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SBI Life Grameen Bima is a specially designed micro-insurance policy for the poor sections of the society. It is designed to provide insurance coverage to people with low income at an affordable one-time premium that will ensure the security of their loved ones for the long term. Let us see the key features and benefits of the SBI life grameen bima plan.
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Protection at affordable rates: Choose the low premium you can pay as per your life cover will be decided on the basis of premium.
Single premium option: It is a pure term insurance plan with a single premium payment option. This means that this plan gives you the option to pay only one time.
Fast processing: No medical check-ups are required. You can avail of the plan by just submitting your health proposal form
Easy enrolment: You can easily enrol in the plan by submitting a questionnaire
Term Plans
Death Benefits:
In case of the policyholder’s death during the policy term, the nominee will receive a death benefit higher of the following:
Base sum assured, or
1.25 times the single premium
Maturity Benefits:
There is no maturity benefit available under the SBI life grameen bima plan.
Tax Benefits:
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
| Minimum | Maximum | |
| Entry Age (Last Birthday) | 18 years | 50 years |
| Policy Term (PT) in years | 5 years | |
| Premium Paying Term (PPT) in years | Single Pay | |
| Single Premium Amount | Rs. 300 | Rs. 2000 |
| Base Sum Assured | Rs. 10,000 | Rs. 50,000 |
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Grace Period: Grace period is not applicable in this SBI Life insurance plan.
Policy Loan: The policy does not provide any loan facility.
Surrender Benefit: Policyholders can surrender the policy from the second year onwards. Also, no surrender benefit will be paid in the last policy year.
Surrender value = 50% * single premium (excluding taxes) * unexpired term / total term
Free Look Period: If you are not pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
In case the policyholder commits suicide within the first policy year, the nominee will receive 80% of the paid premium amount, and the policy will terminate.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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