SBI Life Insurance Group Plans

Group plans are those insurance plans that benefit a group of people, not just individuals. These insurance plans are often bought by employers for their employees. Group plans can be further divided into Retirement Plans, Protection Plans, Loan Protection Plans and Micro Insurance Plans.

There are 4 types of Group Plans on offer from SBI Life:

• Retirement Solutions
• Protection Plans
• Group Loan Protection Products
• Group Micro Insurance Plans

Benefits of SBI Life Group Plans:

• Group 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 plans come with added benefits such as loyalty additions, superannuation scheme and gratuity and leave encashment schemes etc. to help employers smooth out the benefits.
• SBI Life provides additional services to Group policyholders such as legal advice, a dedicated service team, investment counselling, monthly newsletters and many more.
• 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.
• Some SBI Life Group plans come with a number of additional riders to pick and choose from. These riders are especially designed to benefit Group plan policyholders covering accidental death, permanent and total disability and critical illness.
• SBI Life also caters to policyholders looking to invest in government insurance schemes like the Pradhan Mantri Jeevan Jyoti Bima Yojana.
• SBI Life also provides insurance to the remotest corners of the country with their Group Micro Insurance segment.
• 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 Plans Provided By SBI Life:

SBI Group Retirement Solutions:

SBI Life - Kalyan ULIP Plus:

This is a unit-linked plan that aims to provide retirement benefits to the employees in a group larger than 10 members. This is a fund-based non-participating policy which allows for premiums to be paid any time of the year.

Benefits and Features of SBI Life - Kalyan ULIP Plus Plan:

• This ULIP plan helps with the management of schemes such as:
  • DB (Defined Benefit)
  • DC (Defined Contribution)
  • Hybrid - DB and DC Scheme combined.
• The plan offers loyalty additions depending on the fund size. A higher fund size results in greater loyalty additions.
• Systematic Transfer Option (STO) is a rupee-cost-averaging technique. This technique reduces the risk of market volatility due to the policy being market-linked, free of charge. STO lets policyholders park their money in Group STO Plus Fund and the company invests it on their behalf in Group Growth Plus Fund in 12 equated installments over 3 months.
• This policy allows for contributions to be made by both the Master Policyholder and Group Members.
• The various benefits available under this policy are:
  • Scheme Benefit: The benefits of this market-linked scheme is payable in events such as death, resignation, retirement withdrawal and/or any other way of exit of any of the policyholders from the position of being an earning member of their respective family. These benefits are paid from the master policyholder’s policy account or the group member according to the policy scheme.
  • Insurance Benefit - This benefit can be availed by the policy nominee in event of the unfortunate demise of the member policyholder. It is equal to the sum assured and will be paid on the master policyholder’s advise. Insurance coverage is mandatory for Leave Encashment and Gratuity schemes but Superannuation schemes are not eligible for this cover. This benefit is payable by SBI Life.
• This scheme also comes with customised services such as:
  • Single point of contact in a service team dedicated for this product.
  • Dedicated claim and operations department to address all operational needs of the Group.
  • Legal advice on all related queries including trust formation.
  • Investment counseling via conference-calls with SBI Life’s special Investment Team.
  • Assistance in the creation of Variations Deed, Trust Deeds, CIT filing and other required documents.
  • Newsletter updating policyholder group members on latest developments for monthly investments.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - Kalyan ULIP Plus	Minimum: 18 years. Maximum: 79 years.	Minimum: Not applicable Maximum: 80 years	Minimum at inception: Rs.50,000 Minimum subsequent installments: Rs.5,000 Maximum: No limit for inception or subsequent installments.

SBI Life - CapAssure Gold:

This is a non-linked group plan that provides services like Leave Encashment, Gratuity and Superannuation. This policy is only available to employer – employees groups. The product comes with a free-look period of 30 days wherein the employer can reevaluate the policy and return it if required.

Benefits and Features of SBI Life - CapAssure Gold Plan:

• CapAssure Gold plan covers the following schemes:
  • Leave Encashment
  • Gratuity
  • Superannuation
• These schemes can be one of the following by nature: Defined Contribution (DC), Defined Benefit (DB), or Hybrid.
• The various benefits available under this policy are:
  • Scheme Benefit: The benefits of this market-linked scheme is payable in events such as death, resignation, retirement withdrawal and/or any other way of exit of any of the policyholders from the position of being an earning member of their respective family. These benefits are paid from the master policyholder’s policy account or the group member according to the policy scheme.
  • Insurance Benefit - This benefit can be availed by the policy nominee in the event of the unfortunate demise of the member policyholder. It is equal to the sum assured and will be paid on the master policyholder’s advise. Insurance coverage is mandatory for Leave Encashment and Gratuity schemes but Superannuation schemes are not eligible for this cover. This benefit is payable by SBI Life.
• This scheme also comes with customised services such as:
  • Single point of contact in a service team dedicated for this product.
  • Dedicated claim and operations department to address all operational needs of the Group.
  • Newsletter updating policyholder group members on latest developments for monthly investments.
• Free-look Period: From the day of the receiving the policy document till the next 30 days, the Master Policyholder can choose to review the policy terms and conditions. If the master policyholder finds any reason for disagreement with any of these terms and conditions, they have the right to reject and return the CapAssure Gold policy providing the reasons for such to SBI Life. In such a scenario, the master policyholder will be able to claim refund of total premium amount paid after minusing the expenses for stamp duty.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - CapAssure Gold	Depends on the scheme selected	Depends on the scheme selected	Minimum Rs.5,000 at policy inception No maximum limit.

SBI life - Swarna Jeevan:

This is an annuity plan that starts paying its members almost immediately depending on the option opted for. This plan is especially aimed towards corporate clients and offers Single and Joint annuity options. The minimum amount of annuity permissible is Rs.1,200 p.a. per member.

Benefits and Features of SBI Life - Swarna Jeevan Plan:

• This plan can boast of offering some of the best annuity rates of all SBI Life annuity plans due to effects of being in a group.
• Customized options for annuity are available depending on scheme rules.
• This plan comes with a wide choice of annuities to suit the requirement of policy members:
  • Single Annuity
    • Annuity for Life.
    • Annuity for Life with purchase price refund.
    • Annuity for Life with purchase price balance refund.
    • Annuity with certain 5 years to 35 years payout and annuity for life thereafter.
    • Simple Increasing annuity for Life.
  • Joint Annuity
    • Joint life annuity (last survivor).
    • Joint life annuity (last survivor) with purchase price refund.
    • Joint life annuity with certain 5 years to 35 years payout. Joint life annuity (last survivor) thereafter.
• The plan is also very flexible with options of choosing annuity payment periodicity from the following:
  • Monthly.
  • Quarterly.
  • Half yearly.
  • Annually.

Plan Name	Entry Age	Maturity Age	Annuity
SBI Life - Swarna Jeevan	For Members: Minimum: 35 years Maximum: 85 years For Spouse: Minimum: 18 years Maximum: 85 years	Not Applicable	Minimum: Rs.1,200 p.a.

SBI Life - Gaurav Jeevan:

Gaurav Jeevan scheme allows for a government entity to transfer its liability for annuity payments for acquired land compensation to SBI Life. SBI Life’s inhouse financial experts invest the funds wisely to generate better annuity rates.

Benefits and Features of SBI Life - Gaurav Jeevan Plan:

• This policy offers better flexibility with multiple term of annuity:
  • Monthly.
  • Quarterly.
  • Half yearly.
  • Annually.
• This plan can boast of offering some of the best annuity rates of all SBI Life annuity plans due to effects of being in a group.
• This plan comes with an income protection scheme that gets activated on the death of the policyholder.
• Policyholder members can choose from one of the following 2 options:
  • Level temporary annuity with income protection on death.
  • Increasing temporary annuity with income protection on death.

Plan Name	Entry Age	Maturity Age	Annuity
SBI Life - Gaurav Jeevan	Minimum: 18 years. Maximum: 85 years.	Not applicable.	Minimum amount: Rs.100 p.a. Maximum amount: No Limit.

SBI Protection Plans:

SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana:

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.

Benefits and Features of SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana:

• 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 event of the demise of the insured policy member during the 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.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana	Minimum: 18 years. Maximum: 50 years	Maximum: 55 years	Rs.330

SBI Life - Sampoorn Suraksha:

This is another yearly renewable insurance plan offering affordable rates to groups like Employer-Employee, Professional/Affinity and 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.
  • Multiple 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.
  • Convertibility.
  • 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

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - Sampoorn Suraksha	Minimum: 18 years. Maximum: 79 years.	Maximum: 80 years	Varies depending on the Sum Assured

SBI Life - Suraksha Plus:

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.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - Suraksha Plus	Minimum: 18 years Maximum: 69 years	Maximum: 75 years or as per policy rules.	Minimum: Single Premium per scheme: Rs.5,000 Regular Premium per scheme: Rs.1,000 Maximum: No limit for either types.

SBI Group Loan Protection Products:

SBI Life - RiNn Raksha:

SBI Life’s RiNn Raksha is a credit insurance plan, which ensures that the life insured’s property remains with their family even after they are no longer there to pay off the loan installments. This policy cover a variety of loans such as car loans, housing loans, education Loans, agricultural loans and personal loans. A total of up to 3 loan applicants can be insured under this plan.

Benefits and Features of SBI Life - RiNn Raksha:

• This plan covers a variety of loans such as Housing, Car, Agricultural, Personal and Educational loans.
• This product offers the choice of loan cover term to the policy members, provided a minimum of two-third of loan term is selected if the term is more than or equal to 15 years.
• This plan allows for flexible terms of premium payment:
  • Single premium (SP).
  • Level premiums (LP) to be paid over 5/10 years.
• This plan can cover the lives of 2 co-borrowers, apart from covering the life of the primary borrower.
• The cover provided will be equal to the outstanding loan balance at the time of death. It will be calculated as per the amortization schedule. It will also be paid at a specific rate of interest which will be decided when the policy is issued.
• It also provides the option of having a Surrender Value (SV) or a Special Surrender Value (SSV). During surrender, the higher of the two may be paid.
• Suicide Claim: In case a member of the group, who has been insured under the policy, commits suicide within the first year of the policy, only 80% of the premium paid will be paid as a benefit.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - RiNn Raksha	Minimum: 16 years. Maximum: 70 years.	Maximum: 75 years	Depends directly on the loan amount.

SBI Group Micro Insurance Plans:

SBI Life - Grameen Shakti:

This group insurance provides insurance to people funded by Micro Financial Institutions/NGO’s or who get loan from Banks/Financial Institutions through Self Help Groups. Thus, this plan caters to economically weaker people. Unlike other products, this insurance plan offers maturity benefits amounting to 50% of the premiums paid.

Benefits and Features of SBI Life - Grameen Shakti Plan:

• Flexibility of Cover Amount: The Sum Assured to be offered to the members can be chosen by the policyholder.
• Refund of premium at maturity
• Death Benefit: The death benefit will be the sum assured chosen by the policyholder provided the person passes away during the policy tenure.
• Maturity Benefit: At the end of the policy term, 50% of the premiums paid will be refunded.
• Surrender benefit will be paid on the request of either the master policyholder (if the premium has been paid by the master policyholder) or the individual insured member. The surrender value will be payable if at least 2 years’ premiums have been paid.
• Paid up value: If the premiums are not paid within the grace period, the policy will be considered a paid up policy. The death and maturity benefits will also be reduced according to the premiums paid. However, for a policy to be considered paid up, the premiums for the first two years should have been paid.
• Free Look Period: Both the master policyholder or the insured group member will have 15 days, from the date of receipt of the policy document, to return the policy should they not agree with the policy.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - Grameen Shakti	Minimum: 18 years. Maximum: 50 years.	Minimum: 23 years. Maximum: 55 years.	Minimum: Rs.85 p.a. Maximum: Rs.925 p.a.

SBI Life - Grameen Super Suraksha Plan:

Another plan aimed at the poorer sections of the society, this is however, a pure traditional term insurance plan. This means that it doesn’t offer any maturity benefit in addition to death benefits or Sum Assured. The premium costs of this plan are extremely low.

Benefits and Features of SBI Life - Grameen Super Suraksha Plan:

• This plan allows the Master Policyholder to choose the Sum Assured for their policy members.
• This is simple life cover plan that is available at an affordable cost.
• The benefits associated with this plan are:
  • Death benefit: If the policyholder dies before the policy term ends, the chosen Sum Assured will be paid to the nominee as death benefits.
  • Surrender benefit: For single pay policies, a surrender value can be paid to the insured group member, either on their request or on that of the master policyholder.
• Grace Period: A grace period of 30 days is available only for regular pay policyholders, starting from the due date of premium payment.
• Revival: With regular pay, a policy member gets the opportunity to revive a policy within 2 years since the due date of the first premium that went unpaid.
• Waiting Period: If a policy member dies in any manner other than in an accident before 45 days are over from the day of policy commencement, their nominee gets no insurance benefit. However, 80% of the sum of premiums paid till the time of death of the deceased member gets refunded.

Plan Name	Entry Age	Maturity Age	Premium
SBI Life - Grameen Super Suraksha Plan	Minimum: 18 years. Maximum: 50 years.	Minimum: 23 years. Maximum: 55 years.	Single Pay: Minimum: Rs.102.50 Maximum: Rs.2,500 Regular Pay: Minimum: Rs.22.50 p.a. Maximum: Rs.575

Why do you need SBI Life Group Plans?

SBI Life Group plans come with a range of benefits, the primary of which is the protection it provides to investments due to its group nature. These plans are an absolute necessity for employers who want to provide security to their employees and also protect their investments.

The range of the group plans available under SBI Life Insurance is also massive. These Group Plans provide insurance coverage to category of consumers needing life insurance.