Group Protection plans are usual protection insurance plans, but with the difference that these are designed to suit the needs of groups, rather than individuals.
Benefits of SBI Life Group Protection Plans:
- Group Protection plans allow an organisation to insure a group of people at once, instead of going through the hassles of getting separate insurance for each individual.
- Group Protection plans come with huge range of options both for the Master Policyholder and the policy members to choose from.
- Most Group plans come with a free look period during which policyholders can go through the terms and conditions in depth and decide to back out of the policy if required, without any substantial cost.
SBI Life Group Protection plans come with some of the widest range of additional group riders to choose from. These riders are especially designed to benefit protection plan policy members covering accidental death, permanent and total disability and critical illness.
- SBI Life Group Protection plans also cater to policyholders looking to invest in government insurance schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana.
SBI Life Insurance provides additional services to Group Protection policyholders such as legal advice, dedicated service team, investment counselling, monthly newsletter and many more.
- Group plans also allow policyholders to claim tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, on the premium paid for purchasing the insurance plan and other benefits.
List of Group Protection Plans Provided By SBI Life:
This is not a unique SBI Life product, but is actually designed as per the criteria of the Indian Government on its pension scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana. This is a yearly renewable non-linked product that’s non-participating in nature. The insurance provides cover from the day the premium is paid till a year after. Although a group plan, it doesn’t require to be purchased by a group and can be availed individually.
- This is the most affordable insurance available with only Rs.330 as premium.
- The plan can be processed instantly as there’s no requirement for any medical examination.
- The enrolment process is also consequently easy with a simple proposal form.
- The various benefits available under this policy are:
- Death Benefit: In the event of demise of the insured policy member within the of cover period, a death benefit equalling the sum assured is paid to the nominee. This amount cannot be more than Rs.2 lakh even if the member has cover through a number of different bank accounts or insurers. Only one claim is payable (the first application) and any premiums paid for subsequent cover is forfeited.
- Renewal: The cover under this policy can be renewed every year on 01 June by getting the premium amount debited from the linked bank account of the policy member, and the cover extends till 31 May of the following year. The premium amount can change periodically depending on the discretion of the Indian Government.
- Exclusion: The first 45 days starting from the date of commencement of the policy is not covered for any risks for the newly enrolled policy members. This is also known as the lien period. No death benefit claim, other than accidental, is admissible during this period.
|SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
- Minimum: 18 years.
- Maximum: 50 years
|Maximum: 55 years
This is another insurance plan that’s yearly renewable, offering affordable rates to groups like Employer-Employee, Professional/Affinity, Borrower/Depositor etc. The plan offers multiple options of determining Sum Assured like flat cover, times of salary or CTC, outstanding loan, bank deposit size, etc. The policy also comes with a comprehensive list of riders - the most any SBI Life scheme offers.
Benefits and Features of SBI Life - Sampoorn Suraksha Plan:
- This policy provides for financial support to their loved ones in case of the unfortunate demise of a Sampoorn Suraksha group member.
- The Sum Assured in this policy is flexible and definable depending the group’s needs, like:
- Graded cover
- Flat cover
- Outstanding loan/Bank deposit size/Liability amount.
- Times of salary or CTC (cost-to-company)
- As per scheme rules.
- Life Coverage substituting EDLI Scheme (Employee Deposit Linked Insurance), 1976.
- The plan comes with many options such as:
- Benefit of spouse cover.
- Settlement of death benefit.
- Benefit for terminal illness.
- This plan is available with a wide range of group riders to provide comprehensive coverage. These are:
- SBI Life - Group Rider - Accidental Death.
- SBI Life - Group Rider - Accidental Total Permanent Disability.
- SBI Life - Group Rider - Accidental Partial Permanent Disability.
- SBI Life - Group Rider - Accident and Sickness Total Permanent Disability.
- SBI Life - Group Rider - Accelerated - Core Critical Illness.
- SBI Life - Group Rider - Additional - Core Critical Illness.
- SBI Life - Group Rider - Accelerated- Extended Critical Illness.
- SBI Life - Group Rider - Additional - Extended Critical Illness.
|SBI Life - Sampoorn Suraksha
- Minimum: 18 years.
- Maximum: 79 years.
||Varies depending on the Sum Assured
This is a non-linked group term insurance, non-participating in nature. This is a flexible product with wide range of premium cost and Sum Assured and Premium Payment options. This product can be used to provide coverage based on employee designation, salary etc.
Benefits and Features of SBI Life - Suraksha Plus Plan:
- This plan offers multiple choice of Sum Assured, where the Life Cover can be
- A uniform cover for all group members.
- Variable cover depending on Grade/Salary/Designation of the group member.
- This plan also comes with multiple modes of premium payment:
- Single Premium paid once.
- Or Regular Premium paid monthly, quarterly, half yearly or yearly.
- Those policy members paying in Single Premium can also opt for Surrender facility of they want.
- The benefits provided under SBI Life - Suraksha Plus:
- Death Benefit: In event of the unfortunate death of a policy member, their nominee gets paid the Sum Assured (Basic) as death benefit.
|SBI Life - Suraksha Plus
- Minimum: 18 years
- Maximum: 69 years
|Maximum: 75 years or as per policy rules.
Maximum: No limit for either types.
- Single Premium per scheme: Rs.5,000
- Regular Premium per scheme: Rs.1,000
Why do you need SBI Life Group Protection Plans?
SBI Group Protection plans provide for greater security for your investment by virtue of being provided in groups. These plans come with a great number of options to choose from. Anyone, from the poorest of the poor or the well-earning can opt for one of these plans and enjoy the benefits of a financially safe future for their loved ones.
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