- Sum assured
- Policy Premiums
- Moratorium period
- Duration of policy
- Exemptions
- Sum assured: It is the amount that a family receives from an insurance policy. This amount is decided when the policy starts. The minimum sum assured is INR 10,000, and there is no limit to the maximum amount. In the case of an education loan, the sum that SBI Rinn Raksha insures is the outstanding loan amount.
- Affordable premiums: RiNn raksha premium amount is the amount you have to pay to activate SBI Rinn Raksha coverage. This plan provides extensive coverage at pocket-friendly premiums, making it accessible to a wide range of individuals. The precise amount is based upon several factors. You can pay the premium monthly, quarterly, half-yearly, or yearly. You can choose two types of premium payment terms, Single or Level. Within Level Premium, you have two more options, either a 5-year payment mode or 10 years.
- Gold - You can choose this option if you opt for a 5-year policy term. In case of an eventuality, SBI pays “the entire outstanding amount at the time of death as per the floating rate of interest offered by you irrespective of the loan schedule given in the Certificate of Insurance” as long as the full premium is paid.
- Platinum - You can select this option if you opt for a 5-year policy term or above it. Here SBI pays whichever is higher of the two - “either the outstanding loan as per the floating interest rate offered or the outstanding loan amount as per the interest rate fixed at the inception of the cover.”
- Moratorium period - SBI Rinn Raksha insurance policy plan offers a minimum moratorium of 3 months and a maximum of 72 months.
- Duration of policy: The minimum term period of the SBI Life Rinn Raksha insurance policy is 2 years, and the maximum is 30 years.
- Exemptions: The RiNn Raksha insurance policy includes a suicide exclusion clause which states that whether the insured individual, sane or insane, commits suicide within the first year of coverage, the full death benefit mentioned in the benefit payable section will not be paid.
- Financial security
- Loan protection
- Tax benefits
- Low interest rates
- Flexible coverage
- Free look period
- Financial security: The primary benefit of SBI RiNn Raksha Insurance is the peace of mind it offers. Knowing that your family will be financially secure even in your absence can provide immense comfort and reassurance.
- Loan protection: If you have outstanding loans, such as a home loan or a car loan, SBI RiNn Raksha Insurance can help protect your family from the burden of repaying those loans
- Tax benefits: SBI RiNn Raksha insurance policy offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961 where you can avail tax deductions on the premium paid.
- Lower interest rates: You get an additional 0.50% discount on your education loan rate of interest.
- Flexible coverage: The RiNn Raksha policy is a customizable plan that provides coverage for your outstanding debts in the event of your demise. Additionally, there are options available to increase the coverage up to 120% of the loan amount at the beginning of the policy.
- Free look period: The loan insurance plan offers a free look period of 15 days, starting from the date of receiving the policy document. During this period, you have the opportunity to review the policy terms and conditions. If you decide to cancel the policy within this timeframe, you will receive a refund. However, the refund amount will be adjusted for proportionate risk charges, expenses incurred on medical examination, and any applicable stamp duty charges.
- We simplify the entire process by making most of it online. You apply for the loan through our site. Then we send you the list of documents required specifically for your profile.
- We make sure that you don’t have to run from pillar to post to submit and verify the required documents. After you have gathered them, our representative picks them up from your doorstep and submits them on your behalf to the SBI branch.
- We even take care of any bottlenecks that happen during loan processing and approval. For example, we expedite the process of submitting any additional documents that the bank may require. Through systematic follow-up, we also reduce the turnaround time for evaluating the property.
- Education loan insurance: All you need to know
- Sbi education loan for abroad studies
- Types of collateral security accepted for abroad education loan
- Education loan without parental income
- Study abroad scholarships for Indian students
- Education loan by the Indian government
- Documents required for education loan
- Sbi education loan disbursement process
- Affordable premiums with a choice of single premium or regular premium payment options.
- Flexible policy term options ranging from 5 to 30 years.
- Coverage up to age 70 or 75 years, depending on the chosen policy term.
- Life cover with a sum assured of your choice, subject to a minimum amount.
- Option to add accidental death benefit rider for additional coverage against accidental death.
Updated on: 12 Sep 2023
9 min read
Education loan insurance cover safeguards your family from the burden of paying off the student loan in case a fatal eventuality occurs. Instead of your co-applicant repaying the loan, the insurer gives the entire outstanding amount. In short, an insurance policy creates a win-win situation for you and the lender because it reduces the risk to both. One such student loan insurance policy is SBI Rinn Raksha, an optional loan insurance policy when you take SBI’s education loan for studying abroad. And that’s what we talk about here.
Education loan insurance cover safeguards your family from the burden of paying off the student loan in case a fatal eventuality occurs. Instead of your co-applicant repaying the loan, the insurer gives the entire outstanding amount. In short, an insurance policy creates a win-win situation for you and the lender because it reduces the risk to both. One such student loan insurance policy is SBI Rinn Raksha, an optional loan insurance policy when you take SBI’s education loan for studying abroad. And that’s what we talk about here.
Table of Content SBI RiNn Raksha Insurance is a term insurance plan offered by the State Bank of India (SBI), one of India's most reputable and trusted banks. When a student secures an SBI education loan for studying abroad and opts for an insurance policy, they are required to pay a single premium to activate the coverage. If an unfortunate incident takes place and the loan applicant or co-applicant passes away, the insurance policy will settle the outstanding education loan amount. The insurance cover safeguards your family from the burden of paying off the student loan in case a fatal eventuality occurs. Instead of your co-applicant repaying the loan, the insurer gives the entire outstanding amount. In short, an insurance policy creates a win-win situation for you and the lender because it reduces the risk to both. You can buy the policy if you are above 16 years of age. The coverage scheme is especially recommended if you take an SBI education loan for studies abroad because you get a better interest rate and security for your family. Anyone who is of 16 years or above. The RiNn Raksha policy is especially recommended if you take an SBI education loan for studies abroad because you get attractive interest rates and security for your family. Age at entry Premium maturity tenure Minimum 16 years Premium payment term - 5 years Maximum 70 years Premium payment term - 5 years SBI RiNn Rakha plan not only covers the life of the loan applicant, i.e., the student, but also up to two co-borrowers. Here are some key features: Let us know these features in detail: One should remember that SBI’s Global Ed-vantage loans have a fixed rate of interest. For all loans that have a floating rate of interest like education loans, SBI RiNn Raksha offers two more options: Policy term Policy payment mode 2 years - 30 years Single-premium 8 years - 30 years Premium payment term - 5 years 15 years - 30 years Premium payment term - 10 years SBI RiNn Raksha has several benefits of its own, like: But it is important to note that the exact benefits and terms of the SBI RiNn Raksha insurance policy may vary, and it's advisable to carefully review the policy documents to understand the specific details and conditions associated with the policy. There is no doubt that the SBI Life - RiNn Raksha Policy brings with it a number of indispensable advantages when you are taking an education loan. So, if you’ve made the right decision to apply for an SBI loan, here’s how GyanDhan helps you: With GyanDhan, the only effort you put is to visit SBI just once - for signature and verification! Wondering how to apply for an education loan to get all the SBI Rinn Raksha benefits? All it takes is a callback to GyanDhan! Read more about:
The key features of SBI's RiNn Raksha Insurance Policy include Any individual between the ages of 18 and 60 years can apply for SBI's RiNn Raksha Insurance Policy, subject to meeting the underwriting guidelines of the insurance provider. The coverage amount, known as the sum assured, is chosen by the policyholder at the time of purchasing the policy. The minimum sum assured may vary based on the insurance provider's guidelines. SBI's RiNn Raksha Insurance Policy provides two premium payment options: single premium and regular premium payment. The regular premium payment frequency can be yearly, half-yearly, quarterly, or monthly, depending on your convenience. Yes, SBI's RiNn Raksha Insurance Policy allows you to enhance your coverage by adding an accidental death benefit rider. This rider provides additional coverage in case of death due to an accident. Yes, you may be eligible for tax benefits on the premium paid and benefits received under SBI's RiNn Raksha Insurance Policy, as per the prevailing tax laws. However, it is advisable to consult a tax advisor or financial expert for accurate information.
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What is SBI RiNn Raksha Insurance?
How to buy the RiNn Raksha insurance policy?
Who is eligible for SBI RiNn Raksha Policy?
Key features of SBI RiNn Raksha insurance policy
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Benefits of SBI RiNn Raksha insurance policy
Frequently asked questions
What are the key features of SBI RiNn Raksha Insurance Policy?
Who is eligible to apply for SBI RiNn Raksha Insurance Policy?
How much coverage can I get with SBI RiNn Raksha Insurance Policy?
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Can I add riders to SBI RiNn Raksha Insurance Policy?
Are there any SBI Life RiNn Raksha tax benefits available?
Reviewed by
Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.
Specializes in:
Education loan ,
Study Abroad Admissions
GyanDhan is India's first education financing marketplace.
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