SBI Life - Group Micro Shield

Death benefits:

In the unfortunate event of death of the covered member during the term of the cover the death benefit, which is Basic Sum Assured, will get paid out in lump sum provided all due premiums have been paid. In case of Lender - Borrower schemes, in the event of the Member's death under eligible entities*, the outstanding loan amount, shall be payable to the Master Policyholder subject to prior authorization from the group Member at inception, out of the total Death Benefit and balance, if any shall be payable to the nominee / beneficiary. In absence of authorization, the death benefit shall be payable to the Nominee or Beneficiary
For credit linked/lender-borrower relationship the Basic Sum Assured is at least equal to the outstanding loan amount at the inception of the policy for a group member and would remain the same throughout the Policy term

Maturity benefits:

At maturity, no benefit is payable under this plan.

Surrender Benefit:

Not applicable

Optional cover - Spouse Cover Benefit

• The schemes with minimum group size of 50 members can choose this option
• This option would enable the group policyholder to provide death benefit cover to spouse of members. This cover can be compulsory or voluntary. The minimum participation level required is 10% of the group at the time of inception of policy.
• This option would be available at the master policyholder level.
• The Coverage would be less than or equal to the Sum assured of the Primary member.
• On death of the primary member the cover for the spouse would continue till the end of the policy duration for which the premium has been collected.

Revival Facility:

• Not Applicable for Yearly Premium Frequency.
• For other than Yearly Premium Frequency:
  The policy can be revived within 3 months from the due date of the first unpaid premium and before the end of the policy term. The revival will be considered on receipt of written application from the member along with the proof of continued insurability of life assured and on payment of all overdue premiums with interest. The revival will be effected subject to underwriting based on Company's Board approved underwriting policy. Revival will take effect only after the Company communicates its decision to the insured member.
  After the end of the Grace period (and during the Revival period) the member's life cover will lapse and there is no death benefit payable on death of the member.
  The interest will be charged at a rate declared by the company from time to time. The company's current policy is based on the nominal interest rate per annum and is 250 basis points greater than the benchmark yield of RBI repo rate as on 1st April of each of the financial year and it will be compounding on a half-yearly basis. The repo rate as on the 1st April 2022 is 4.00% Any change in the basis for determining interest rate for revival would follow Use & File for life insurance products & riders, Cir No. IRDAI/ACTL/CIR/PRO/207/10/2022 dated 04th October 2022.

For more details on risk factors, terms and conditions of SBI Life - Group Micro Shield, read the following documents carefully.

• Product Brochure
• Policy Document
• Product Guide