SBI Life Insurance – Rinn-Raksha

POSTED BY Rakesh Kumar ON August 23, 2013 6:11 pm ONE COMMENT

Hi,

I have taken SBI Life Insurance Rinn-Raksha insurance plan. I got policy details soft copy on last saturday. when I read the terms and conditions, I decided to cancel the policy as it was for loan insurance and if I completed my Home loan in 5 yrs then this policy will be expired or will be use less.

I discussed with SBI bank employee. He told me that if I completed my loan in 5 years then remaining Sum Assured will be given to me. Please let me know if this statement is correct as I have not found this statement in given policy details.

Please also suggest me if I complete my Loan in 5 or 6 years then will this insurance policy be valid with same Sum Assured (as in given document, it is showing reduced Sum assured, Like today it is showing as 30 Lakh as sum assured but at 19th year, it is showing as 50,000 rs only.) can you please explain me about this.

I have received V1 (version 1). but in market there are 2 above versions. would I get benifit of version 2 and 3 (V2 and V3)?

Thanks

Regards

Rakesh Kumar

 

 

One reply on this article “SBI Life Insurance – Rinn-Raksha”

  1. Dear Rakesh, the policy you are discussing is Mortgage term cover & at any given point of time, it ‘ll cover only the outstanding loan amount. So in your case if you pay back the 20Y loan in 5Y, you are entitle for a partial refund of your paid prem. only. No sum assured amount ‘ll be returned to you. Please note it.

    thanks

    Ashal

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