Group Micro Shield

Supporting Your Group, Building Their Tomorrow

Offering simple and affordable protection to families

Know about SBI Life - Group Micro Shield

UIN: 111N138V02

Financial Security

Affordable Premiums

Simple to Enroll

Know Your Life Insurance Plan

Features

Financial Security: SBI Life - Group Micro Shield provides families with one-year renewable coverage that adapts to their evolving needs. The accessible pricing and straightforward structure make it simple for group members to maintain consistent coverage year after year. This continuity assists families as they pursue their goals ensuring stability as circumstances evolve.
 
Coverage for All Eligible Members: The plan ensures that all eligible group members and their families have access to coverage. SBI Life - Group Micro Shield extends coverage to Lender-Borrower schemes, Employer-Employee Schemes and other Non-Employer Employee Schemes. This broad accessibility demonstrates dedication to supporting diverse communities.
 
Straightforward Enrolment: Members can join the plan efficiently, with confidence that coverage is accessible. SBI Life - Group Micro Shield offers a streamlined enrolment process with no medical examination requirements. This simplicity makes administration manageable for eligible members while ensuring coverage is established promptly.
 
Flexible Payments: Premiums may be paid yearly, half-yearly, quarterly, or monthly, offering flexibility to match your requirements.
 
Spouse Coverage An optional Spouse Cover Benefit extends coverage to partners of group members. This ensures families remain supported as their goals and responsibilities evolve.

Advantages

Security: SBI Life - Group Micro Shield provides continued support for the families of group members as responsibilities evolve. By establishing consistent life insurance coverage, the plan helps families maintain stability during unexpected moments. Structured as a one-year renewable plan, SBI Life - Group Micro Shield offers coverage that remains consistent across the policy period.
 
Supporting Organisational and Member Needs: SBI Life - Group Micro Shield aligns with organisational objectives through structured group coverage and applicable tax benefits, in line with prevailing regulations. At the same time, it strengthens member relationships by supporting their families' security.
 
Flexibility: SBI Life - Group Micro Shield offers coverage options that align with individual needs. Coverage amounts may be selected to reflect the specific requirements and long-term objectives, recognising the diverse situations within your group.
 
Simplicity: With no medical examinations required, SBI Life - Group Micro Shield offers an efficient enrolment process. This allows members to establish coverage with clarity and confidence, reducing administrative paperwork.
 
Affordability: Affordable premium makes this product accessible across income groups. This ensures that life insurance coverage remains attainable while supporting responsible planning, making security available to all members.

Plan Benefits

Death benefits:

In the unfortunate event of the death of the covered member during the term of the cover, the death benefit, which is Basic Sum Assured, will be paid out in a lump sum, provided all due premiums have been paid. In the 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 authorisation 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.
 
Maturity benefits:

At maturity, no benefit is payable under this plan.
 
Surrender Benefit:

Not applicable
 
Optional cover – Spouse Cover Benefit

This option enables the group policyholder to provide death benefit cover to the 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 is available at the Master Policyholder level. The coverage would be less than or equal to the Sum Assured of the Primary member. On the death of the primary member, the cover for the spouse would continue until the end of the policy duration for which the premium has been collected.
 
Revival Facility:

Not applicable for yearly premium frequency.

For frequencies other than yearly:

The policy can be revived within three 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 proof of continued insurability of the life assured and on payment of all overdue premiums with interest. Revival will be effected subject to underwriting based on the 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 the death of the member.

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 the RBI repo rate as on 1 April of each financial year, and it will compound on a half-yearly basis.

*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, (iv) 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.

Downloads

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

• Product Brochure/Prospectus

• Product Guide

• Certificate of Insurance

• Master policy document

• Customer Information Sheet (CIS) for COI

• Customer Information Sheet (CIS) for MPD


 

Who Can Buy?

Eligibility Criteria
Age* at Entry Minimum Maximum
18 years 79 years
Maximum Maturity age* 80 years
Modes of Premium: Yearly, Half-yearly, Quarterly and Monthly
Premium Payment Mode (% of Annual Premium) Half Yearly 51% Quarterly 25.6% Monthly 8.60%
Group Size 5 Members No limit
Basic Sum Assured (₹) 5,000 2,00,000**
Premiums per Member (Exclusive of applicable taxes^) As per Minimum Sum Assured As per Minimum Sum Assured
Policy Term $ 1 Year
Premium Payment Term One Year Renewable Group Term Assurance (OYRGTA)

*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

Frequently Asked Questions

Lender-borrower schemes, Employer Employee Schemes and other Non-Employer Employee Schemes can access coverage through SBI Life - Group Micro Shield.

The minimum entry age for SBI Life - Group Micro Shield is 18 years, while the maximum entry age is 79 years

SBI Life - Group Micro Shield premiums accommodate various payment schedules, including annual, semi-annual, quarterly or monthly intervals. For employee groups, salary deduction provides a convenient payment method. This ensures life coverage adapts to your group's unique circumstances. Check your premium eligibility with our premium calculator today.

SBI Life - Group Micro Shield allows families to extend coverage beyond the primary member. A member's spouse may be covered through the Spouse Cover Benefit, which provides life coverage for the partner. This ensures families can approach the future with confidence. Consult our specialists to learn more about the Spouse Cover Benefit.

SBI Life - Group Micro Shield delivers accessible life insurance, and continued coverage for the spouse in case of unforeseen circumstances. These benefits provide comprehensive support for families across various situations.

SBI Life - Group Micro Shield enrolment begins when a representative submits a group proposal to SBI Life Insurance, accompanied by necessary documentation and a minimum group size of 5 members. To learn more about the enrolment process and how to enroll, contact our experts here.

SBI Life - Group Micro Shield can help address outstanding loan amounts, supporting families with their responsibilities. This ensures families maintain stability during unforeseen circumstances.

SBI Life - Group Micro Shield coverage extends for one year, with the option for annual renewal thereafter. This ensures the plan adapts to your members' evolving circumstances.

The optional Spouse Cover Benefit provides additional coverage for the spouse of the primary member, offering a death benefit equal to or less than the sum assured of the primary member. This benefit ensures continued coverage for the spouse in case of unforeseen circumstances, lasting until the end of the policy term for which premiums have been paid. This extended support demonstrates comprehensive care for entire families.

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*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.
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