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Home > Group Loan Protection Plans > SBI Life - RiNn Raksha

SBI Life - RiNn Raksha
(UIN : 111N078V03)

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Key Features
Product Snapshot
Terms & Conditions
The dream house, the best education for your kids, the latest car, an overseas family vacation and much more. To fulfil these aspirations, most of us don’t hesitate to avail loans

Now, with SBI Life - RiNn Raksha, a group credit life insurance plan, you can rest assured that your family will always enjoy the assets, which you so lovingly acquired, without worrying about any liabilities.

In other words, live life ’Debt- Free’!
Key Features
Wide variety of loans covered - including Housing Loans, Car Loans, Agricultural Loans, Educational Loans and Personal loans.
Flexibility to choose loan cover term as per need, subject to minimum of 2/3rd of the loan term, if the loan term is 15 years or more.
There are flexible Premium Paying Terms (PPT) available. Premiums can be paid as a single premium (SP) or as level premiums (LP) payable for 5 or 10 years.
Lives of up to 2 co-borrowers in addition to the primary borrower can also be covered.
Additional Options (Gold or Platinum) are available to cover loan outstanding at floating rate of interest at an additional cost.
The death cover would be the outstanding loan balance at the time of death as per the amortization schedule at a rate of interest specified at the time of inception of cover.
Tax benefits as per prevailing tax laws.

Product Snapshot

Age at Entry ^

Min: 16 years;  Max: 70 years

Max. Age at Maturity

75 years as on last birthday

Premium Payment Mode Single Premium and Limited Premium Payment Term (LPPT)
Premium Payment Term
Policy Term

Premium Payment Term (PPT)

Policy Term

Single Premium

2 years to 30 years

5 years

8 years to 30 years

10 years

15 years to 30 years

Premium Frequency Single Premium, Monthly, Quarterly, Half Yearly, Yearly

Sum Assured
(in multiples of Re.1)

Minimum: 10,000 per member
No Limit 
Moratorium Minimum:   3 months
Maximum: 72 months

Tax Benefits*

Under Sec. 80C and  Sec. 10(10D) of Income Tax Act,1961

ˆ All the references to age are age as on last birthday

Terms and Conditions
Surrender Value
Surrender Value (SV) is available at any point of time after the first year of cover, provided at least first year’s premiums are paid. A Special Surrender Value (SSV) may also be available at the time of surrender. Higher of SSV and SV would be payable.

Grace Period
A grace period of 15 days from premium due date for monthly premium mode and 30 days from the premium due date for annual, half yearly and quarterly premium modes will be allowed for payment of premiums. If any premium remains unpaid at the end of the grace period, the policy shall lapse.

Master policyholder would be required to seek nomination from the scheme members. The member may at any time before the end of the policy term, nominate a person/persons as per Sec 39 of the Insurance Act, 1938 as amended from time to time.

The member will have the option to authorise the Master Policyholder to receive the claim proceeds in the event of his/ her death or disability, as the case may be. In such a scenario, claim proceeds, to the extent of the outstanding loan balance as on date of occurrence of the insured event, would be payable to the Master Policyholder and the balance of the proceeds, if any, will be payable to the insured member or nominee/ beneficiary. This arrangement would, however, be allowed only where the Master Policyholder meets the eligibility criteria specified in the applicable regulations. In case the member does not authorise the Master Policyholder, for any reason whatsoever, the entire claim proceeds would be payable to the insured member or the nominee/ beneficiary even if the cheque/ draft is sent to the Master Policyholder for administrative convenience or through any other electronic mode.

Lapse & Revival
For LP policies, if the premiums are not paid within the grace period, the policy lapses. The policy can be revived within 2 years from the first unpaid premium payment due date subject to prevalent norms.

Cancellation of Loan Cover
If the loan is cancelled or not take up by the proposed member after sanction, but the premium for the same has been paid, cancellation of cover may be requested. Such a request must be received at our office within 90 days of issuance of COI. Upon receipt of such a request, SBI Life shall refund 90% of the premium paid excluding taxes and cess, in respect of that member after deducting expenses towards stamp duty.

Suicide Claim provisions
If the group member / life assured, whether sane or insane, commits suicide within one year from the date of commencement of the insurance cover, sum assured benefit will not be payable for that member. In such a case, 80% of the premiums paid (net of taxes and cess) pertaining to the life assured concerned shall be returned without interest.

If the group member/ life assured, whether sane or insane, commits suicide within one year from the date of revival of the insurance cover, death benefit will not be payable for that member. However, higher of 80% of the premiums paid till the date of death or surrender value will be payable.

Free-look Period
The master policy holder or the member (in case of voluntary schemes) has the option to cancel the policy/ insurance cover, within 15 days from the date of receipt of policy document/ certificate of insurance, after reviewing terms and conditions. Premiums paid would be returned after deducting proportionate risk premium and proportionate tax and cess, expense incurred towards medical examination carried out and expenses towards stamp duty. 
*Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
For more details on Riders, terms and conditions please read rider brochure.

Rider Brochure:
SBI Life - Accidental Total Permanent Disability Benefit (UIN: 111B023V02)
Rider Document:
SBI Life - Accidental Total Permanent Disability Benefit (UIN: 111B023V02)
70.ver.01-03/17 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus.
• Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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CIN: U99999MH2000PLC129113
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