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Home > Home Loan > Home Insurance > SBI Life – RiNn Raksha: Secure Your Home Loan with Insurance

SBI Life – RiNn Raksha: Secure Your Home Loan with Insurance

April 9, 2025
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SBI Life – RiNn Raksha is here to make life a little easier for families. It’s a plan that steps in when life takes an unexpected turn, ensuring that loan liabilities don’t become an additional burden. With this thoughtful solution, families can focus on what matters most—keeping their dreams alive—without worrying about repaying outstanding loans. It’s all about securing the future while giving loved ones the peace of mind they deserve.


Eligibility Criteria of SBI RiNn Raksha

DetailsMinimumMaximum
Size of the group in the first year20 membersNo limit
Entry Age16 years70 years
Maturity AgeN/A75 years
Term2 years30 years
Sum Assured per memberRs.10,000No limit

Also Read: Home Insurance For Older Homes


Key Features of SBI RiNn Raksha

  • Life insurance coverage
  • Assistance to repay a variety of loans
  • Coverage for co-borrowers
  • Choice of Gold or Platinum plan options 
  • Choice of cover term, premium paying term and frequency

Suggested Read: Should You Get a Home Loan Insurance?


Benefits and Advantages of SBI RiNn Raksha

FeatureDetails
SecurityEnables your family to continue enjoying the assets that you so lovingly acquired.
ReliabilityRepays your outstanding loan amount as per the sum assured schedule.
Wide Variety of Loans CoveredCovers housing loans, car loans, agricultural loans, educational loans, and personal loans.
Flexibility– Provides additional coverage to two co-borrowers in addition to the primary borrower.
– Choose between single or level premium for 5 or 10 years based on your requirements.
– Option of monthly, quarterly, half-yearly, or yearly premiums as per your financial capabilities.
Death BenefitThe death cover would be the outstanding loan balance at the time of death, as per the amortization schedule in your certificate of insurance.
Tax BenefitsIncome Tax benefits/exemptions are as per applicable income tax laws in India, which are subject to change. Consult your tax advisor for details.

Suggested Read: How to Claim Fire Insurance?


Premium Payment and Riders

The premium payment options are flexible, allowing you to pay yearly, half-yearly, quarterly, or monthly. For enhanced coverage, you can opt for additional “Gold” or “Platinum” plans, which address loan liabilities at floating interest rates, available at an extra cost. Additionally, the SBI Life – Accidental Total and Permanent Disability Benefit Rider can be included.

This rider provides protection in case of disabilities caused by accidents, ensuring the sum assured under the death benefit is payable, offering comprehensive financial security.

Also Read: How to file a Home Loan Insurance


Calculate Your SBI Home Loan Insurance Premiums


Home Loan Insurance Provided by Top Banks

Bank NameInsurance Plan
ICICI BankHome Insurance and Secure Mind & Loan Protect
Kotak MahindraTerm & Home Loan Insurance
Bank Of BarodaHouse Holders Insurance Policy – National Insurance
HDFC BankHDFC ERGO Home Insurance, HDFC ERGO’s Standard Fire and Special Perils Policy, HDFC ERGO’s Home Shield Policy
IDFC First BankHome Insurance Policy
Bank Of IndiaHome Loan Insurance
Canara BankTerm Insurance For Home Loan

Conclusion

SBI Life – RiNn Raksha serves as an essential plan that safeguards your loved ones from financial burdens in case of unforeseen events like death or disability. This comprehensive group credit life insurance covers various types of loans, including home, vehicle, and personal loans.

The plan ensures that you cover the outstanding loan amount, helping protect your family’s future by relieving them from the responsibility of loan repayments. With flexible premium options, coverage for co-borrowers, and tax benefits, this insurance plan offers you both financial security and peace of mind.


Frequently Asked Questions

What types of loans does SBI RiNn Raksha cover?

The plan covers a wide range of loans, including home loans, vehicle loans, education loans, personal loans, and other loans.

Can this plan cover co-borrowers?

Yes, you can cover up to two co-borrowers along with the primary borrower.

What is the difference between the Gold and Platinum options?

Both options cover the outstanding loan balance at the time of death. However, the Platinum option also considers floating interest rate changes, whereas the Gold option is based on the fixed interest rate.

What happens if the borrower commits suicide?

If the borrower commits suicide within 12 months of policy commencement or revival, the insurer will refund 80% of the total premiums paid to your nominee, but will not pay the sum assured.

Can you change the insurance premium rates?

Yes, the insurer can change the premium rates for new members if there is a significant change in risk profile or market experience, with a 30-day notice to the master policyholder.

How long can the loan cover term be?

You can customize the loan cover term according to your needs, but for loans of 15 years or more, you must have coverage for at least two-thirds of the loan term.

Can SBI RiNn Raksha cover an existing loan?

Yes, existing borrowers can also opt for coverage of their outstanding loan under this plan.

What occurs if the loan term ends but you haven’t fully repaid the loan?

The insurance coverage ends when you complete the loan term, even if interest rate fluctuations prevent you from fully repaying the loan.

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