SBI Life Insurance Company Limited

Regulated by IRDA | Registration Number 111

SBI Life Insurance Company Limited,
Registered & Corporate Address : Natraj, M V Road & Western Express Highway Junction, Andheri
(East), Mumbai - 400 069. CIN: U99999MH2000GOI129113.

www.sbilife.co.in | Email:info@sbilife.co.in
Page 1 of 4

SBI Life Suraksha Plus
(UIN: 111N051V02)
Non-linked, Non-par, Group Term
Insurance Plan

There is an ever-increasing need to achieve
cost-effective protection, against a range of
different risks. SBI Life introduces a product
designed to meet the insurance needs of
the members of our group clients.

SBI Life Insurance Company Limited (SBI
Life) offers SBI Life Suraksha Plus, a
Non linked, Non-participating, Group Term
Assurance product to meet the needs of
the group clients such as Employer -
Employee Groups, Non employer-Employee
homogenous groups intending to provide
the life cover to group members for a fixed
term.

Why SBI Life as your preferred partner?
SBI Life Insurance Company Limited is a
joint venture between State Bank of India
(www.sbi.co.in) and BNP Paribas Cardif
(www.bnpparibascardif.com).

SBI Life Suraksha Plus offers the
following features

Flexible premium payment options
Single Premium and Regular
Premium.
Multiple premium payment mode options
available under Regular Premium.
Wide choice of Sum assured
available. Death benefit coverage for
member
Flexibility to pay premiums by Group
administrator and/or Group member.





Target Segment
The group members may be any one of
the following
Non employer- employee homogenous
groups which may be any associations,
where the members represent a
particular profession/trade/domestic
workers/ Anganwadi workers;
Government agencies; Any Co-
operative societies; Parents of
school/college students as members

Employer-employee groups under single
premium only


SBI Life Suraksha Plus offers the
following benefits
The Level Sum Assured can be
Uniform cover
Graded Cover according to
designations/Salary
Loan coverage etc
Others as per scheme rules.
Sum Assured is payable on death of
member to the beneficiary and may be
facilitated by the master policyholder for
administrative convenience. The claim
payment shall be made in the name of
the beneficiary
Eligibility Conditions
Minimum group size: 50 members.
Minimum age* at entry: 18 years.
Maximum age* at entry: 69 years.
Maximum Maturity* age: 75 years.
*Age is as on last birthday

Minimum sum assured: Rs 1,000 per
member.
SBI Life Insurance Company Limited
Regulated by IRDA | Registration Number 111
SBI Life Insurance Company Limited,
Registered & Corporate Address : Natraj, M V Road & Western Express Highway Junction, Andheri
(East), Mumbai - 400 069. CIN: U99999MH2000GOI129113.

www.sbilife.co.in | Email:info@sbilife.co.in
Page 2 of 4


Maximum sum assured: No Limit

Single Premium:
Minimum Policy term :2 years
Maximum Policy term: 30 years
Minimum Premium : 5,000 per
scheme
Maximum Premium: No Limit
Regular Premium:
Minimum Policy term: 5 years
Maximum Policy term: 30 years
Minimum Premium : 1,000 per
scheme
Maximum Premium: No Limit
General Policy Provisions
Surrender Value:
Surrender value is available only under
single premium mode.
Surrender benefit will be paid
immediately on the request made by
either the group member or the master
policy holder.
The surrender value, wherever
applicable shall be paid to the
member/beneficiary.
The surrender value is 75% of (single
premium for basic life cover less extra
premium, if any) multiplied by the ratio
of unexpired cover term (in months) to
total cover term (in months).
However, this surrender percentage
may be reviewed from time to time
depending upon the economic and
demographic experience subject to
prior approval from IRDA.
Surrender value will not be paid to the
members if it falls below Rs 100 per
member.



In case of regular premium payment
option, no surrender benefit is
available.

Grace Period:
A grace period 15 days from premium
due date for monthly premium mode
and 30 days from the premium due
date for other modes is allowed. If the
premium is not paid within the grace
period, the cover will cease.
If claim arises during the grace period
the claim will be payable after
deduction of the last unpaid premium
for that member.

Nomination: Nomination is compulsory.
The nominee/s shall be a person/s
nominated by the member in
accordance with the provision of section
(39) of the Insurance Act 1938 to
receive the benefits under the scheme in
the event of his/her death.

Claims: The master policyholder would
facilitate the registration and settlement
of the claims. SBI Life would however,
remain totally responsible to ensure that
the claim payment is made in the name
of the insured member or his/her
nominee even if the cheque is sent to
the master policyholder for
administrative convenience or through
any other electronic mode of payment to
the specific bank account of the insured.


Revival:
The policy (at member level or group
master policy level) can be revived
within two years from the date of the
first unpaid premium, on request from
the group member/master
policyholder.



SBI Life Insurance Company Limited
Regulated by IRDA | Registration Number 111
SBI Life Insurance Company Limited,
Registered & Corporate Address : Natraj, M V Road & Western Express Highway Junction, Andheri
(East), Mumbai - 400 069. CIN: U99999MH2000GOI129113.

www.sbilife.co.in | Email:info@sbilife.co.in
Page 3 of 4

The reinstatement will be effected as
per the prevailing approved
underwriting guidelines of the
company. The interest will be
charged at a rate declared by the
company from time to time.

The company policy currently is
based on the nominal interest rate
per annum and is 250 basis points
greater than the benchmark yield of
Repo Rate as on 1st April of each of
the Financial Year and it will be
compounding on a half-yearly basis.

Free-look:
In case of Compulsory schemes,
where premium is borne by the
master policy holder, the master
policy holder would be provided a
free look period of 15 days from the
date of receipt of master policy /
Certificate of Insurance. In voluntary
schemes, the group member would
also be provided a free look period
of 15 days from the date of receipt of
Certificate of Insurance.

In case of cancellation during free
look period, a refund of Premium
less Stamp Duty less cost of medical
expenses, if any less proportionate
risk premium for the period of cover
will be made.
Modes of Premiums: The premium
payment modes available are annual,
half-yearly, quarterly, and monthly. The
premiums for various modes as
percentage of annual premium are
mentioned below.
Premium
payment mode
% of annual
premium
Half yearly 51%
Quarterly 26%
Monthly 9%


Termination of Risk Cover :Risk cover
for the member will automatically cease
on happening of any of the following
events:
Termination of the master policy.
On the date of expiry of insurance
cover for the member.
On attainment of the maximum age of
cover as defined in the membership
form/policy document.
On death of the member.
On expiry of the grace period for the
payment of the premium due.
On receipt of surrender (if allowed)
request either by the member or master
policy holder.*
Member ceases to be a part of the
group as defined in the scheme rules.

* In case of surrender of the group
policy, an option shall be given to the
individual members of the group, on
such surrender, to continue the policy
as an individual policy
Tax benefits
Premiums paid are eligible for tax
rebates as per the prevalent Income Tax
Laws. Tax Laws are subject to change
from time to time. Please consult your
tax advisor for details.Exclusions

Suicide exclusion:
If the life assured commits suicide,
whether sane or insane, within one
year from the Date of Commencement
of risk or within one year from the date
of last revival for that member, death
benefits shall not be payable.
In case of death due to suicide within
one year from date of commencement
of risk, we will pay 80% of the
premiums paid, provided the policy is
in-force.


SBI Life Insurance Company Limited
Regulated by IRDA | Registration Number 111
SBI Life Insurance Company Limited,
Registered & Corporate Address : Natraj, M V Road & Western Express Highway Junction, Andheri
(East), Mumbai - 400 069. CIN: U99999MH2000GOI129113.

www.sbilife.co.in | Email:info@sbilife.co.in
Page 4 of 4

In case of death due to suicide within
one year from date of revival, we will
pay higher of 80% of the premiums
paid or the surrender value available on
the date of suicide.


Section 41 of the Insurance Act, 1938
1. No person shall allow or offer to allow,
either directly or indirectly, as an
inducement to any person to take or
renew or continue an insurance in
respect of any kind of risk relating to lives
or property in India, any rebate of the
whole or part of the commission payable
or any rebate of the premium shown on
the policy, nor shall any person taking out
or renewing or continuing a policy accept
any rebate, except such rebate as may
be allowed in accordance with the
published prospectuses or tables of the
insurer: Provided that acceptance by an
insurance agent of commission in
connection with a policy of life insurance
taken out by himself on his own life shall
not be deemed to be acceptance of a
rebate of premium within the meaning of
this sub-section if at the time of such
acceptance the insurance agent satisfies
the prescribed conditions establishing
that he is a bona fide insurance agent
employed by the insurer.
2. Any person making default in complying
with the provisions of this section shall be
punishable with fine which may extend to
five hundred rupees.

Section 45 of the Insurance Act, 1938
No policy of life insurance effected before
the commencement of this Act shall after
the expiry of two years from the date of
commencement of this Act and no policy of
life insurance effected after the coming into
force of this Act shall, after the expiry of two
years from the date on which it was effected
be called in question by an insurer on the

ground that a statement made in the
proposal for insurance or in any report of a
medical officer, or referee, or friend of the
insured, or in any other document leading to
the issue of the policy, was inaccurate or
false, unless the insurer shows that such
statement was on a material matter or
suppressed facts which it was material to
disclose and that it was fraudulently made
by the policy-holder and that the
policy-holder knew at the time of making it
that the statement was false or that it
suppressed facts which it was material to
disclose:
Provided that nothing in this section shall
prevent the insurer from calling for proof of
age at any time if he is entitled to do so, and
no policy shall be deemed to be called in
question merely because the terms of the
policy are adjusted on subsequent proof
that the age of the life insured was
incorrectly stated in the proposal.

For further details call 1800 22 9090 (toll
free number)
In the event of a discrepancy between this
brochure and the policy, the terms of the policy
shall apply. All benefits are subject to the terms
and conditions of the policy.
Insurance is the subject matter of solicitation.
BEWARE OF SPURIOUS PHONE CALLS
AND FICTITIOUS/FRAUDULAENT OFFERS:
IRDA clarifies to public that, IRDA or its
officials do not involve in activities like sale of
any kind of insurance or financial products nor
invest premiums. IRDA does not announce
any bonus.Public receiving such phone calls
are requested to lodge a police complaint along
with the details of phone call,number.


ARN: 63.ver.02-06/14 F ENG