The SBI Life Insurance – Shield used as Keyman under Group Employee Benefit Products is an individual insurance product which is used by the corporate bodies to cover the key persons of the company. It is on the key member of the company that the benefit and the goodwill depend and whose lack can affect the company. So this policy is to protect the association from the financial problems coming because of the death of the keyman.
The main features of “SBI Life – Shield” used as Keyman under Group Employee Benefit Products are as follows:
- This policy gives a security from the potential losses along with the advantages of tax savings.
- If the key man is leaving the company the policy has the option to surrender or allocate totally to the keyman.
- This is a pure security plan with multiple choices.
- The Sum assured increases by 5% p.a. under this policy.
- This policy also gives a level coverage.
- The minimum sum assured of the policy is Rs. 10, 00,000/- (in multiples of Rs. 10,000).
- The maximum sum assured of the policy is the quantum of the cover depending up on the underwriting requirements, parameters and subject to the maximum Sum Assured allowed in the particular plan chosen.
- The sum assured has to be lower of 5 times the average net profit of the Company for the past 3 years and 3 times the average gross profit of the Company for the past 3 years.
- The term of “SBI Life – Shield” used as Keyman under Group Employee Benefit Products is 5 Years to 25 Years or Retirement age, whichever is previous.
- No riders are available under this policy.
The premium paying method are either single or regular, no monthly modes are available.
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