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Introduction
Key Features
Benefits
Tax Benefits
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Generic Benefit Illustrator for Formal Groups
Generic Benefit Illustrator for Informal Groups
Introduction:
With changing times, large numbers of NGOs, Social Welfare Groups including Government aided agencies as well as Corporates have evinced interest to float new schemes that will cost a little but still bring well-being to their group members as well as some security for their lives. Hence, genesis of SBI Life - Dhanrashi!!
SBI Life - Dhanrashi is a traditional non participating Group Savings Linked Insurance scheme. This scheme is applicable for both employer-employee and non-employer employee groups.
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Key Features:
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Convenient Savings cum Protection Scheme with: |
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Attractive returns on savings with twin benefits
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Protection at low cost with no medical examination.
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Hassle free joining process with no entry charges.
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Benefits:
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Maturity benefit
Accumulated Fund Value for the Group Member is payable as per the scheme rules.
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Death benefit
Sum Assured plus Accumulated Fund Value for the Group Member is payable as per the scheme rules.
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Returns on Investment:
Savings component will earn annually compounded returns in two ways: |
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A minimum Basic Interest rate that is declared in advance for each financial year.
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An Additional Investment Return, which will be declared at the end of each financial year, based on earnings on the fund and fund size.
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Higher the fund size, higher will be the investment return.
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Option to change the Sum Assured:
At the beginning of each policy year, the Master Policyholder may request for a change in sum assured, within the permissible sum assured limits.
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Grace Period Provision:
A grace period of 30 days will be allowed for payment of contribution for Regular mode (15 days for Monthly mode).
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Revival Period:
2 years revival period will be available, from the first unpaid contribution.
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Suicide Exclusion:
No suicide exclusion is applicable for basic life cover.
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Surrender Facility:
Master Policyholder can surrender the Master Policy from 2nd Policy year onwards subject to conditions applicable.
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Charges:
Our charges are certainly most competitive and are designed to benefit you irrespective of size of your Savings fund. We ensure you pay only for what you benefit -- No hidden costs!
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Tax Benefits*:
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Members’ total contribution, including service tax is entitled for income-tax rebate under Sec 80C of the Income Tax Act.
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The entire claim amount, including interest earned, payable on Maturity or on death is free from income-tax (U/s 10(10D) of income tax Act.
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The life cover premium paid by the employer towards Life Cover is treated as business expenses (U/s 37 (1)) of income tax Act.
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*Tax Laws are subject to change. Please consult to your Legal/ Tax expert for details.
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The above information is a brief summary of our SBI Life - Dhanrashi (UIN: 111N048V01).
For further details, ask for an appointment with our Relationship Officers on below mentioned numbers or addresses.
(Toll free) 1800 22 9090 or Email: corporate@sbilife.co.in
Insurance is the Subject Matter of solicitation.
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Section 41 of Insurance Act 1938 states:
(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.
Section 45 of Insurance Act, 1938: "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 of 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".
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