The SBI Life CapAssure Gold Plan is a fund-based group insurance product that is offered to employer-employee groups. This non-linked non-participating plan is suitable for employers, trustees, PSUs, Central and State Government and any group administrators who wish to provide retirement and other welfare benefits to members.
To be eligible for the SBI Life CapAssure Gold Plan, customers have to meet certain criteria.
|Entry Age||Minimum: As per scheme rules Maximum: As per scheme rules|
|Maturity Age||Minimum: As per scheme rules Maximum: As per scheme rules|
|Policy Term||1 year renewable|
|Group size||10 members minimum|
|Types of Groups||Employer-employee groups
*Ages mentioned refer to the age last birthday
With the SBI Life CapAssure Gold Plan, every member of the group will be covered at the same fixed cost and risk premium.
|Sum assured||Rs.1,000 per member at Rs.1 per annum per member (plus taxes)|
|Policy Term||1 year renewable|
|Premium Payment Frequency||Monthly, quarterly, half-yearly, or yearly|
*Premiums vary based on age, location, plan term and other factors
The CapAssure Gold Plan Plan provides flexible protection options. Depending on the rules of the scheme, the benefits can be payable upon resignation, retirement, withdrawal, death or any other type of exit of the member. This plan covers gratuity, leave encashment and superannuation. The benefits are payable from the master policyholder’s account or the member’s account as per the scheme, provided there is sufficient funds in the policy account.
|Death Benefit||As per scheme rules, a sum assured is payable to the nominee. Insurance is mandatory for leave encashment and gratuity schemes. It is not available with superannuation schemes|
|Maturity Benefit||As per scheme rules|
|Withdrawal Benefit||As per scheme rules|
|Disability Benefit||As per scheme rules|
|Insurance Benefit||No maturity benefit is available with this plan|
|Surrender Benefit||The surrender value will be payable in a lump sum at the end of the notice period. Market Value adjustment maybe levied for bulk exit or complete surrender|
There are no riders available with this plan.
Under this policy, there are no exclusions applicable.
Some of the key features of this plan have been listed out below:
|Policy accounts||Each member will have a separate account|
|Interest||A minimum interest rate is applicable and guaranteed for the policy term. An additional non-zero positive interest rate will be applied at the start of each fiscal quarter. The rates are applicable on an average daily balance of the policy account|
|Nomination||Allowed as per Section 39 of the Insurance Act, 1938|
|Revival||If the balance maintained in the policy account is insufficient to recover mortality charges, the insurance plan will be terminated. The cover can be restored by funding the policy account sufficiently|
|Free-look period||30 days|
|Service Tax||Service tax and education cess are charged as per the applicable rates declared by the Government|
|Loan||No loan facility is available|
As per the prevailing tax laws, tax benefits and exemptions can be availed. You are advised to seek consultation with a tax professional or advisor as tax laws are subject to revisions and amendments from time to time.
Purchasing the CapAssure Gold Plan from SBI Life carries other benefits as well.
Through a joint venture with BNP Paribas in 2001, SBI offers a range of life insurance products in India. The insurer provides its customers with a wide range of services that enables them to pay premiums online, generate premium receipts online and track the policy account. SBI Life is one of the most trusted companies in the country. The insurer offers plans for individuals and groups. This plan is most suitable for employers who wish to provide their employees with retirement benefits. With this plan, you can easily manage leave encashments, gratuity and superannuation.
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