SBI Life - Shakti

Death Benefit:

Maturity Benefit:

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 
    .

• Product Brochure
• Policy Document