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  • SBI life - CapAssure Gold Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the SBI Life CapAssure Gold Plan for?

    To be eligible for the SBI Life CapAssure Gold Plan, customers have to meet certain criteria.

    Parameters Details
    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
    • Employers
    • Trustees
    • State Government
    • Central Government
    • PSUs
    • Group administrators

    *Ages mentioned refer to the age last birthday

    Sum Assured and Premium Range - What you get and what it costs?

    With the SBI Life CapAssure Gold Plan, every member of the group will be covered at the same fixed cost and risk premium.

    Parameters Details
    Sum assured Rs.1,000 per member at Rs.1 per annum per member (plus taxes)
    Policy Term 1 year renewable
    Premium Rs.5,000 minimum
    Premium Payment Frequency Monthly, quarterly, half-yearly, or yearly

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the SBI Life CapAssure Gold Plan covers?

    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.

    Benefits Details
    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

    Riders / Add-On Plans – Additional coverage under the SBI Life CapAssure Gold Plan:

    There are no riders available with this plan.

    Exclusions - What the SBI Life CapAssure Gold Plan doesn’t cover?

    Under this policy, there are no exclusions applicable.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Some of the key features of this plan have been listed out below:

    Features Details
    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

    Tax Benefits – How you can save with the SBI Life CapAssure Gold Plan?

    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.

    Other Benefits – How you can save with the SBI Life CapAssure Gold Plan?

    Purchasing the CapAssure Gold Plan from SBI Life carries other benefits as well.

    • No exclusions applicable
    • Covers gratuity, leave encashment and superannuation
    • Dedicated service team is provided as a point of contact
    • For operational needs, SBI provides a dedicated operations and claims department
    • Be updated with monthly investment newsletters
    • Tailor the plan to suit your needs

    Why you should buy the CapAssure Gold Plan from SBI Life?

    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.