SBI Life - RiNn Raksha Single Pager BR

www.sbilife.co.
in
Why SBI Life – RiNn Raksha?
SBI Life – RiNn Raksha, a feature-rich Group Non-Linked, Non-Participating, Credit Life Insurance Product to pay off the
outstanding loan offered by financial institutions or other groups or associations in the event of death of the insured member(s) of
the group.
Key Features
• A comprehensive Group Credit Life Plan that can be customized to cover your loans in case of death.
• The Death cover would be the outstanding loan balance at the time of death as per the amortization schedule at a rate of
interest specified at the time of inception of cover. The outstanding loan balance at the beginning of the month would be
the benefit payable for deaths during the month.
• Flexibility to choose loan cover term as per need, subject to minimum of 2/3rd of the loan term, if the loan term is 15
years or more.
• Lives upto 2 co-borrowers in addition to the primary borrower can also be covered.
• Co-borrower cover can take one of the following forms:
 Each borrower is insured for the entire outstanding loan amount.
 Each borrower is insured for their respective share of the loan.
• There are flexible Premium Paying Terms (PPT) available.
• The premium payment modes available as under:
Premium Payment Mode Policy Term
Single Premium 2 years to 30 years
PPT 5 8 years to 30 years
PPT 10 15 years to 30 years
• The level Premium payable for 5 or 10 yrs may be paid in Yearly, Half-yearly, Quarterly or Monthly modes.
• Additional Options (Gold or Platinum) are available to cover loan outstanding at floating rate of interest at an additional cost.
• There is no maturity benefit payable.
• Tax Benefits**as per prevailing norms under Income Tax Act, 1961 as amended from time to time.
RiNn Raksha at a Glance Minimum Maximum
Age at entry (last birthday) 16 years 70 years
Maturity age (last birthday) NA 75 years
Group size during first year 20 members No limit
Term 2 years 30 years
Sum Assured (per member) INR 10,000 No limit
Loan Covered Home I Education I Vehicle I Personal I Mortgage
Group
RiNn Raksha
Term Insurance UIN: 111N078V03 Apne liye. Apno ke liye.
Illustration
SBI Life - RiNn Raksha - Credit Life Cover
Under SBI Life - RiNn Raksha, Sum Assured is equal to Outstanding Loan Amount at inception which reduces as per
amortization table.
E.g. If initial outstanding loan/SA is ` 50 lakh, policy term is 360 months and unfortunate the life assured dies during the policy
term, that is, after 216 month then the effective sum assured of ` 30 lakh as per 144 month will be paid to the nominee
(that is, 360 - 216 = 144).
In unfortunate demise of the life

assured (loanee) at any time during
RiNn Raksha: Sum Assured = Outstanding Loan Amount the policy term, the effective sum
assured (outstanding loan as on date
60,00,000 of death) will be paid.
50,00,000
40,00,000
30,00,000
20,00,000
10,00,000
0
360 300 240 180 144 120 108 84 60 48 0
Effective sum assured (SA) will be the sum assured at the time of date of death as per-printed amortization
table of Certificate of Insurance (COI).
Prohibition Of Rebates
Section 41 of the Insurance Act 1938, as amended from time to time, states:
a) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out 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
prospectus or tables of the insurer.
b) Any person making default in complying with the provisions of this section, shall be liable for a penalty which may extend
to ten lakh rupees.
Toll-free No.: 1800 267 9090 | SMS ‘LIBERATE’ to 56161 | Email: info@sbilife.co.in | Web: www.sbilife.co.in
SBI Life – RiNn Raksha is a Group, Non-Linked, Non-Participating, Credit Life Insurance Product.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a
police complaint.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Insurance is underwritten by SBI Life Insurance Company
Limited. Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license. SBI Life Insurance Company Limited. Registered and Corporate Office:
Natraj, M V Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069. | IRDAI Regn. No.111 | CIN: L99999MH2000PLC129113
NW/70/ver1/05/22/SP/ENG

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Why SBI Life – RiNn Raksha?

Premium Payment Mode Policy Term

Single Premium 2 years to 30 years

PPT 5 8 years to 30 years

PPT 10 15 years to 30 years

RiNn Raksha at a Glance Minimum Maximum

Age at entry (last birthday) 16 years 70 years

Maturity age (last birthday) NA 75 years

Group size during ﬁrst year 20 members No limit

Term 2 years 30 years

Sum Assured (per member) INR 10,000 No limit

Loan Covered Home I Education I Vehicle I Personal I Mortgage

SBI Life - RiNn Raksha - Credit Life Cover

In unfortunate demise of the life

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS

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