Your family inherits happiness.

Not your liabilities.

RiNn Raks aSBI Life -

Group Credit Life Insurance PlanUIN: 111N078V01

* SBI Life - RiNn Raksha will be referred to as RiNn Raksha hereafter.

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Need for Group Credit Life Insurance

Why SBI Life as your preferred partner?

SBI Life – RiNn Raksha offers the following features

SBI Life Insurance Company Limited (SBI Life) offers SBI Life – RiNn Raksha*, a feature-rich Group Credit Life Insurance product

to pay off the outstanding loan offered by financial institutions or other groups or associations in the event of death or disability

of the insured member(s) of the group. In the event of critical illness, it lightens the burden of loan repayment.

We offer an excellent package to lighten the burden of debt in case of an unfortunate event of death, disability, critical illness or

hospitalization due to accident.

SBI Life Insurance Company Limited is a joint venture between State Bank of India (http://www.sbi.co.in/) and BNP Paribas

Assurance (http://www.assurance.bnpparibas.com/).

SBI Life is registered with an authorized capital of INR 2,000 Crores and a paid-up capital of INR 1,000 Crores. SBI owns 74% of

the total capital and BNP Paribas Assurance the remaining 26%.

• A comprehensive benefit package that can be customized to cover your debts in case of death, disability or diseases.

• The death cover would be the outstanding loan balance at the time of death as per the amortization schedule at a rate of

interest fixed 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.

• Members would have an option to increase the cover up to a level of 120% of the loan at the inception of the cover.

• The financial institution may fund the premium by including the premium in the loan amount.

• A moratorium of 3 months to 6 years would be allowed during which period, the disbursements could be staggered.

Additionally, the amount of cover can remain static or increase according to the interest applicable.

• In case of moratorium, the loan outstanding and hence the sum assured would increase due to the disbursals and / or

interest amounts due and would start decreasing from that level from the end of the moratorium period when EMIs

would commence. If the accrued interest is paid separately by the member to the financial institution, then the loan

outstanding and hence the sum assured would remain the same during the moratorium period and would start

decreasing from the end of the moratorium period when EMIs would commence. If the accrued interest is to be added to

the initial loan, then the loan outstanding and hence the sum assured would increase during the moratorium period and

would start decreasing from that level from the end of the moratorium period when EMIs would commence.

• 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.

• Existing borrowers of the financial institution can also be covered for the outstanding period of the loan.

• Lives of upto 3 co-borrowers can also be covered. Co-borrower cover can take one of the following forms:

• Each of the borrowers is insured for the entire outstanding loan amount. In case of death of any one of the borrowers, the

outstanding loan amount is paid and the surviving borrower(s) would be eligible for the applicable surrender value.

• Each of the borrowers is insured for their respective share of the loan. In case of death of any one of the borrowers, the

cover would continue for the remaining members.

• There are flexible premium paying terms (PPT) available. Premiums can be paid as a single premium (SP) or as level

premiums (LP) payable for 3, 4, 5 or 10 years not exceeding 2/3rd of the loan term.

• The PPTs allowed for various Policy terms are as follows:

3 5 years to 10 years

4 6 years to 15 years

5 8 years to 30 years

10 15 years to 30 years

• LPs can be paid in Yearly, Half-yearly, Quarterly or Monthly modes.

• Options (Gold or Platinum) are available to cover loan outstanding at floating rate of interest at a nominal additional cost.

• Riders are available at a nominal additional cost.

• The product would also be customized in other circumstances, wherever it may be appropriate.

• There is no maturity benefit payable.

• Tax Benefits as per applicable tax laws.

Minimum Maximum

Age at entry (last birthday) 16 years 69 years

Maturity age (last birthday) NA 70 years

Group size during first year 20 members No limit

Term 1 year 30 years

Sum Assured INR 1,000 No Limit

PPT Policy Term

Eligibility Conditions

For Death Benefit

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For Riders

Riders

LevelsLimits

I II III IV

Minimum Maximum

Age at entry (last birthday) 18 years 60 years

Maturity age (last birthday) NA 65 years

Term 3 years 10 years

Depending upon needs, the following valuable covers can be easily added to the scheme or members' cover to ensure that the

liability is paid-off in case of accident or disability.

The premium rates for the riders are guaranteed for the term (maximum upto 10 years). Rider cover may be extended based on

the terms available then.

The outstanding loan amount i.e. Sum Assured applicable under the death benefit is paid if the life assured is totally and

permanently disabled due to accident. No further benefits would be payable under the member's cover.

The outstanding loan amount i.e. Sum Assured applicable under the death benefit is paid if the life assured is totally and

permanently disabled due to accident, sickness or disease. No further benefits would be payable under the member's cover.

Sum Assured equal to 12 EMIs (Equated Monthly Installments) of the covered loan, upto a maximum of INR 12,00,000 is paid if

the life assured is diagnosed with any of the six diseases mentioned below and surviving for 30 days from the date of diagnosis.

The six diseases covered are Heart Attack (MI), Cancer, Stroke, Coronary artery by-pass graft surgery (CABG), Kidney failure,

Major organ transplant.

Sum Assured equal to the Daily Hospitalization Cash Benefit (DHCB) level selected by the member at inception is payable from

day one if the life assured is confined to hospital for more than 48 hrs as an in-patient as a result of accident. The benefit would

be payable for up to a maximum of 30 days in a year. The various DHCB levels are:

INR 500 INR 750 INR 1,000 INR 1,500 Maximum 30 days per year

For ICU: 150% DHCB would be applicable

Details of other terms and conditions, definitions and applicable exclusions are included in rider document.

• Accidental Total and Permanent Disability Benefit (UIN: 111B023V01):

• Accident and Sickness Total and Permanent Disability Benefit (UIN: 111B022V01)

• 12 EMI Benefit on Critical Illness (UIN: 111B021V01):

• Accidental Hospital Cash Benefit (UIN: 111B024V01):

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Floating Interest rate Options

There are two options available to cover the floating interest rates offered by the financial

institution. They are as follows:

Amount payable in the event of death or in the event of disability, if one of the disability

riders is opted:

The loan outstanding amount at the time of death calculated as given below (para 1. for

General conditions for options) based on the floating interest rate offered by the lending

institution.

Amount payable in the event of death or in the event of disability if one of the disability riders is opted:

The loan outstanding amount at the time of death calculated as given below (para 1 of 'General conditions for the options')

based on the floating interest rate offered by the lending institution subject to a minimum of the outstanding amount as per the

interest rate fixed at the time of inception of cover.

1. When the interest rate changes, the amount payable would be recalculated according to the option (if) chosen. The loan

outstanding would be estimated keeping the EMI same as at the time of inception and the original schedule would be

revised based on the changed interest rate. However, if any time the loan interest exceeds the EMI, as stated above, the

loan amount payable on death would remain at same level as the loan amount in the previous period.

2. These options are available only if the cover term is 5 years or more.

3. Fluctuations up to +/- 600 basis points from the interest rate fixed at inception would be considered for calculation of the

benefit.

4. Increase in loan outstanding due to EMI defaults would not be covered.

5. The cover would cease at the end of the term as decided at inception irrespective of the loan not being extinguished

completely due to interest rate fluctuations.

6. If loan repayment is not monthly then same methodology would apply for other frequencies.

7. A history of interest rates will have to be provided for every claim.

• Grace Period: A grace period 15 days from premium due date for monthly premium mode and 30 days from the premium

due date for other modes is allowed. The grace period will also apply to the rider premiums.

• Nomination: Master policyholder would be required to seek nomination from the scheme members.

Gold Option :

Platinum Option:

General Conditions for the options :

General Policy Provisions

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• Assignment: The benefits under this plan cannot be assigned.

• Lapse and Revival: For LP Policies if premiums are not paid within the grace period, the Policy lapses. The Policy can be

revived within 3 years from the date of lapse subject to prevalent norms.

• Surrender value: There is no Guaranteed Surrender Value. Special Surrender Value (SSV) may be available at any point of

time after the first year of cover, provided at least the first year's premiums are paid.

• Free-look period: The policyholder has the option to cancel the Policy within 15 days of receipt of the Policy after

reviewing the terms and conditions. Premiums would be returned after deducting a reasonable cost of insurance for the

period covered, expenses incurred towards medical examinations carried out and expenses towards stamp duty.

• Termination: The insurance cover will automatically cease on the happening of the earliest of the following dates:

v the date on which the Policy is terminated

v the date of termination of the cover at the behest of the member

v the date on which the member reaches the maximum cover cease age

v the date on which the claim is accepted under the death or disability benefits

v the date on which surrender value is paid

If the life assured commits suicide whether sane or insane within one year from the date of commencement of insurance cover

then the benefit will not be payable.

Please refer to the 'Document of Rider Exclusions'.

• Death Benefit: A waiting period of up to 60 days may be imposed during which deaths only due to accidents would be

covered.

• 12 EMI Benefit on Critical Illness: A waiting period of 90 days would be imposed.

• The company may change premium rate(s) if the risk profile or experience changes materially affecting the risk assumed

while pricing.

• These new premium rate(s) will be applicable only for the new members.

Please contact our insurance advisor for further details on riders, options and exclusions applicable for the riders.

Please contact your tax advisor for any further queries on taxation implications.

Exclusions for the death benefit under the product

Exclusions for rider benefits under the product

Waiting Period

Right to change premium rates

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Prohibition of Rebate – Section 41 of the Insurance Act, 1938

Non-disclosure clause – Section 45 of the Insurance Act, 1938

(1) “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take 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 prospectuses or

tables of the insurer.

Provided that acceptance by an insurance agent of commission in connection with a Policy of life insurance taken out by himself

on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the

time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance

agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend

to five hundred rupees.”

“No Policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of

commencement of this Act and no Policy of life insurance effected after the coming into force of this Act shall, after the expiry

calf two years from the date on which it was effected be called in question by an insurer on the ground that statement made in

the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the

issue of the Policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or

suppressed facts which it was material to disclose and that it was fraudulently made by the Policy-holder and that the Policy-

holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so,

and no Policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof

that the age of the life insured was incorrectly stated in the proposal.”

In the event of a discrepancy between this brochure and the policy, the terms of the policy shall apply. All benefits are subject to

the terms and conditions of the policy.

For further details:

Call: 1800 22 9090

Mail at: info@sbilife.co.in

Insurance is the subject matter of solicitation.

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70.ver.02-06/12 BR ENG

Contact Us Today

Call Toll Free 1800 22 9090

Insurance is the subject matter of solicitation.

SBI Life Insurance Co. Ltd. is a joint venture between State Bank of India and BNP Paribas Cardif.

www.sbilife.co.in | SMS - 'CELEBRATE' to 56161 | Email: info@sbilife.co.in

Registered & Corporate Office: Natraj, M.V. Road, & Western Express Highway Junction,

Andheri (East), Mumbai – 400 069

IRDA Regn. No. 111

SBI Life Insurance Co. Ltd.

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