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Home > Corporate Solutions > Group Protection Plans > SBI Life - Suraksha Plus

SBI Life - Suraksha Plus
(UIN : 111N051V01)

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Introduction
Key Features
Eligibility Criteria:
Benefits
Why SBI Life Insurance?
 
 
Introduction:
 
SBI Life - Suraksha Plus a pure term non participating product for all types of Groups such as Employer - Employee Groups, Credit Card / Banks / Mutual Fund Customer and any group of people sharing a common view, at a very affordable premium wherein SBI Life aims at Protecting your members and their family under all circumstances.
 
 
Key Features*:

 
Flexible Option to select the Cover Term




Minimum Single Premium (SP) Mode : 1 Year

Minimum Regular Premium (RP) Mode : 2 Years

Maximum Term : 30 Years
 
Wide choice of Sum Assured available
Rs. 1,000/- per Member to Maximum no limit (in multiplies Rs. 1/-)
 
Multiple premium payment mode options available
 
You can pay a Single Premium or pay regularly either yearly, half yearly, quarterly or monthly
 

 

 
Free Cover Limit facility available
 
Cover spouse and /dependant parent(s) of your member
 
You have the choice to select any of the below options*
in addition to basic life cover* of your member
 
 




Option 1 : Accidental Death Cover for the Group Member
 
Option 2 : Basic Life Cover +Accidental Death Cover for Spouse/Dependent Parent(s) of the Group Member
 
Option 3: Accidental Death cover for Spouse and / Dependent parent(s)
 
Surrender facility available for Single Premium mode.
 
 
Eligibility Criteria:
 
Entry Age (as on last birthday) Group Size
• Min : 18 Years
• Max : 69 Years
• Min.: 50 members
• Max : No Limit
Premium Payment Option Minimum Premium :
• Single Premium OR
• Regular Premium
   ° Yearly
   ° Half Yearly
   ° Quarterly
   ° Monthly
• RP : Rs. 1,000/- Per Scheme
• SP : Rs. 5,000/- Per Scheme
 
 
Benefits:

 
Maturity Benefits : No maturity benefits payable as it is a Pure term Product
Death Benefit :
 
For a Group Member:
 

In case of death due to any reasons, the Basic Sum Assured is payable.
 
If option 1 is choosen, in case of death due to accident, an additional accidental sum assured will also be payable.
 
  If option 2 is chosen:
 
In case of death due to any reasons, the basic sum assured for spouse/ dependent parent(s) is payable.
 
in case of death due to accident, an additional accidental sum assured for spouse / dependent parent(s) will also be payable.
 
 
If option 3 is chosen, in case of death due to accident, the accidental sum assured will be payable for the cover of spouse / dependent parent(s).
 
Grace Period
A 30 days grace period is available for all modes except monthly which is 15 days.
 
 
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 is the 1st largest French company and ranks 5th in the banking industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbes’ 2008. It is 6th most valuable international banking brand as per Brand Finance 2008

* Please consult your Tax advisor for details on tax benefits.
 
The above information is a brief summary of SBI Life -Suraksha Plus
 
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:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take 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 rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:

Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
 
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 for insurance 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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Insurance is the subject matter of solicitation .IRDA Registration no. 111 issued on 29th March 2001.
Registered & Corporate Office: SBI Life Insurance Co. Ltd, Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069.
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