With SBI Life’s Group Micro Insurance solutions, you can offer peace of mind and financial security to your members or employees—without burdening their budgets.
Why Choose Group Micro Insurance?
- Life is unpredictable. A simple pass-through event — illness or accident of a key member — can leave a family vulnerable.
- A dedicated micro insurance group solution helps organisations provide cover at affordable premiums, with easy enrolment and administration.
- Whether you’re an employer, a lender-borrower institution, an NGO or operate non-employee schemes, these plans give you flexibility and protection.
Our Plans at a Glance
How it Works
- Master policyholder signs up for the plan (employer, lender, NGO etc).
- Members (employees, borrowers or group participants) are covered under the master policy.
- Premium payment: Depending on the plan, either it’s annual renewable (Group Micro Shield) or one-time (Group Micro Shield-SP).
- On the unfortunate event of death of an insured member during the cover period, the sum assured is paid to the nominee/beneficiary as defined in the policy.
- Administration is kept simple — minimal medical formalities for enrolment.
Key Benefits for You & Your Group
- Affordable: Designed to keep cost-per-member low for wide-scale coverage
- Flexible: Suitable for different group types (employees, borrowers, non-employees)
- Scalable: One master policy can cover multiple members
- Simple to manage: Easy enrolment, simple admin
- Reassurance: Financial security for families in the event of the insured member’s death
- Tax-efficient: Premiums and benefits fall under applicable Income Tax laws.
Who Should Consider This?
- Employers (formal and informal) seeking to provide employee life cover
- Credit institutions (banks, MFIs) offering borrower life cover
- Co-operatives or member-based groups seeking collective cover
- Organisations wanting an inclusive cover solution with optional spouse cover
Things to Check Before You Apply
- Cover type (single life / joint life)
- Sum assured per member — does it align with your group’s risk profile
- Premium frequency and payment terms
- Eligibility criteria: age, membership status, etc. For SP plan: age 18-80 (14-80 in education loan cases)
- Maximum benefit cap: For SP plan, benefit payable shall not exceed Rs 2 lakh for each member under all group micro insurance schemes.
- T&Cs, definitions, exclusions, waiting periods (mentioned in the master policy/brochure details)
- Consult a tax advisor for any tax benefit queries
Why Choose SBI Life?
As a leading life insurance company in India, SBI Life brings the strength and trust of the brand along with specialised group micro-insurance solutions tailored for diverse groups. Their commitment to compliance and transparency is visible in their disclosures and policy documents.
Disclaimer
The above content is for informational purposes only and does not constitute an insurance policy or advice. The benefits described are subject to the terms, conditions, exclusions and definitions contained in the respective master policy documents of SBI Life. Tax benefits are subject to applicable tax laws, which may change from time to time; consult a tax advisor. The maximum benefit payable under all group micro insurance schemes for a single member shall not exceed Rs 2,00,000. Please refer to the official brochure and policy document before making a decision.