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Introduction
Key Features
Additional details:
Tax Benefits
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Introduction:
SBI Life - CapAssure is a traditional non linked, non participating Plan featuring stable growth with capital protection. This plan can be offered to employer-employee group or non-employer-employee group or any group formed as per group guidelines 2005 issued by IRDA.
This is an ideal plan which caters to the needs of the group administrators / employers / trustees / State governments/ Central government/ PSUs who want to fund group members’ retirement benefits and other welfare benefits.
What does SBI Life – CapAssure offer?
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Defined Benefit (DB) scheme
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Defined Contribution (DC) scheme
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Hybrid Scheme
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Key Features:
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Capital Guarantee on Fund Under Management
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Unique Pooling Advantage
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All funds under non linked group schemes managed by SBI Life would be clubbed
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Special Contributions |
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Exit penalty charged by the previous insurer would be added to the fund up to 3% of transferred fund amount (gross of exit penalty)
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Convenience of inbuilt Life Cover
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Additional details:
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Customised Services: |
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Dedicated service team as one point of contact.
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Dedicated operations & Claim department to cater to your operational needs.
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Legal advice on trust formation and other related query.
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Help in creation of Trust Deeds, Deed of Variations, CIT filing etc.
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Monthly investments newsletter to keep our clients abreast with the latest developments
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Benefits payable |
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In case of death of a member, we will pay an inbuilt Sum assured of Rs. 1000/- plus scheme benefit amount
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In case of survival benefit, the scheme benefit amount will paid as per the scheme rules.
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Exclusions: |
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No exclusion period. |
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No suicide exclusion. |
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Tax Benefits*:
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Gratuity:
For Employer: |
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The contributions made through an approved Gratuity fund may be claimed as business expenditure under section 36 (1)(v) of the Income Tax Act, 1961 subject to the conditions contained therein.
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Income on the investments received by an approved Gratuity fund is exempt from tax under Section 10(25)(iv) of the Act.
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For Employee: |
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Gratuity benefits are tax free up to Rs.10,00,000 in the hands of employee.
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The contribution made by the employer is not included in the value of taxable perquisites in the hands of the employee.
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Any death benefit under life cover is tax-exempt under section 10 (10D) of the Income Tax Act, 1961.
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Leave Encashment:
For Employer: |
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The cash equivalent of the leave Encashment Benefit as and when paid by the employer is deductible from his income under section 43B (f) of the Income Tax Act.
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The amount of risk premium paid for Life Insurance cover will be treated as business expenses.
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For Employee: |
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The benefit received by the employee at the time of retirement, gets tax relief as per section 10(10AA) of Income Tax Act, subject to maximum of ten months leave.
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| *Above tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962 and are subject to change in Tax Laws. Please consult to your Legal/ Tax expert for details. |
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Free look Period:
We offer free-look period of 15 days from the date of the receipt of the policy document to review the terms and conditions of the policy and upon disagreement to any of the terms and conditions, the master policyholder has an option to return the policy stating the reasons for objection, in which case the master policyholder shall be entitled to a refund of the amount equal to premium paid less expenses incurred on stamp duty.
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The above information is a brief summary of SBI Life - CapAssure.
For further details, ask for an appointment with our Relationship Officers on below mentioned number or addresses.
SBI Life on 1800 22 9090 (toll free) or Email: corporate@sbilife.co.in
Insurance is 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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