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.
MAX LIFE GROUP CREDIT LIFE PREMIER PLAN -
LIFE INSURANCE COVER TO EDUCATION LOAN BORROWERS OF THE BANK on Optional Basis. Non-Linked Non- Participating Single Pay Group Term Insurance Plan - UIN-[104N095V01]
Group Policy taken from Max Life Insurance Co Ltd for covering the lives of Education loan borrowers of the bank on optional basis. Bank reserves the right to renew/not to renew or renew the Master Policy with the same or any other Insurance Company. However, Max Life will extend insurance cover to the existing loan accounts covered under the said arrangement shall continue till the tenor of the Loan, provided the membership is not closed before maturity as per the original insurance contract.
Highlights & Salient Features of the Master Policy obtained from Max Life
|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 70 years. Maximum age up to which insurance cover provided by the Insurance Provider: 77 years.|
|Risk Cover||Reducing risk cover according to loan repayment schedule|
Enhanced Non Medical underwriting limits
HDF – Health Declaration Form i.e Non- Medical Limit
Any existing borrower whose sanction date is greater than 6 months on the scheme commencement date i.e. 20.10.2018 , with Max Life, will have to mandatorily go through the applicable medical tests and the cover issuance would be subject to underwriting.
The cost of Medical tests will be borne by the insurer.
|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.|
“Syndicate Bank (CA registration / license number IRDAI Regn No. CA0054) is a Corporate Agent of Life Insurance Corporation of India (LIC of India). The Corporate Agent does not underwrite the risk or act as on insurer. The contract of Insurance is between the insurer and the insured and not between the bank and the insured.