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Key Features:
Eligibility
1. Entry Age:
• Minimum age 18 years completed for both Gratuity benefit and Life cover.
• Maximum age 64 years for Life cover and for Gratuity Benefit Retirement age as per the scheme rules less one year.
2. Annual Contribution can be minimum Rs. 50,000/- in multiple of Rs. 100/-.
3. Sum Assured has to be minimum Rs. 1,000/- .
4. Minimum Group Size should be 10 members.
Premium Payment option
The initial contribution can be paid in lump sum or in installments not exceeding five years. The Contributions can be paid annually, half yearly, quarterly or monthly as preferred by the Master Policyholder. Only Annual Mode is allowed for payment of risk premium.
Switching Facility:
You have the flexibility of switching between our various funds at any time. We allow four switches free of cost every policy year. The minimum amount of switch will be Rs. 10,000 unless the 100% of units in a fund are switched to another fund.
Contribution Redirection:
The contributions can be redirected for investments into a fund of your choice and need not adhere to the initial investment pattern. You can do four times contribution redirection in a policy year free of cost. This facility is available from second policy year onwards.
Revival period:
Revival period of 5 years is available. Paying contributions determined as per revised valuation and the life cover premium can revive the policy. The life cover will be effective from the date of revival.
Surrender:
Policy may be surrendered any time after 1st policy year by giving one month prior notice in writing to SBI Life.
Grace Period:
A grace period of 30 days reckoned from the day following the Date of Commencement/Renewal Date will be allowed for payment of life cover premium.
Free look Period:
The Master Policyholder has a period of 15 days from the date of the receipt of the policy document to review the terms and conditions of the policy and where the Policyholder disagrees to any of the terms and conditions, he has the option to return the policy stating the reasons for his/her objection, in which case he/she shall be entitled to a refund of the Fund Value and Risk Premium less charges, if any.
Suicide Exclusion:
If the Life Assured commits Suicide, whether sane or insane, within one year from the Date of Commencement of Risk under the Policy, the Assurance on the Life of the deceased shall be void. In such event, the premiums paid towards life cover net of service tax under the Policy shall be refunded, without interest, after deducting the expenses towards stamp duty and medical expenses, if any.
Charges:
Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Gratuity fund. Moreover, we ensure you pay only for what you benefit-- No hidden costs!
The above information is a brief summary of SBI Life - Golden Gratuity Plan. For further details, ask for an appointment with our Relationship Officers on below mentioned number or addresses
Group Protection Plans
Group Term Life in Lieu of EDLI
Protection Plans:
Never compromise on your dreams. Never compromise on the dreams of your family and children. If you believe in this, you must make your employees believe in the same too. SBI Life offers pure protection cover for your employees to ensure that their families are financially well secured in the event of unforeseen and unfortunate circumstances.
SBI Life Group Term Life Scheme in lieu of EDLI (UIN No: 111N005V01) has been designed to help employers to meet this liability at cost effective rates with enhanced benefits.
• Life cover available to employees irrespective of their Provident Fund Balance.
• Lower premium rates than RPFC.
• No medical evidence required.
• Sum Assured ranges between minimum Rs. 65,000/- (min.) to Rs. 1,00,000/- maximum.
• Additional coverage for Accidental Death Benefit (ADB).
• Premium paid by employer is treated as normal business expenditure for Income Tax purpose
Keyman Insurance
Specialized Term Insurance
Keyman is a key member or staff of the organization who is a major contributor to its growth and the profit and whose absence may affect the continuity of the business.
SBI Life´s Keyman Insurance is a pure term life cover to protect the organization from adverse financial consequences arising due to death of a key employee. The aim is to indemnify the company for these losses and to allow for business continuity.
• Protection from potential losses combined with advantages of tax savings.
• In case of Keyman leaving the company, options available to either surrender or assign absolutely to the Keyman.
• Pure protection plan with multiple choices.
• Option 1: Sum assured increases by 5% p.a.
• Option 2: Level cover
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