Micro Insurance Plan - SBI Life Shakti | 50% rate of Return

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SBI Life - Shakti

UIN: 111N038V03

Product Code: 095

Micro Insurance Plan - SBI Life Shakti

A group micro term Insurance product with return of 50% premium on maturity.

  • Affordable insurance coverage
  • Flexibility of coverage amount
  • Return of premium at maturity
A Non-linked, Non-Participating Group Micro Term Insurance Product with Return of 50% Premium on Maturity

Are you a Micro Financial Institution (MFI) or a Non-Governmental Organization (NGO) looking for affordable plans to secure your members’ lives?

SBI Life –Shakti is specially designed to provide coverage to your members. In addition, they will receive a return of 50% of premiums paid, at maturity.

The SBI Life –Shakti plan offers –
  • Security – cover your members and safeguard their families in case of an eventuality
  • Reliability – through return of 50% of premiums paid at maturity
  • Flexibility – to choose the sum assured according to your members’ needs
  • Affordability – with reasonable premiums

Support your members in their journey towards financial independence.


SBI Life Shakti

Non-linked, non-participating group micro insurance product


  • Life coverage offered for the group
  • Return of 50% of premiums paid at maturity
  • Choice of sum assured according to member's needs, capped upto Rs. 2,00,000
  • Range of affordable premium amounts



  • Offer risk cover to group members and safeguard their families in case of an eventuality


  • Assured benefits for your members through return of 50% of premiums paid, at maturity


  • Cover your group members according to their financial requirements


  • Offer insurance benefits to your group members at a reasonable cost

Death Benefit:

In the event of death of the life assured during the policy term, Sum Assured as chosen will be payable.

Maturity Benefit:

On life assured’s survival till the end of the policy term, 50% of the total premiums paid (excluding applicable taxes) will be returned.

Other Information

  • Surrender

    The member may terminate an in-force or a paid-up policy anytime after the first policy year and before maturity date provided 2 full years’ premium have been paid by surrendering the policy for a surrender value.
  • Grace Period

    A grace period of 30 days from the premium due date will be allowed.
  • Paid up value

    In case the insured member is unable to pay the premium within grace period, he/ she will still remain covered but for a reduced death/ maturity benefit. The insurance cover will acquire paid up value only if the first two years’ premiums have fully been paid.
  • Revival

    The member or the master policy holder has the option to revive member’s life cover within a period of 2 years from the first unpaid premium due date.
  • Free Look Period

    • In case if this is a compulsory scheme (where the decision for participation is not with the member and it is mandatory for the member to join the scheme) the option for cancellation during the Free-look period is not available with the insured member and would be available only with the Master Policyholder
    In case if this is a voluntary scheme (where the decision for participation is with the member and decides to join the scheme) along with the Master Policyholder, the insured member can also review the terms and conditions of the policy, within 15 days from the date of receipt of the Certificate of Insurancefor policies sourced through any channel other than Direct Marketing and within 30 days from the date of receipt of the Certificate of Insurance in case of policies sourced through Direct Marketing and in case the insured memberis not satisfied or disagrees with any of the terms and conditions, he/she has the option to return the Certificate of Insurance stating the reasons for objection. Any such request should come through the Master Policyholder. The premiums paidwill be refunded through the master policy holder after deductingthe stamp duty cost incurred.
  • Loan Facility

    No loan facility is available under this plan.
  • Exclusions
    • Suicide

      If the insured group member commits suicide, whether sane or insane, within one year from the date of commencement of risk or revival of cover, insurance benefits for the group member shall not be payable. In such an event, higher of 80% of the premiums paid under the policy for the member, till the date of death, or surrender value shall be returned 

For more details on risk factors, terms and conditions of SBI Life – Shakti, read the following documents carefully.

$All references to age are age as on last birthday
** Taxes and levies, as applicable, will be charged additionally.

^Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped at Rs. 2,00,000 per life

95.ver.01-03/18 WEB ENG

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Tax Benefits:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details here. Please consult your tax advisor for details.

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