SBI Life - RiNn Raksha
UIN: 111N078V03
Your family inherits happiness.
Not your liabilities.
Presenting SBI Life - RiNn Raksha (UIN: 111N078V03), a plan that helps you ensure that your family has the best of everything. With this solution, your family won't have to bear the loan liabilities in case of an unfortunate event as it repays the outstanding loan, thereby keeping their future and dreams protected.
Features :
- A comprehensive Group Credit Life Plan that covers Housing, Vehicle, Education, Personal & Other Loans
- Lives upto 2 co-borrowers in addition to the primary borrower can also be covered.
- Flexibility to choose loan cover term as per need**
*The coverage under the product for new and existing borrowers shall be as per the board-approved underwriting policy.
**subject to a minimum of 2/3rd of the loan term, if the loan term is 15 years or more.
Highlights
Group, credit life, decreasing term assurance plan
Features
- Life insurance coverage
- Assistance to repay a variety of loans
- Coverage for co-borrowers
- Choice of Gold or Platinum plan options
- Choice of cover term, premium paying term and frequency
Advantages
Security
- Enables your family to continue enjoying the assets that you so lovingly acquired
Reliability
- Repays your outstanding loan amount as per the sum assured schedule on the occurrence of the insured event.
- Wide variety of loans covered, namely housing loans, car loans, agricultural loans, educational loans, and personal loans
Flexibility
- Provides additional coverage to two co-borrowers in addition to the primary borrower
- Choose between a single or a level premium for 5 or 10 years as per your requirements
- Option of monthly, quarterly, half-yearly or yearly premiums as per your financial capabilities
GST Implication
Rinn Raksha Group Insurance The product features available under this plan shall be chosen by your Master Policyholder in their capacity as the group administrator. Only features chosen by the Master Policy Holder shall be made available to you. You can choose from the options/features made available by the master policyholder.Under the GST reforms 2025, group insurance policies remain taxable at 18%. Only Individual Life & Health Insurance policies are exempt from GST effective from 22nd September’2025.
Since this is a group credit life insurance product, the applicable GST rate remains at 18% on the premium amount.
Death Benefit:
The death cover would be the outstanding loan balance at the time of death, as per the amortization schedule in your certificate of insurance.
Income Tax Benefits*:
Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details.For more details on risk factors, terms and conditions of SBI Life – RiNn Raksha, read the following documents carefully.
70/ver1/11/25/WEB/ENG
*Tax Benefit:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details, click here. Please consult your tax advisor for details.
Frequently Asked Questions
SBI Life - RiNn Raksha is a Group Credit Life Insurance plan designed to cover the life of the borrowers of housing, vehicle, education, personal, or other loans. It ensures that the outstanding loan amount will be paid in case of the death of the borrower(s), protecting the family from the financial burden of the loan. It is offered to both new and existing borrowers of banks or financial institutions.
RiNn Raksha is a group insurance policy; GST at 18% continues to apply on the premium amount. Since under the 2025 reform, group insurance products remain taxable at 18%, while only Individual Life & Health insurance policies are exempt from GST effective from 22nd September’2025.
Yes, in addition to the primary borrower, up to two co-borrowers can be included under the same group insurance cover. This ensures that the co-borrowers of the loan receive financial protection in case of an unfortunate event.
Subject to prior authorization by the insured member, in the event of death, the outstanding loan balance, as per the amortization schedule of the Certificate of Insurance, will be paid by SBI Life to the bank / financial institution. The balance claim amount, if any, will be paid to the nominee/ beneficiary.