Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Policy typeGroup, non-linked, non-participating, pure-risk micro life-insurance productView source
The official page identifies Group Micro Shield - as a group micro life product for socially and economically vulnerable groups.
- Source
- Life Group Micro Shield -
- Page / section
- Product overview
- Accessed
- 23 Aug 2026
- Confidence
- high
UIN and product codeUIN 111N137V02; product code 3AView source
The official page publishes 111N137V02 and product code 3A.
- Source
- Life Group Micro Shield -
- Page / section
- Product overview
- Accessed
- 23 Aug 2026
- Confidence
- high
Eligible groupsEmployer-employee groups, microfinance institutions, self-help groups, banks and financial institutions, NGOs and affinity groupsView source
The official overview lists the eligible group types.
- Source
- Life Group Micro Shield -
- Page / section
- Product overview
- Accessed
- 23 Aug 2026
- Confidence
- high
InsurerSBI Life Insurance Company LimitedView source
Life's official catalogue lists these individual and group products under Life Insurance Company Limited.
- Source
- Life online plans and group insurance catalogue
- Page / section
- Life plan catalogue
- Accessed
- 23 Aug 2026
- Confidence
- high
Entry age14 years for education-loan cases and 18 years for all other cases, up to 79 years; maximum maturity age is 80 years.View source
The official table states minimum entry age 14 years for education-loan cases and 18 years for all other cases, maximum entry age 79 years, and maximum maturity age 80 years.
- Source
- Life Group Micro Shield -
- Page / section
- Who Can Buy — Eligibility Criteria
- Accessed
- 28 Aug 2026
- Confidence
- high
Basic sum assured₹5,000 to ₹2,00,000 per member; the aggregate sum assured across SBI Life group micro-insurance products is capped at ₹2,00,000 per group member.View source
The official table publishes Basic Sum Assured of ₹5,000 minimum and ₹2,00,000 maximum, with the aggregate cap noted for all Life group micro-insurance products.
- Source
- Life Group Micro Shield -
- Page / section
- Who Can Buy — Eligibility Criteria
- Accessed
- 28 Aug 2026
- Confidence
- high
PremiumSingle premium per member is set according to the selected sum assured; applicable taxes and statutory levies are extra.View source
The official table states premium per member is as per the minimum or maximum sum assured, exclusive of applicable taxes, and lists single premium payment.
- Source
- Life Group Micro Shield -
- Page / section
- Who Can Buy — premium per member and payment term
- Accessed
- 28 Aug 2026
- Confidence
- high
Policy term1 to 120 months, in one-month increments at member level; for lender-borrower cover, it cannot exceed the outstanding loan term at policy inception.View source
The official page states that the single-premium policy term is 1 to 120 months inclusive, in one-month multiples, and is limited by the outstanding loan term for credit-linked relationships.
- Source
- Life Group Micro Shield -
- Page / section
- Who Can Buy — Policy Term
- Accessed
- 28 Aug 2026
- Confidence
- high
Waiting periodNo separate waiting period is stated in the current policy document. Cover begins on the Cover Start Date after the single premium is received; the separate suicide claim provision applies for death within 12 months.View source
The policy states that eligibility benefits commence on the Cover Start Date after premium receipt and does not state a general waiting-period duration.
- Source
- Life Group Micro Shield - Master Policy Document ( 111N137V02)
- Page / section
- Pages 1–3 customer information sheet; page 17, clauses 3.3 and 4.1
- Accessed
- 29 Aug 2026
- Confidence
- high
Key exclusionsIf an insured member dies by suicide within 12 months from the Cover Start Date, the death benefit is not payable; the claimant receives the higher of 80% of total premiums paid (excluding extra premium and taxes) or the surrender value, provided cover is in force.View source
The customer information sheet and clause 12.3 publish the 12-month suicide provision and the higher-of-80%-premium-or-surrender-value payment.
- Source
- Life Group Micro Shield - Master Policy Document ( 111N137V02)
- Page / section
- Pages 1–2 customer information sheet, item 6; page 22, clause 12.3
- Accessed
- 29 Aug 2026
- Confidence
- high
Grace periodNot applicable under this single-premium Master Policy.View source
The policy expressly states that grace period is not applicable.
- Source
- Life Group Micro Shield - Master Policy Document ( 111N137V02)
- Page / section
- Page 2 customer information sheet, item 7; page 18, clause 5.1
- Accessed
- 29 Aug 2026
- Confidence
- high
Free-look period30 days from receipt of the Master Policy Document or Certificate of Insurance; written cancellation is required and refund is subject to the stated deductions when no claim has been made.View source
The policy publishes a 30-day free-look period and its refund deductions.
- Source
- Life Group Micro Shield - Master Policy Document ( 111N137V02)
- Page / section
- Pages 2–3 customer information sheet; pages 6–7 free-look option
- Accessed
- 29 Aug 2026
- Confidence
- high
SurrenderThe Master Policy may be surrendered during the policy term; the surrender value is calculated from 70% of the single premium, pro-rated for unexpired term and, for reducing cover, adjusted by outstanding versus initial loan amount.View source
Clauses 8.1.4.1–8.1.4.3 publish the 70% single-premium surrender formula for level and reducing cover.
- Source
- Life Group Micro Shield - Master Policy Document ( 111N137V02)
- Page / section
- Pages 18–20, clauses 8.1 and 10.3
- Accessed
- 29 Aug 2026
- Confidence
- high
Policy chargesNo charges apply under this non-linked Master Policy; applicable taxes, statutory levies, stamp duty and stated expenses remain payable where applicable.View source
Clause 13.1 states that, being a non-linked insurance product, there are no charges under the Master Policy.
- Source
- Life Group Micro Shield - Master Policy Document ( 111N137V02)
- Page / section
- Page 23, clause 13.1
- Accessed
- 29 Aug 2026
- Confidence
- high
Geographic limitsEmployer-employee groups, microfinance institutions, self-help groups, banks and financial institutions, NGOs and affinity groupsView source
The manually reviewed product record states: “Employer-employee groups, microfinance institutions, self-help groups, banks and financial institutions, NGOs and affinity groups”.
- Source
- Life Group Micro Shield - — official product page
- Page / section
- Published product metadata
- Accessed
- 23 Aug 2026
- Confidence
- high
Benefits and features
- Affordable group micro cover
- Community and institutional eligibility
- Straightforward enrolment
Eligibility
- Master policyholder enrols eligible members from listed group types
Passing a listed condition does not mean the bank will approve an application.
Related official documents
SBI Life Group Micro Shield - SP — official product pageofficial-product-page · current · accessed 28 Aug 2026
↗SBI Life Group Micro Shield - SP Master Policy Document (UIN 111N137V02)official-policy-document · current · accessed 29 Aug 2026
↗SBI Life Group Micro Shield - SP — official product pageofficial-product-page · current · accessed 29 Aug 2026
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