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GyanDhan recommends opting SBI RiNn Raksha if you are taking an abroad education loan. Read here to know eligibility, benefits, features of SBI life RiNn Raksha.
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.
Check Your Education Loan Eligibility
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:
- 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
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.
Check Your Education Loan Eligibility
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