Syndicate Bank

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 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.




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.

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