SBI Life Suraksha Plus Plan
SBI Life introduces a plan to meet the insurance needs of the members of our group clients. SBI Life Suraksha Plus Plan is a group term assurance plan. Suraksha Plan satisfies the needs of the employer-employee group and non-employer employee homogenous group. This plan provides life cover to group members for a fixed period. SBI Life Suraksha Plan provides the following benefits for the members who are insured in that plan. Here we are providing the Eligibility and Features of SBI Suraksha Plan.
Eligibility for SBI Life Suraksha Plus Policy
|Entry Age||Minimum: 18 Years
Maximum: 69 Years
|Maximum Maturity Age||75 Years|
|Minimum Policy Term||Single Premium: 2 Years
Regular Premium: 5 Years
|Group Size||50 Members|
|Maximum Policy Term||No Limit|
|Premium Payment Mode||Single Premium, Regular Premium|
|Premium Paying Frequency||Single Premium: To be paid once
Regular Premium: Yearly, Half Yearly, Quarterly, Monthly
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Key Features of SBI Suraksha Plus Plan
- Flexible premium payment options through Single Premium and Regular Premium.
- Multiple premium payment mode options are available under the Regular Premium.
- Wide choice of Sum assured is available.
- Death benefit coverage for the member Flexibility to pay the premiums by Group Administrator and Group member.
- The group members may be any one of the following.
- Nonemployer: In this employee homogenous groups which may be any associations, where the members represent a particular profession /trade/ domestic workers / Anganwadi workers. There may be Government agencies, any Cooperative societies. Parents of school/college students as members.
- Employer: Employee groups under single premium only.
- The policyholder will get the grace period of 15 days for the monthly frequency of premium payment, or it is 30 days for other frequencies of premium payment.
Benefits of SBI Life Suraksha Plus Plan
In the case of death due to any reasons, the Basic Sum Assured is payable to the nominee or beneficiary as applicable.
No maturity benefits are paid.
Surrender Benefit is available only for the single premium payment mode. This value is 75% of the single premium for basic cover for life minus the extra premium. On surrendering the policy, all benefits will cease. If the surrender value is less than Rs.100 per member, it will not be paid to the member.