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Home > Group Plans > Group Employee Benefit Plans > Group Protection Plans > SBI Life - Super Suraksha

SBI Life - Super Suraksha

SBI Life - Super Suraksha
Employers - extend to cover your employees at lower cost and ensure satisfied work force.
Credit Institutions - extend cover to borrowers to their satisfaction and improve the quality of your assets.

SBI Life - Super Suraksha is designed to offer life cover to group of persons, who share a common identity or affinity such as groups of professionals, farmers and other self – employed individuals, groups of customers of banks, agricultural and industrial workers, teachers, and members of self help groups and beneficiary of priority sector advances.

The product is so planned as to provide life cover starting from Rs.5, 000/- to depending on the need and desire of the group members. Each member of the group will be covered for the sum assured upon mutual agreement. The Product is able to provide cover at an affordable premium due to the benefits of coverage of a wide section, and the administered savings achieved. There is a possibility of profit sharing based on the mortality experience of the group.

SBI Life – Super Suraksha is group term assurance non-participating plan.

Key Features:
Death Benefit: On death during the term, the nominee will get amount equal to Sum Assured
Entry Age: is Minimum 18 years & Maximum 64 Years. Age is as on last birthday.
  
Group Size is Minimum 50 Members
 
Premium Payment Frequency: Premium can be paid on Annually, Half-Yearly, Quarterly & Monthly mode.
 
Rider: SBI Life - Group Accident Death and Permanent Disability rider is available. (UIN 111B002V01)
 

Tax benefits *:
Premium paid by you is considered as part of the business expenses under Section 37 of Income Tax Act, 1961 and is tax deductible.
  Premium paid by the employer is not treated as a perquisite in the hands of the employee.
 
All claim payments are considered as non-taxable receipts and can consequently be considered as 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.

The above information is a brief summary of SBI Life - Super Suraksha
For further details, ask for an appointment with our Relationship Officers on below mentioned number or addresses.
SBI Life on 1800 22 9090 (toll free) or Email:corporate@sbilife.co.in
Insurance is subject matter of solicitation.

Section 41 of Insurance Act 1938 states:
No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer

Section 45 of Insurance Act, 1938:
“No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal”.
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