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Home > Group Micro Insurance Plans > SBI Life - Grameen Shakti

SBI Life - Grameen Shakti
(UIN : 111N038V02)

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Introduction
Key Highlights
Benefits Available
 
 
Introduction:
 
The purpose of this product is to provide life insurance protection to the weaker sections of the society, like people who are funded by Micro Financial Institutions or NGO’s or avail loan from Bank/ Financial Institutions through SHG.

This product has been specially designed taking into consideration the insurance needs of such sections of the society.
 
 
Key Highlights:

 
Flexibility of Cover Amount: You can choose the Sum Assured you want to offer to your members.
 
Refund of premium at maturity


Eligibility & Features:
Age at entry* Minimum: 18 years
Maximum: 50 years
Policy Term 5 years
Sum Assured^ Minimum: Rs. 10,000
Maximum: Rs. 50,000
(in multiples of Rs. 5,000)
Premium Amount** Minimum: Rs. 85/- per member
Maximum: Rs. 925/- per member
Premium Frequency Annual
* All references to age are age as on last birthday
**Premium amounts are exclusive of applicable taxes. Taxes include Service Tax/ Cess/GST (currently only in case of J&K residents) and/or any other statutory levy/duty/surcharge on your premiums, as notified by the Central and/or State Government will be applicable from time to time as per the provisions of the prevalent tax laws.
^Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped at Rs. 50,000 per life
 
 
Benefits Available:

 
Death Benefit:
In the event of death of the life assured during the policy term, Sum Assured as chosen will be payable.
 
Maturity Benefit:
On life assured’s survival till the end of the policy term, 50% of the premiums paid (excluding applicable taxes) will be refunded.
 
 Other Information
 
Surrender
Surrender benefit will be paid on the request of either the master policy holder (if the premium has been paid by the master policy holder) or the individual insured member. The surrender value will be payable if at least 2 years’ premiums have been paid.
 
Grace Period
A grace period of 30 days from the premium due date will be allowed.
 
Paid up value
In case the insured member is unable to pay the premium within grace period, he/ she will still remain covered but for a reduced death/ maturity benefit. The insurance cover will acquire paid up value only if the first two years’ premiums have fully been paid.
 
Revival
The member or the master policy holder has the option to revive member’s life cover within a period of 2 years from the first unpaid premium due date.
 
Free Look Period
The master policy holder or the insured group member (in case of voluntary scheme) has 15 days to review the terms and conditions of the insurance contract. In case the group member or the master policy holder is not satisfied with the terms and conditions of the contract, he/ she may return the certificate of insurance/ policy document with 15 days from the date of receipt of the same.
 
Loan Facility
No loan facility is available under this plan.
 
Exclusions
  Suicide
   
If the insured group member commits suicide, whether sane or insane, within one year from the date of commencement of risk or revival of cover, insurance benefits for the group member shall not be payable. In such an event, higher of 80% of the premiums paid under the policy for the member, till the date of death, or surrender value shall be refunded.
 
  Waiting Period
   
In the event of death of the insured member within 45 days from the date of commencement of risk or date of revival , due to any cause other than accident, no insurance benefit will be payable.
95.ver.04-12/16 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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IRDAI Registration no. 111 issued on 29th March 2001.
Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license.
Registered & Corporate Office: SBI Life Insurance Co. Ltd, Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069.
CIN: U99999MH2000PLC129113
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