SBI Life RiNn Raksha: Wide variety of loans covered

SBI Life – RiNn Raksha, a group credit life insurance plan, you can rest assured that your family will always enjoy the assets, which you so lovingly acquired, without worrying about any liabilities. In other words, live life ’Debt- Free’!

Important Features..!

*  Wide variety of loans covered -including Housing Loans, Car Loans, Agricultural Loans, Educational Loans and Personal loans.

* Cover can be availed for a policy term as low as 1 year upto maximum period of 30 years.
 
*  Multiple Premium paying options - Single, 3 years, 4 years, 5 years and 10 years.

Age at Entry : Minimum: 16 years;  Maximum: 69 years

Maximum. Age at Maturity  ; 70 years (cover would not extend beyond the 71st birthday)

Policy Term ; Minimum: 1 year 
Maximum: 30 years 

Premium Payment Terms and Policy Terms: Single Premium
Level Premiums:
*  Premium Paying Term  (PPT):  3 years 

Policy Term : 5 years to 10 years

* PPT  : 4 years
    Policy Term :6 years to 15 years

*  PPT : 5 years
    Policy Term :  8 years to 30 years

* PPT : 10 years
    Policy Term ;  15 years to 30 years

PPT should not exceed 2/3rd of the policy term

Sum Assured:  Minimum: Rs. 10,000 per member                                               

Maximum: No Limit

Income Tax BenefitsIndian income Tax act,  Section 80C (upto Rs. 1 lakh and  Section 10(10D) (upto Rs.35,000-Rs. 40,000) of Income Tax Act,1961

Terms and Conditions:

Surrender Value
Special Surrender Value (SSV) is available at any point of time after the first year of cover, provided at least first year’s premiums are paid.

Grace Period
A grace period of 15 days from premium due date for monthly premium mode and 30 days from the premium due date for annual, half-yearly and quarterly premium modes will be allowed for payment of premiums. If any premium remains unpaid at the end of the grace period, the policy shall lapse.

Cancellation of  Loan Cover  If the loan is cancelled or not taken up by the proposed member after sanction, but the premium for the same has been paid, cancellation of cover may be requested. Such a request must be received at our office within 90 days of issuance of COI. Upon receipt of such a request, SBI Life shall refund 90% of the premium paid excluding taxes and cess, in respect of that member after deducting expenses towards stamp duty.

Suicide Claim provisionsIf the group member/life assured whether sane or insane commits suicide within one year from the date of commencement of the insurance cover for that member the sum assured benefit will not be payable. Only the premiums paid (net of taxes and cess) pertaining to the life assured concerned shall be refunded without interest after deducting the expenses incurred towards stamp duty.

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