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Group Term Life Insurance Cover offered by the Bank

 
SyndicateBank is Master Policy Holder for the following; the participation by Bank’s Customers’ in insurance product is purely on voluntary basis. Insurance is a subject matter of solicitation..
 

SyndSuraksha

SyndSuraksha is a Group Life Insurance Cover offered to our Savings Bank account holders (optional).

SBI Life Insurance Co Ltd has been selected as Insurance Provider under SyndSuraksha from 10.01.2015. Customer between the age brackets of 18-64 years can take life insurance cover from Rs 1.00 lacs to Rs 5.00 lacs, in multiple of Rs 1 Lac sum assured, under the Master Policy with SBI Life Insurance Co Ltd.

 

TATA - AIA Total Suraksha Plan

Home Loan Protector - Group Life Cover provided to Home Loan Borrowers through TATA-AIA.

Group Policy taken from TATA – AIA Life Insurance Co. Ltd. for covering the lives of Housing Loan borrowers of the Bank. Bank reserves the right to renew/not to renew or renew the Master Policy with the same or any other Insurance Company. However, TATA – AIA will take care of those who have been enrolled under the Master Policy, whether policy is renewed or not.
 
Particular Details
Eligibility Housing loan borrowers and/or co-borrowers/guarantors of the bank aged 18 to 55 years are eligible. The scheme is optional.
Premium One time premium for the entire period of loan. Premium rates depend upon the age of the borrower/guarantor.
Maturity value Nil: as this is pure term policy, there will not be any maturity value
Life Insurance cover Balance in Housing loan a/c of the insured person calculated on reducing balance system.
 

SBI LIFE GROUP TERM LIFE PLAN - RiNn Raksha

Education Loan Protector – Group Life Cover provided to Education Loan Borrowers through – SBI Life.

Group Policy taken from SBI Life Insurance Co Ltd for covering the lives of Education loan borrowers of the bank. Bank reserves the right to renew/not to renew or renew the Master Policy with the same or any other Insurance Company. However, SBI Life will take care of those who have been enrolled under the Master Policy, whether policy is renewed or not.

Highlights & Salient Features of the Master Policy obtained from SBI Life

 
Particular Details
Suitability Tailor made to suit the requirements Bank’s Education Loan borrowers
Premium Payment term Single Premium at the time of taking the Policy
Age Band Entry Age: 16 to 60 years. Maximum age up to which insurance cover provided by the Insurance Provider: 70 years.
Risk Cover Reducing risk cover according to loan repayment schedule
Medical Test Enhanced Non Medical underwriting limits 
Age Band Limits
16 – 45 years 15,00,000
46 – 55 years 7,50,000
56 – 60 years 3,00,000
Medical expenses if any are borne by Insurance Provider
Validity of the Policy The Insurance cover provided by the Insurance Provider will continue till the tenure of the Education Loan, irrespective of whether Master Policy is renewed or not.
 

Micro Insurance

Group Life Cover provided to Financial Inclusion Customers through - SBI Life Insurance Co Ltd.

Group Policy taken from SBI Life Insurance Co Ltd for covering the lives of SB account holders of the Bank who have opened their accounts under Financial Inclusion Plan announced by Govt of India. The Master Policy will be renewed every year during December with the same or any other Life Insurance Company after the RFQ process and the Insurance Company with least premium quotes will be accepted.
 
Particular Details
Premium Rs 102/- Per Annum inclusive of Service Tax @14%
Maturity value Nil: as this is pure term policy, there will not be any maturity value.
Life Insurance cover Rs 25000/- payable to the nominee on death of the insured member. Additional Accident Death Benefit of Rs 25000/- is available in case of death due to accident. Insurance cover starts from the date of debit of premium to the account of the member. The scheme is optional.
 
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