SBI RiNn Raksha Insurance Policy

    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. 

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    Frequently asked questions

    What are the key features of SBI RiNn Raksha Insurance Policy?

    The key features of SBI's RiNn Raksha Insurance Policy include

    • 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.

    Who is eligible to apply for SBI RiNn Raksha Insurance Policy?

    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.

    How much coverage can I get with SBI RiNn Raksha Insurance Policy?

    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.

    What is the premium payment frequency for SBI RiNn Raksha Insurance Policy?

    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.

    Can I add riders to SBI RiNn Raksha Insurance Policy?

    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.

    Are there any SBI Life RiNn Raksha tax benefits available?

    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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Written by Madhuwrita Nandi

Reader, writer, music lover!


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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


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