Rinn Raksha

A Debt-Proof Safety Net for Your Family

Liberty from loan obligations, always.

Know about SBI Life - RiNn Raksha

UIN: 111N078V03

Life Insurance Coverage

Loan Repayment Assistance

Coverage for Co-borrowers

Know Your Life Insurance Plan

Features

Financial Security: Provide your family with the confidence to pursue their aspirations across all circumstances. By covering your loans with SBI Life - RiNn Raksha, you ensure they maintain their path forward. This support enables them to focus on building their lives with ease and confidence during unexpected transitions.
 
Loan Repayment: SBI Life - RiNn Raksha ensures that financial obligations are managed during unforeseen circumstances. Your family can maintain their lifestyle and stability, allowing them to move forward with dignity. This continuity of security offers repayment stability when circumstances change, supporting their well-being throughout.
 
Coverage for Co-borrowers: Provide additional support for those who share your financial commitments. SBI Life - RiNn Raksha extends coverage to your co-borrowers. Everyone involved in your financial journey receives appropriate support, demonstrating your commitment to shared responsibility and mutual security.
 
Flexible Plan: SBI Life - RiNn Raksha provides option to get the premium funded by your bank / financial institute and select the coverage term that suits your circumstances. This flexibility ensures your coverage aligns with your financial situation, providing clarity and confidence. Your ability to customise demonstrates thoughtful planning for both present responsibilities and future well-being.

Advantages

Security: SBI Life - RiNn Raksha supports the life you have worked to build. It empowers your family to pursue their aspirations across various circumstances. Your loved ones can continue to live comfortably and move forward with confidence, maintaining the stability you have established.
 
Reliability: In case of unforeseen circumstances, this plan helps repay the outstanding loans, whether for your home, vehicle, personal or education. SBI Life - RiNn Raksha provides confidence as you pursue your ambitions, knowing that your family will remain financially supported. They can focus on their future while loan obligations are managed appropriately.
 
Flexibility: This plan extends coverage to up to two co-borrowers, offering support for a person involved in your financial commitments. This flexibility ensures that you and those who share your responsibilities receive comprehensive coverage, demonstrating your commitment to shared financial well-being.
 
Tax Benefits: SBI Life - RiNn Raksha offers tax benefits in line with prevailing laws. This enhances the value delivered to your family's future while optimising your savings. 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. You may visit our website for further details. Please contact your tax advisor for any further queries on taxation implications.Your commitment to an empowered future thus helps you build a stronger foundation for your family today.

Plan Benefits

Death Benefit:

The death cover would be the outstanding loan balance at the time of death, as per the amortisation schedule in your Certificate of Insurance.
 
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.

Downloads

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

• Product Brochure/Prospectus

• Product Guide

• Policy Document

• Certificate of Insurance & CIS Form

• Customer Information Sheet (CIS) for COI

• Customer Information Sheet (CIS) for MPD
 

Who Can Buy?

Age^ at Entry Minimum: 16years Maximum: 70years
Age^ at Maturity 75 years (as on last birthday)
Premium Payment Mode Single Premium and Level Premium
Premium Payment Term and Corresponding Policy Term Premium Paying Term Policy Term
Single Premium 24 Months to 360 Months
5 years 96 Months to 360 Months
10 years 180 Months to 360 Months
Premium Frequency Single Premium, Yearly. Half Yearly, Quarterly, Monthly
Sum Assured (in multiple of 1) Minimum: ₹ 10,000 Per member Maximum: No Limit
Moratorium Period Minimum: 3 months Maximum: 75 months

^ All the references to age are age as on last birthday

Frequently Asked Questions

SBI Life - RiNn Raksha is a credit life insurance plan designed to protect the borrower and their family in case of an unfortunate event. It ensures that outstanding loans are covered, providing financial security to the borrower’s family. SBI Life - RiNn Raksha helps families move ahead with clarity and stability.

Anyone who has an outstanding loan and is between the ages of 16 and 70 years is eligible to be covered under this plan. The coverage is available for individuals as well as co-borrowers and is as per the quote issued to the master policyholder.

SBI Life - RiNn Raksha covers various types of loans, including home loans, vehicle loans, personal loans, education loans, and any other loans with a formal repayment structure. To know more about SBI Life - RiNn Raksha and the types of loans covered under the policy, contact our experts today.

Yes, co-borrowers can be included under the coverage. The plan allows you to extend protection to up to two co-borrowers who share the loan responsibilities. SBI Life - RiNn Raksha ensures that who share your commitments can receive the same support you plan for yourself.

The available premium payment options is Single Premium With SBI Life - RiNn Raksha your plan moves with you, adapting to your unique aspirations and needs. Check your premium today to see how much you need to pay to cover your outstanding loan amount.

Yes, the SBI Life - RiNn Raksha plan allows flexibility in choosing the loan cover term. The cover term can be aligned with the outstanding loan tenure, ensuring that the coverage matches your loan repayment schedule. Your plan adapts to your timeline, helping you through every chapter.

In unexpected circumstances, the nominee will receive the sum assured under SBI Life - RiNn Raksha, which will be used to settle the outstanding loan amount. This ensures your family can move forward with stability and confidence.

Yes, SBI Life - RiNn Raksha offers tax benefits, subject to prevailing income tax laws. This helps you save on taxes while securing your family’s financial future. Your efficient planning today opens possibilities for tomorrow. 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..

You can apply for SBI Life - RiNn Raksha by , visiting your bank branch or financial institution who are a enrolled as Masterpolicyholder. The application process is simple, straightforward, and you will need to provide the necessary documentation for your loan and personal details. Visit our website to know more details.

Existing borrowers with an outstanding loan are eligible to opt for policy coverage provided the lender institution enrolled as a Master policyholder. The plan can be taken at any stage during the loan tenure, as long as the borrower meets the age, health criteria and other eligibility criteria. With SBI Life - RiNn Raksha your current commitments can receive the support you need, regardless of when you begin.

SBI Life - RiNn Raksha offers a moratorium period of 3 months to 6 years, during which the loan amounts can be released in stages. Additionally, the amount of cover can remain constant or increase due to disbursals and/or interest amounts due. This way your coverage keeps pace with your timeline and aspirations.

To enroll for SBI Life - RiNn Raksha, you will need to provide a loan statement, proof of identity, proof of address, and other KYC (Know Your Customer) documents. You may also need to undergo a simple health check-up depending on the amount of coverage and your age. To know more about the complete list of documents required, please reach out to our authorised representative or talk to an expert here:link.

In the event of such an unfortunate event, the nominee or beneficiary can initiate a claim by submitting the necessary documents, such as the death certificate, loan details, and identification proof. The claim process is straightforward, and the outstanding loan amount will be settled in favor of the beneficiary / lender. When the time comes, SBI Life - RiNn Raksha provides your loved ones the support they need.

Yes, if the loan is repaid in full before the end of the loan term, the coverage can be cancelled. You have the option to surrender your insurance cover and avail of surrender benefit, if any, or continue with the cover for the remaining policy term... SBI Life - RiNn Raksha adapts to your life’s evolving chapters.

Under SBI Life - Rinn Raksha lives up to 2 co-borrowers in addition to the primary borrower can also be covered. Co-borrower cover can take one of the following two options

Option 1: Each of the borrower is insured for the entire outstanding loan amount. In case of death of any one of the borrowers, the outstanding loan amount is paid and the surviving borrower(s) would be eligible for the applicable surrender value.

Option 2: Each of the borrower is insured for their respective share of the loan. In case of death of any one of the borrowers, the cover would continue for the remaining member/s.

To know more about the options, reach out to our experts today.

There is no maturity benefit payable under this plan. 

Yes, Surrender Value (SV) may be available at any point of time after the first year of cover, provided at least the first year's premiums are paid.

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

 

*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.
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