Give your members the confidence of financial security with life insurance that is simple, flexible, and cost-effective. Whether you’re an employer, microfinance institution, self-help group, NGO, or any affinity group — our plans are designed to safeguard your people when they need it most.
A Group, Non-Linked, Non-Participating, Pure Risk, One-Year Renewable Micro Life Insurance Plan
If you’re looking for a low-premium, high-value insurance solution for your group members, SBI Life – Group Micro Shield is the perfect answer. Designed for communities and organizations, this plan ensures that every member’s family is financially protected in the unfortunate event of death.
Why Choose SBI Life – Group Micro Shield?
This trusted micro-insurance plan delivers powerful protection at a nominal cost—making it ideal for large groups and economically active populations.
Who Can Enroll?
This plan covers a wide range of groups, including:
- Employer–Employee groups
- Micro Finance Institutions (MFIs)
- Self Help Groups (SHGs)
- Banks & Financial Institutions
- NGOs
- Affinity Groups (including digital communities)
- Any group permitted under prevailing insurance regulations
Key Highlights
- Micro Insurance Plan
- Group Term Assurance
- One-Year Renewable Cover (OYRGTA)
- Affordable Premiums & Easy Administration
Top Features of the Plan
1. Pure Term Insurance for Groups
Provide life coverage to your entire group under one policy without any complex processes.
2. One-Year Renewable Group Term Assurance
Renew the plan annually with easy onboarding and minimal documentation.
3. Multiple Premium Payment Options
Choose a payment frequency that works for your group:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
4. Optional Spouse Cover Benefit
Extend coverage to spouses of members — voluntary or compulsory.
- Available for groups with 50+ members
- Minimum participation: 10% of the group
- Spouse coverage must be ≤ Member’s Sum Assured
- Coverage continues till the end of the paid policy term even if the primary member passes away
5. No Medical Tests
Insurance acceptance based only on a simple health declaration.
Advantages for Your Group Members
Security
Ensures the member’s family receives financial support in case of an unfortunate event.
Flexibility
Choose the sum assured as per your group’s needs.
Simplicity
Fast enrollment, hassle-free administration, and no medical examinations.
Affordability
High-value coverage at a nominal premium.
Death Benefit
In the unfortunate event of a member’s death during the policy term:
- The Basic Sum Assured is paid as a lump sum, provided premiums are up-to-date.
- For Lender–Borrower groups, the outstanding loan amount (with the member’s prior authorization) will be paid directly to the Master Policyholder.
- Remaining benefits (if any) go to the nominee or beneficiary.
- Without prior authorization, the entire benefit goes to the nominee.
Note:
Sum Assured in credit-linked schemes cannot exceed the outstanding loan amount at policy inception.
Eligible Lending Entities Include:
- RBI-regulated banks (including co-operative banks)
- Registered NBFCs
- NHB-regulated housing finance companies
- NMDFC & state channelizing agencies
- Small finance banks
- Mutually aided cooperative societies
- Registered microfinance companies
- Any other validated financial institution
Maturity & Surrender Benefits
- Maturity Benefit: Not applicable
- Surrender Benefit: Not applicable
Revival of Cover
Applicable only for Monthly, Quarterly, and Half-Yearly premium modes.
- Policy can be revived within 3 months from the first unpaid premium date.
- Requires:
- Written application
- Proof of continued insurability
- Payment of overdue premiums + applicable interest
- Interest charged at a rate defined by the company (currently based on RBI Repo Rate + 250 bps).
- If revival window passes, life cover lapses and no death benefit is payable.
Tax Benefits
Enjoy applicable tax benefits under the Income Tax Act, subject to prevailing laws.
Please consult your tax advisor for personalized guidance.
Who can buy?
Disclaimer: This webpage provides general information about SBI Life – Group Micro Shield and other group insurance options. Benefits, features, and eligibility are subject to policy terms, regulatory guidelines, and the insurer’s underwriting rules. Tax benefits are as per current laws and may change. Please read the official sales brochure and consult a certified financial advisor before purchasing any insurance product.