SBI Life - Suraksha Plus

Size of the group

50 members

Entry Age

Minimum – 18 years

Maximum – 69 years

Maximum age at maturity

75 years

Type

A non-linked, non-participating, group term insurance plan.

Basis

Group

Coverage

1. Death Benefit: On death of a member, the nominee will receive the sum assured. If all the premiums have not been paid with respect to the insured, then on death of the insured member during the grace period, the sum assured will be paid after deducting the unpaid outstanding premium. If the insured dies towards the end of the grace period, then if the premium due is not paid, the life insurance cover will lapse and no benefit will be payable. If the insured dies after the employer has requested for cancellation after the free-look period, but no refund has been paid, then the insured is eligible for death benefit.
2. Maturity Benefit: No maturity benefits are paid.
3. Surrender Benefit: Available only for single premium payment mode. Surrender value is 75 percent of the single premium for minus the extra premium. On surrendering the policy, all benefits will cease. If the surrender value is less than Rs.100 per member, it will not be paid to the member.

Sum assured

Minimum – Rs.1,000

Maximum – No limit

Policy term

Single premium for 2 years.

Regular premium for 5 years.

Premium amount

Single premium:

Minimum: Rs.5,000 per scheme

Maximum: No limit

Regular premium:

Minimum: Rs.1,000 per scheme

Maximum: No limit

Premium paying frequency

Single Premium: To be paid once

Regular Premium: Can be paid either monthly, quarterly, half-yearly and yearly.

Revival

If premiums are not paid during the grace period, the policy will lapse and it can be revived within 2 years from the date of the first unpaid premium.

Riders

Not available.

Bonuses

No bonus offered.

Surrender Value

Surrender is available on single premium mode only. The surrender benefit will be paid immediately on the request of the group member or master policyholder. The surrender value is 75% of the premium paid multiplied but the ratio of unexpired policy term to total policy term.

Loan

The member can take a loan against this policy.

Free look period

The plan has a 15 days free look period from the date of receipt of the policy document. You need to provide a reason in writing stating your objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any.

Grace period

The policyholder will get 15 days grace period for monthly frequency of premium payment or it is 30 days for other frequencies of premium payment.

Tax benefits

Tax benefits are as applicable by law.

Nomination

Nomination is made compulsory with the provision of Section 39 of the Insurance Act 1938.

Exclusion

Suicide exclusion is applicable. If the insured commits suicide within one year from the commencement of risk or from the last revival of that person, then the death benefits are not payable.

If the insured commits suicides within one year from the commencement of risk, and if all the premiums have been paid, 80% of the premium paid will be given to the nominee.

If the insured dies within one year from the revival, higher of 80% of the premiums paid or the surrender value as on the date of suicide is paid to the nominee.

Termination of risk cover

Risk cover will cease in the following instances:

1. Termination of master policy.
2. On expiry if the insurance cover of the member.
3. If you attain a maximum age of cover.
4. Death of a member.
5. On expiry of grace period.
6. On surrender of policy.
7. If the member ceases to be a part of the group.