SBI Life - Group Micro Shield
UIN: 111N138V02
Offering families
protection that is
simple and affordable
A Group, Non-Linked, Non-Participating Pure Risk, One Year Renewable Micro Life Insurance Product
Are you keen to provide your group members the protection of life insurance at an affordable premium?
If so, SBI Life – Group Micro Shield is a plan designed especially for people who require ‘Insurance Cover’ at an Affordable Price. With SBI Life- Group Micro Shield you can give your members a reassurance that their families would have financial security in case of any unfortunate event.
Key features of the product:
Are you keen to provide your group members the protection of life insurance at an affordable premium?
If so, SBI Life – Group Micro Shield is a plan designed especially for people who require ‘Insurance Cover’ at an Affordable Price. With SBI Life- Group Micro Shield you can give your members a reassurance that their families would have financial security in case of any unfortunate event.
Key features of the product:
- SBI Life- Group Micro Shield is a perfect answer to the insurance needs of your members.
- The plan broadly offers to cover the Employer – Employee groups, group members of Micro Finance Institutions, Self Help Groups, Bank/Financial Institutions, NGOs, any affinity groups (including digital platforms) etc. as permitted under prevalent regulations.
- Simple to enroll and administer.
- Flexible premium payment frequency
Highlights
Group pure term micro insurance, non-linked, non-participating plan
Features:
- Term insurance for your group members.
- This product offers OYRGTA (One Year Renewable Group Term Assurance)
- Premium paying frequency is Yearly, Half-yearly, Quarterly, Monthly.
- This product offers Spouse Cover Benefit (optional) which can be compulsory or voluntary, to enable the group policyholder to provide death benefit cover to spouse of members
;
Advantages:
- Security: Safeguard the financial needs of your group members’ families in case of an eventuality.
- Flexibility: Option to choose the sum assured you wish to offer to your members.
- Simplicity: No medical examination required, acceptance is based on satisfactory health declaration.
- Affordability: Plan benefit at nominal premium
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 should not be more than the outstanding loan amount at the inception of the policy for a group member and would remain the same throughout the Policy term
*Eligible entities includes the following entities :(i) Reserve Bank of India (RBI) regulated scheduled commercial banks (including Cooperative Banks), (ii) non-banking financial companies (NBFCs) having certificate of registration from Reserve Bank of India, (iii) national housing board (NHB) regulated housing finance companies, (iv) national minority development finance corporation (NMDFC) and its state channelizing agencies, (v) small finance banks regulated by Reserve Bank of India, (vi) mutually aided cooperative societies formed and registered under the applicable State Act concerning such societies, (vii) microfinance companies registered under Section 8 of the Companies Act, 2013 or any other Financial institution.
Maturity benefits:
At maturity, no benefit is payable under this plan.Surrender Benefit:
Not applicableOptional 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 2024 is 6.50%.
Any change in the basis for determining interest rate for revival shall be made subject to prior approval of the Authority as per applicable File & Use or Use & File procedure.
For more details on risk factors, terms and conditions of SBI Life - Group Micro Shield, read the following documents carefully.
*Age as on last birthday
**Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped to Rs. 2,00,000 per Group Member.
^Applicable Taxes and/or other statutory levy/ duty/ surcharge on premium, at the rate notified by the State Government or Central Government of India from time to time, is payable as per the applicable tax laws.
$ Policy term is at Master Policy level
**Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped to Rs. 2,00,000 per Group Member.
^Applicable Taxes and/or other statutory levy/ duty/ surcharge on premium, at the rate notified by the State Government or Central Government of India from time to time, is payable as per the applicable tax laws.
$ Policy term is at Master Policy level
3B/ver1/10/24/WEB/ENG
*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 please read the sales brochure carefully before concluding a sale.
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 please read the sales brochure carefully before concluding a sale.