the possible costs. Therefore SBI Life provides SBI Life – CapAssure Gratuity Scheme – a scheme that not only guarantees your investment but also offers additional funding and many more added benefits…!

SBI Life Insurance CapAssure Gratuity Scheme Plan:

It is a Non-Participating yearly renewable traditional Group Gratuity Scheme. Under this scheme, the contributions paid continue to accumulate on traditional platform of investments and at the end of the financial year, an investment income earned on your contributions is credited to your gratuity fund account.

 

 

Key Features: 

 

 

Capital Guarantee on Fund Under Management
Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds
Additional Funding upto 3% to absorb exit penalty charged by the previous insurer
Flexibility to transfer partially your fund from this scheme to our existing Unit Linked schemes!
No Suicide Exclusion clause for basic life cover
Additional benefit for your employee through Group Accidental Death and Permanent Disability rider (UIN: 111B002V01)
 

 

Benefits:

 

 

On Retirement/ Resignation/ Termination: Higher of accrued gratuity benefits payable as per scheme rules or the Gratuity Act.
On occurrence of Total Permanent Disability (TPD) : Higher of accrued gratuity benefits payable as per scheme rules or the Gratuity Act + Rider Sum Assured, if any, in case of TPD due to accident, will be payable to the employee.
On an unfortunate Death: Higher of accrued gratuity benefits payable as per scheme rules or the Gratuity Act + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case of death due to accident.
However, maximum benefit under SBI Life – Accidental Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.
Grace Period:
A grace period of 30 days will be allowed for payment of life cover premium.
However, if death occurs during the grace period, the death claim shall become payable subject to the receipt of the due and unpaid risk premium or renewal risk premium for the entire group from the Master Policyholder.
In case of non-receipt of the risk/rider premium within a grace period of 30 days, the life cover/rider would lapse. However, the accumulation of the fund will be continued without life cover/rider and the gratuity claims will be settled subject to the availability of funds.Revival
Period:
Life Cover can be revived within two years from the first due but unpaid premium, subject to payment of risk premium for the future.Charges:
Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Gratuity fund. We ensure you pay only for what you benefit — No hidden costs! What more….. we ask no Fund Management Charges, no Administration Costs and recovery of Additional Funding is without interest !!!

 

 

Tax Benefits*:

 

 

For Employer:

The initial and Annual contributions made through an approved Gratuity trust can be claimed as business expenditure as per the provisions under section 36 (1) (v) of the Income Tax Act, 1961 subject to maximum limit of 8.33% of annual salary in respect of each member.
Income of investments 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 u/s 10(10) in the hands of employee.
Gratuity payment may be bettered by employer – over and above Rs. 10,00,000 taxable. (However, in this case the tax free limit as per above will not change.)
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 the Group Term Insurance is tax-exempt under section 10 (10D) of the Income Tax Act, 1961
*Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult to your Legal/ Tax expert for details.

SBI Life Insurance Kalyan ULIP Plus Plan

Introduction:
Gratuity, Leave Encashment….Savings for Retirement… the must benefits for your employees/ group members….and while deciding on how to manage these sacred funds … you would like to have a strong partner with an effective solution.SBI Life – Kalyan ULIP Plus, is a unique plan for both formal and informal organizations; coming from SBI Life, the name that you always trust, supported by a robust investment team.

SBI Life Insurance Kalyan ULIP Plus Plan is a non-participating, unit linked group insurance scheme. It is truly unique with its variety of features that benefit not only the Master Policyholder but also to each Group Member. This plan is a one-stop solution to all your fund management needs and can be extended to both employer-employee and non-employer-employee groups. You get the flexibility of paying in your contribution at any time during the year according to scheme rules.

What does SBI Life – Kalyan ULIP Plus offer?
A Group ULIP platform to manage your Group funded needs as below

Defined Benefit (DB) scheme 
Defined Contribution (DC) scheme
Any scheme combination of above … because life is never black and white!
 

 

Key Features:

 

 

Loyalty Additions, based on Fund Size!We know how loyalty should be rewarded. Higher the fund size higher will be the Loyalty Additions.
Now chance to earn Guaranteed Returns on your valued investments!
Guarantee Plus Fund offers a minimum guaranteed return on your invested funds. It thus provides you protection from market downturn. The possibility however, of earning a return higher than the minimum guaranteed remains.
Fusion Advantage, for higher benefits! On Request, your entire SBI Life group unit linked master policies, along with your parent company’s will be aggregated for calculating Loyalty Additions.
 Competitive fund management charges in the market
Systematic Transfer Option (STO): Ride smoothly the ups and downs of the capital markets!
Take advantage of this special rupee-cost-averaging technique which minimizes the risk due to market-linked volatility, at absolutely no extra cost..
Optional Life Cover We not just manage your funds but also care for lives of your members. This plan comes with an optional Life Cover of Rs. 1000/- for each member.
 

 

Who can be part of this Scheme?

 

 

Group Members between the age of 18 years and 79 years as on their last birthday
Group Size of 10 and above
Contributions can be made by both Master Policyholder and the Group Members
 

 

Additional Benefits:

 

 

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.
Investment counseling : Conference-calls with our Investment Team
Help in creation of Trust Deeds, Deed of Variations, CIT filing etc.
Monthly investments newsletter to keep our clients abreast with the latest developments
Switching Facility:Manage your investments the way you want by switching your assets between the given fund options, any time.
Contribution Redirection:The contributions can be redirected for investments into a fund of your choice and need not adhere to the initial investment pattern.
Charges:
Transparency is not just a concept but a practice at SBI Life.

Our charges are certainly most competitive and are designed to benefit you irrespective of your fund size. We ensure you pay only for what you benefit — No hidden costs!
 

 

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.
NOTE ON THE RISK OF INVESTMENT UNDER THIS POLICY
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
SBI Life Insurance Co. Ltd. is only the name of the Insurance Company and SBI Life – Kalyan ULIP is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER