Suraksha Plus Sales Literature

SBI Life Insurance Company Limited Regulated by IRDA | Registration Number 111

SBI Life Insurance Company Limited, Registered & Corporate Address : “Natraj”, M V Road & Western Express Highway Junction, Andheri

(East), Mumbai - 400 069. CIN: U99999MH2000GOI129113.

www.sbilife.co.in | Email:[email protected] Page 1 of 4

SBI Life – Suraksha Plus

(UIN: 111N051V02) Non-linked, Non-par, Group Term

Insurance Plan There is an ever-increasing need to achieve cost-effective protection, against a range of different risks. SBI Life introduces a product designed to meet the insurance needs of the members of our group clients. SBI Life Insurance Company Limited (SBI Life) offers SBI Life – Suraksha Plus, a Non linked, Non-participating, Group Term Assurance product to meet the needs of the group clients such as Employer - Employee Groups, Non employer-Employee homogenous groups intending to provide the life cover to group members for a fixed term. Why SBI Life as your preferred partner?

SBI Life Insurance Company Limited is a joint venture between State Bank of India (www.sbi.co.in) and BNP Paribas Cardif (www.bnpparibascardif.com). SBI Life – Suraksha Plus offers the following features

Flexible premium payment options – Single Premium and Regular Premium.

Multiple premium payment mode options available under Regular Premium.

Wide choice of Sum assured available. Death benefit coverage for member

Flexibility to pay premiums by Group administrator and/or Group member.

Target Segment

The group members may be any one of the following

Non employer- employee homogenous

groups which may be any associations,

where the members represent a

particular profession/trade/domestic

workers/ Anganwadi workers;

Government agencies; Any Co-

operative societies; Parents of

school/college students as members

Employer-employee groups under single

premium only

SBI Life – Suraksha Plus offers the following benefits

The Level Sum Assured can be

Uniform cover

Graded Cover according to designations/Salary

Loan coverage etc

Others as per scheme rules.

Sum Assured is payable on death of member to the beneficiary and may be facilitated by the master policyholder for administrative convenience. The claim payment shall be made in the name of the beneficiary

Eligibility Conditions

Minimum group size: 50 members.

Minimum age* at entry: 18 years.

Maximum age* at entry: 69 years.

Maximum Maturity* age: 75 years. *Age is as on last birthday

Minimum sum assured: Rs 1,000 per member.





Maximum sum assured: No Limit

Single Premium:

Minimum Policy term :2 years

Maximum Policy term: 30 years

Minimum Premium : 5,000 per scheme

Maximum Premium: No Limit

Regular Premium:

Minimum Policy term: 5 years

Maximum Policy term: 30 years

Minimum Premium : 1,000 per scheme

Maximum Premium: No Limit

General Policy Provisions Surrender Value: Surrender value is available only under

single premium mode. Surrender benefit will be paid

immediately on the request made by either the group member or the master policy holder.

The surrender value, wherever applicable shall be paid to the member/beneficiary.

The surrender value is 75% of (single premium for basic life cover less extra premium, if any) multiplied by the ratio of unexpired cover term (in months) to total cover term (in months).

However, this surrender percentage may be reviewed from time to time depending upon the economic and demographic experience subject to prior approval from IRDA.

Surrender value will not be paid to the members if it falls below Rs 100 per member.

In case of regular premium payment

option, no surrender benefit is available.

Grace Period: A grace period 15 days from premium

due date for monthly premium mode and 30 days from the premium due date for other modes is allowed. If the premium is not paid within the grace period, the cover will cease.

If claim arises during the grace period the claim will be payable after deduction of the last unpaid premium for that member.

Nomination: Nomination is compulsory.

The nominee/s shall be a person/s nominated by the member in accordance with the provision of section (39) of the Insurance Act 1938 to receive the benefits under the scheme in the event of his/her death.

Claims: The master policyholder would

facilitate the registration and settlement of the claims. SBI Life would however, remain totally responsible to ensure that the claim payment is made in the name of the insured member or his/her nominee even if the cheque is sent to the master policyholder for administrative convenience or through any other electronic mode of payment to the specific bank account of the insured.

Revival: The policy (at member level or group

master policy level) can be revived within two years from the date of the first unpaid premium, on request from the group member/master policyholder.





The reinstatement will be effected as

per the prevailing approved underwriting guidelines of the company. The interest will be charged at a rate declared by the company from time to time.

The company policy currently is based on the nominal interest rate per annum and is 250 basis points greater than the benchmark yield of Repo Rate as on 1st April of each of the Financial Year and it will be compounding on a half-yearly basis.

Free-look: In case of Compulsory schemes,

where premium is borne by the master policy holder, the master policy holder would be provided a free look period of 15 days from the date of receipt of master policy / Certificate of Insurance. In voluntary schemes, the group member would also be provided a free look period of 15 days from the date of receipt of Certificate of Insurance.

In case of cancellation during free

look period, a refund of Premium less Stamp Duty less cost of medical expenses, if any less proportionate risk premium for the period of cover will be made.

Modes of Premiums: The premium payment modes available are annual, half-yearly, quarterly, and monthly. The premiums for various modes as percentage of annual premium are mentioned below.

Premium payment mode

% of annual premium

Half yearly 51% Quarterly 26% Monthly 9%

Termination of Risk Cover :Risk cover

for the member will automatically cease

on happening of any of the following events:

Termination of the master policy. On the date of expiry of insurance

cover for the member. On attainment of the maximum age of

cover as defined in the membership form/policy document.

On death of the member. On expiry of the grace period for the

payment of the premium due. On receipt of surrender (if allowed)

request either by the member or master policy holder.*

Member ceases to be a part of the group as defined in the scheme rules. * In case of surrender of the group policy, an option shall be given to the individual members of the group, on such surrender, to continue the policy as an individual policy

Tax benefits Premiums paid are eligible for tax rebates as per the prevalent Income Tax Laws. Tax Laws are subject to change from time to time. Please consult your tax advisor for details.Exclusions

Suicide exclusion: If the life assured commits suicide,

whether sane or insane, within one year from the Date of Commencement of risk or within one year from the date of last revival for that member, death benefits shall not be payable.

In case of death due to suicide within one year from date of commencement of risk, we will pay 80% of the premiums paid, provided the policy is in-force.





In case of death due to suicide within

one year from date of revival, we will pay higher of 80% of the premiums paid or the surrender value available on the date of suicide.

Section 41 of the Insurance Act, 1938

1. “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Section 45 of the Insurance Act, 1938

“No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the

ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.”

For further details call 1800 22 9090 (toll free number)

In the event of a discrepancy between this brochure and the policy, the terms of the policy shall apply. All benefits are subject to the terms and conditions of the policy.

Insurance is the subject matter of solicitation.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULAENT OFFERS: IRDA clarifies to public that, IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus.Public receiving such phone calls are requested to lodge a police complaint along with the details of phone call,number.

ARN: 63.ver.02-06/14 F ENG

Documents

Suraksha Plus Sales Literature