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SBI Life Saral Shield - Decreasing Term Assurance (Loan Protection)

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SBI Life Saral Shield -Decreasing Term Assurance (Loan Protection)

Objective

This policy aims to cover insured's family against a loan overhead.

What does it do?

This policy is specially designed to cover loan liability. If anything happens to the insured member, the insurance company pays sum assured equal to the outstanding loan amount to the nominee of the insured. The sum assured is calculated on the basis of loan schedule.
Policyholder can choose a sum assured and interest rate closest to the loan amount and interest. The choice of available interest rates includes 6, 8, 10, 12, 14, 16, 18 and 20 per cent. For example, if policyholder has taken a loan at 10.25 per cent, he may either select 10 or 12 per cent as rate of interest to prepare loan schedule under this plan. Similarly, the policyholder can select the sum assured nearest to the loan amount in multiple of Rs 50,000.
The policy can be surrendered and surrender value will be calculated on the basis of predefined formula.
The policy doesn't offer any survival or maturity value.

Pros

The plan offers rebate on high sum assured.
Taxation benefits as per Section 80C.

Cons

Premium can be paid in single installment only.

Suited for

The policy is suitable for those who have to repay a loan and wish to insure against the same.

Our View

If you have a loan to repay this policy makes sense as it will protect your family from the burden of repaying the loan if something untoward happened to you.
Single premium payment is a drawback. It may prove to be expensive as compared to regular premium payment option as you lock-in a large amount for a fixed cover. The reason we say this is because in case something goes wrong in early years of the policy, you have already paid a huge chunk of amount as premium to the insurance company.
Choose a regular premium payment or limited premium payment mode while buying a loan cover. Limited premium payment mode allows you to pay premiums for a term less than the policy tenure like two-third of policy term or any other term mentioned in the policy.

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

65

Policy Term (years)

Minimum

5

Maximum

Lower of outstanding loan term or 30 years

Sum Assured (Rs)

Minimum

750000

Maximum

2400000

Minimum Premium (Rs)

Single

10000

Premium Payment Frequency

Single

Premium Payment Term

Single

Policy Cover

Policy Cover decreases with decrease in outstanding loan amount.

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days of premium due date for Yearly/ Half-yearly/Quarterly premium payment and 15 days from premium due date in case of Monthly premium payment. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.

Lapsed Policy Reinstatement

You may reinstate your lapsed policy within 3 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10 (10D) of the Income Tax Act, 1961 would apply.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Surrender Value

Single Premium (exclusive of service tax)* 75%* (outstanding term to maturity/ Total Term)* (effective Sum Assured at time of surrender/ Initial Sum Assured)

Customer Service

Address

SBI Life Insurance Corporate Address: "Natraj",
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai - 400 069

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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