Group Micro Shield SP

Collective Care. Individual Assurance.

Coverage That Supports Your Team 

Know about SBI Life - Group Micro Shield SP

UIN: 111N137V02 | Product Code: 3A

Financial Security for Group Members' Families

Affordable Premiums

Flexible Options to Choose Sum Assured

Know Your Life Insurance Plan

Features

Group Term Cover: Every member of your group holds aspirations that call for steady backing. SBI Life - Group Micro Shield - SP offers coverage that provides stability and assurance to every member. Your group members can focus on their work with confidence, knowing support remains in place.
 
Two Plan Options: Level Cover & Reducing Cover (option available for Lender - Borrower relationship only). Whether your members seek consistent security or a plan that evolves with their journey, SBI Life - Group Micro Shield - SP provides a solution designed to meet their requirements.
 
Single Premium Payment: SBI Life - Group Micro Shield - SP requires one-time payment, ensuring coverage remains in place for up to 10 years. This offers lasting stability without the need for extra paperwork.
 
Joint Life Coverage: As your group moves through life, their coverage moves with them. SBI Life - Group Micro Shield - SP provides coverage for two individuals, offering security for spouses, siblings, close blood relations or business partners.

Advantages

Security: Your group members need reliable support when it counts. SBI Life - Group Micro Shield - SP provides the coverage they can depend on when circumstances require.
 
Flexibility: SBI Life Group Micro Shield - SP offers a range of options designed to match their needs. Your group's coverage adapts as needs change. Each member receives support suited to their circumstances.
 
Simplicity: Straightforward processes make securing coverage easier for your group. SBI Life Group Micro Shield - SP requires only a simple health declaration, ensuring a smooth enrolment experience.
 
Affordability: Every member gains from being part of the group. SBI Life Group Micro Shield - SP, makes quality coverage attainable for all.
 
Reliability: Those in your group who value security receive the backing they seek. SBI Life Group Micro Shield - SP ensures their benefits remain intact, keeping their future well-supported. Their needs are met with consistency they can count on.

Plan Benefits

In the unfortunate event of the death of the covered member, or the first death of any one of the members covered under a Joint Life policy during the term of the cover, the death benefit will be paid out as a lump sum. In the case of simultaneous death of both members in a Joint Life policy, only one Sum Assured will be payable.

For credit-linked or lender-borrower relationships, the Basic Sum Assured should not exceed the outstanding loan amount at the inception of the policy for a group member.
 
Level Cover: The Basic Sum Assured on death will be paid out, and the cover will cease.
 
Reducing Cover: The Sum Assured on death, which is equal to the Sum Assured as per the loan cover schedule in the Certificate of Insurance provided at the inception of cover, will be paid as on the date of death of the covered member, regardless of the actual loan outstanding. The cover will then cease.

In the case of Joint Life, after the payout of the death benefit (on the first death), the cover will terminate for the surviving member.

For lender-borrower schemes, in the event of a member’s or employee’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. Any balance, if applicable, will be payable to the nominee/beneficiary. In the absence of such authorization, the death benefit amount shall be paid directly to the nominee/beneficiary.

Where the life insured is a minor, the policy automatically vests in the life of the insured once he/she attains majority.
 
Eligible entities include:

Reserve Bank of India (RBI) regulated scheduled commercial banks (including Cooperative Banks)

Non-Banking Financial Companies (NBFCs) with a certificate of registration from RBI

National Housing Board (NHB) regulated housing finance companies

National Minority Development Finance Corporation (NMDFC) and its state channelizing agencies

Small finance banks regulated by RBI

Mutually aided cooperative societies formed and registered under the applicable State Act

Microfinance companies registered under Section 8 of the Companies Act, 2013, or any other financial institution
 
Maturity Benefit:

No benefit is payable under this plan at maturity.
 
Surrender Benefit:

The Member Policy will acquire a Surrender Value and can be surrendered anytime during the policy term. The Surrender Value is equal to the Unexpired Risk Premium and is calculated as follows:

Level Cover: (70% x Single Premium paid) x [Unexpired term (in months) / Total term (in months)]

Reducing Cover: (70% x Single Premium paid) x [Unexpired term (in months) /Total term (in months)] x [Outstanding loan amount/ Initial loan amount]

Unexpired Term = Total policy term in months minus policy months completed as on the date of surrender.

Upon surrender, all benefits and the member(s) cover will terminate. The Surrender Value will be paid out as a lump sum.

If the Master Policyholder surrenders the policy, for policies where the members have paid the premium, the members have the option to continue their cover until the end of their respective Policy Term. For members who choose not to continue, the Surrender Value will be paid to them, and the cover will terminate.
 
Joint Life Coverage:

Joint Life cover is available only under lender-borrower groups.

It is available for both Level Cover and Reducing Cover options.

Two individuals can be covered if they are spouses, siblings, close blood relations (parents, children, etc.), or business partners. Substitution of lives is not allowed.

Each borrower will be insured for the entire outstanding loan amount (same Sum Assured and Policy Term). In the event of the death of any one borrower, the death benefit is payable, and the cover for the surviving borrower will terminate.
 
Grace Period:

Not applicable. If the due premium has been paid by the insured member to the Master Policyholder, and an acknowledgment or receipt is issued to the insured member, but the premium is not remitted by the Master Policyholder to the insurer within the grace period, any subsequent claim will be honored provided it is otherwise admissible.

However, this will be subject to submission of relevant documents by the Master Policyholder proving that the insured member paid the due premium. The claim amount will be paid only after the due premium has been remitted to the insurer.
 
Revival Facility:

Not applicable.
 
Tax Benefits

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.

Downloads

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

• Product Brochure/Prospectus

• Product Guide

• Master policy document

• Certificate of Insurance & CIS Form

• Customer Information Sheet (CIS) for COI

• Customer Information Sheet (CIS) for MPD


 

Who Can Buy?

Eligibility Criteria
Age* at Entry Minimum Maximum
14 years (for Education loan cases only) & 18 years (for all other cases) 79 years
Maximum Maturity age* 80 years
Group Size 5 Members No limit
Basic Sum Assured (₹) 5,000 2,00,000**
Premium per Member (Exclusive of applicable Taxes^) As per Minimum Sum Assured As per Maximum Sum Assured
Policy Term $ 1 month to 120 months
Premium Payment Term Single Premium

*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 mentioned is applicable at Member level. Policy term offered under Single Premium policy is 1 to 120 months (both inclusive) and in multiple of 1 month at Group Member level (i.e. 1 month, 2 months…..119 months and 120 months). Master policy shall continue till the expiry of tenure of all members. For credit linked/lender-borrower relationship, the policy term should not be more than the outstanding loan term at the policy inception for a group member

Frequently Asked Questions

Anyone who meets the criteria set for SBI - Life Group Micro Shield - SP, typically individuals within a group, can enroll. The plan is designed for vulnerable groups, offering them affordable and flexible coverage options. It can be availed by lender-borrower Group, employer-employee Group, and other applicable non-employer employee Group. SBI Life Group Micro Shield – SP ensures that coverage reaches those within your group who require support and stability with ease. To know more about your group’s eligibility, use our eligibility calculator today.

Getting your group insured with SBI Life – Group Micro Shield – SP is quick and hassle‑free. Your organisation can begin the process by contacting us directly or reaching out through any authorised distributor or agent.

To get started, simply share the required details of your group members, confirm their eligibility, and get your quotation generated.

Secure your group’s future today - connect with us now to begin the process.

Your group's composition shapes who can receive coverage under this plan. Eligibility for coverage under SBI Life Group Micro Shield - SP generally includes individuals who are part of a registered group, such as employees, members of a specific community or association, or family units. The policy can also extend to close blood relations, such as spouses, parents, children or siblings, as well as business partners.

Each member's circumstances guide the coverage amount that suits them. The sum assured for each member under SBI Life - Group Micro Shield - SP is typically determined based on the group needs and requirements . The organisation may also set a standard sum assured for all members, or it may be customised based on specific criteria.

In the event of a claim under SBI Life - Group Micro Shield - SP, the benefits are generally paid to the nominee(s) named by the member. If no nominee is specified, the benefits would typically be directed to the legal heirs or beneficiaries as per the terms of the policy. The process ensures that support extends to the individual's loved ones when circumstances require it. To learn more about SBI Life - Group Micro Shield – SP benefits, speak to our experts today.

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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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