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  • SBI Life - Suraksha Plus

    SBI Life

    Overview

    SBI Life Suraksha Plus is a group term assurance plan. It meets the needs of employer- employee group and non-employer employee homogenous group. This plan provides life cover to group members for a fixed period.

    Eligibility Conditions of SBI Life Suraksha Plus

    Size of the group

    50 members

    Entry Age

    Minimum – 18 years

    Maximum – 69 years

    Maximum age at maturity

    75 years

    Key Features of SBI Life Suraksha Plus

    Type

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

    Basis

    Group

    Coverage

    • 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 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.

    • Maturity Benefit: No maturity benefits are paid.

    • Surrender Benefit: Available only for single premium payment mode. Surrender value is 75 percent of the single premium for basic cover for life 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:

    • Termination of master policy.

    • On expiry if the insurance cover of the member.

    • If you attain a maximum age of cover.

    • Death of a member.

    • On expiry of grace period.

    • On surrender of policy.

    • If the member ceases to be a part of the group.

    Advantages of SBI Life Suraksha Plus

    The advantages of SBI Life Suraksha Plus are:

    • You get Death Benefit on death of a member, the nominee will receive the sum assured.

    • You get Surrender Benefit which is available only for single premium payment mode.

    • You can avail tax benefits or exemptions as per the applicable tax laws in India.

    How the Plan Works

    For example a group of 1000 members take this plan. The average group member’s age is 30 years and the average age of their spouses is 28 years. The policy is taken for 10 years. They choose a regular premium mode and make their premium payments on a yearly basis.

    Benefits

    Sum assured

    Premium amount

    Basic life cover for member

    Rs.5 lakhs

    Rs.1,364

    Accidental death cover for member

    Rs.3 lakhs

    Rs.180

    Basic life cover for spouse

    Rs.3 lakhs

    Rs.769

    Accidental death cover for spouse

    Rs.2 lakhs

    Rs.120

    Death benefit-

    On death of a group member – Basic life cover for member i.e. Rs.5 lakhs is paid.

    If Option 1 is selected – Accidental death cover i.e. Rs.3 lakhs is paid.

    If Option 2 is selected- Basic life cover for spouse + Accidental death cover for spouse i.e. Rs.5 lakhs (Rs.3lakhs+Rs.2 lakhs) is paid.

    If Option 3 is selected - Accidental death cover for spouse i.e. Rs.2 lakhs is paid.

    Premium Payment and Riders

    You have two options of paying premium, it can be either single premium or regular premium. The minimum amount for single premium is Rs.5,000 and there is no upper limit. The minimum amount to pay regular premium is Rs.1,000 and there is no upper limit. The regular premiums can be paid on a monthly, quarterly, half-yearly or on a yearly basis. For the monthly premium payment you will get 15 days grace period and for the other frequencies you get 30 days grace period for this SBI life insurance plan.

    There are no riders available with this policy.

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