SBI Life Grameen Bima

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Introduction/Overview

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 the backward classes at a low rate so that they can also enjoy financial security

Key Features

  • It is a pure term insurance plan with single premium payment option
  • The premium amount is chosen by the policyholder based on which the Sum Assured is determined
  • No medical check-ups required

Benefits

  • The nominee gets the Sum Assured on death of the policyholder.
  • 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.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

50 years

Maturity Age (Last Birthday)

-

65 years

Policy Term (PT) in years

5

Premium Paying Term (PPT) in years

Single Pay

Yearly Premium

300

2000

Sum Assured

10,000

50,000

Policy Details

Grace Period: grace period is not applicable

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy form the second year onwards. Surrender value = 50% of single premium * unexpired term / total term

Free Look Period: If you would not be 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.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history.