Group Cover Shield

Build A Stronger Future, Together

Comprehensive Coverage for Your Group Members

Know about SBI Life - Group Cover Shield

sbil-corp-uin: 111N152V01 | sbil-corp-product-code: 4H

A Comprehensive & Customizable benefit package for your members
Flexible premium payment options
Wide Range of Optional Riders

Know Your Life Insurance Plan

Features

Life Cover: Every member of your group receives comprehensive life insurance coverage. This coverage ensures that each member’s well-being remains supported as their future unfolds, creating stability for all.
 
Customisable Benefits: Every group has unique needs, and SBI Life - Group Cover Shield enables you to tailor benefits that support the well-being of each member. It offers flexibility, ensuring that every group member receives customized benefits.
 
Options and Riders at an affordable cost: The SBI Life - Group Cover Shield plan offers a selection of riders and options , providing the opportunity to enhance coverage. These additional choices ensure every member feels fully supported, enabling their families to maintain stability when circumstances change.
 
Seamless Enrolment: Enroling your members into the SBI Life - Group Cover Shield plan is a straightforward and efficient process. Every individual receives comprehensive coverage while your administrative paperwork remains minimal.
 
Tax Benefits:* This plan offers valuable tax advantages in accordance with current laws. This benefit supports both your employees' well-being and your organisation's efficiency.

Advantages

Security: The SBI Life - Group Cover Shield plan ensures that member’s families are well-supported when circumstances require it. This coverage gives confidence, knowing their family's well-being is secured.
 
Adaptability: Designed to meet the needs of diverse groups, such as employer-employee, borrower-depositor, professional, or affinity groups, the plan offers flexibility in selecting the sum assured. This personalised coverage demonstrates your organisation’s commitment to understanding and supporting each member.
 
Flexibility: With five riders available, cover under SBI Life - Group Cover Shield can be enhanced for accidental death benefit, accidental total permanent aisability, accidental partial permanent disability, accelerated & additional critical Illness and additional customization through spouse coverage, death benefit settlement, and terminal illness benefit.
 
Simplicity: SBI Life - Group Cover Shield's straightforward enrolment process ensures ease of implementation. Your team receives comprehensive coverage while administrative processes remain efficient and manageable.

Plan Benefits

Death benefit: Sum Assured applicable for the member will be payable in lumpsum.
The minimum death benefit shall be atleast 105% of the Total Premiums Paid^ in respect of the member during the cover period.
In case of Lender - Borrower schemes, in the event of the covered members death under eligible entities the outstanding loan amount (maximum to the limit of Sum Assured applicable for the member), shall be payable to the master policyholder subject to prior authorization/ assignment 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/ assignment, the death benefit shall be payable to the nominee or beneficiary.
The coverage for member shall terminate on payment of Death Benefit.
 
Rider benefit: Refer to the rider brochure for more information
 
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

^Total Premiums Paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Downloads

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

• Policy Document

• Customer Information Sheet (CIS) for COI

• Customer Information Sheet (CIS) for MPD

• Certificate of Insurance & CIS

• Certificate of Insurance_Terms & Conditions

• SBI Life - Group Accelerated Critical Illness Rider_CIS

• SBI Life - Group Accelerated Critical Illness Rider_Terms & Conditions

• SBI Life - Group Accidental Death Benefit Rider_CIS

• SBI Life - Group Accidental Death Benefit Rider_Terms & Conditions

• SBI Life - Group Accidental Partial Permanent Disability Rider_CIS

• SBI Life - Group Accidental Partial Permanent Disability Rider_Terms & Conditions

• SBI Life - Group Accidental Total Permanent Disability Rider_CIS

• SBI Life - Group Accidental Total Permanent Disability Rider_Terms & Conditions

• SBI Life - Group Additional Critical Illness Rider_CIS

• SBI Life - Group Additional Critical Illness Rider_Terms & Conditions

• Product Brochure/Prospectus

• Product Guide

• SBI Life - Group Additional Critical Illness Rider

• SBI Life - Group Accidental Death Benefit Rider

• SBI Life - Group Accelerated Critical Illness Rider

• SBI Life - Group Accidental Total Permanent Disability Rider

• SBI Life - Group Accidental Partial Permanent Disability Rider










 

Who Can Buy?

Entry Age* Minimum: 18 years Maximum: 79 years last birthday**
Maturity Age* Minimum: 19 years Maximum: 80 years**
Sum Assured ₹10,000 per member The maximum Sum Assured will be offered based on Board approved Underwriting Policy.
Policy Term 1 year
Group Size 10 members***

*Age is as on last birthday

 

**For life cover in lieu of EDLI scheme, maximum entry and maturity age may go beyond the limit mentioned above since EDLI is a mandatory benefit to be provided till the PF contributions are made to EPFO.

 

***In lieu of EDLI scheme, minimum group size is not applicable

Frequently Asked Questions

SBI Life - Group Cover Shield is a comprehensive group insurance plan designed to provide coverage for a group of individuals, such as employees, borrowers, or members of an affinity group. The plan offers a range of benefits, including life coverage, accidental death, disability coverage, and critical illness cover. This ensures members receive support when circumstances require it, providing assurance for them and their families. Consult with our experts to determine the coverage options that best suit your group's requirements.

The SBI Life - Group Cover Shield plan is available to various groups, including Employer -employees, informal credit groups, professional / affinity groups, bank deposit holders, social sector and rural groups etc. It is designed to meet the diverse needs of organisations looking to provide comprehensive coverage to their members. By offering this coverage, you demonstrate your commitment to the well-being of those who work in your organisation.

The minimum and maximum entry ages for SBI Life - Group Cover Shield are 18 years and 79 years, respectively.

Yes, the SBI Life - Group Cover Shield plan is a renewable plan. It allows policyholders to renew the coverage on an annual basis, ensuring continued support for the group members throughout the policy term.

Yes, the SBI Life - Group Cover Shield plan offers accidental death cover as part of optional rider. In the event of an accidental death, the beneficiary receives a rider benefit in lump sum payout. This support helps their family members navigate maintain stability when life changes.

If a member exits the group during the policy term, they may have the option to convert their group coverage into an individual policy, subject to the terms and conditions outlined by SBI Life. The coverage may cease upon their exit unless converted.

Yes, the premiums paid under the SBI Life - Group Cover Shield plan may be eligible for tax deductions under Section 80C of the Income Tax Act, subject to applicable limits and conditions. Additionally, the death benefits received may be tax-free under Section 10(10D), depending on the circumstances.

The claim process under the SBI Life - Group Cover Shield plan is designed to be straightforward and efficient. When a claim is made, the claimant needs to provide the necessary documentation, such as the death certificate or medical reports, along with the claim form. Our claims team will review the submission and process the claim as quickly as possible, ensuring that the benefits are paid out in a timely manner.

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WT/4H/ver1/03/26/WEB/ENG