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Home > Group Micro Insurance Plans > SBI Life - Grameen Super Suraksha

SBI Life - Grameen Super Suraksha
(UIN : 111N039V02)

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Introduction
Key Features
Benefits
 

Introduction:
 
The purpose of this product is to provide insurance cover at affordable cost to economically weaker sections of society, such as group of individuals funded by Micro Finance Institutions or NGOs or individuals availing credit facilities from Bank/ Financial Institutions.

SBI Life - Grameen Super Suraksha is a group term assurance plan for rural people as well as for the economically vulnerable sections of the society who seek life insurance protection without maturity benefit.
 

Key Features:

 
Option to choose cover amount: You can choose the Sum Assured you want to offer to your members.
 
Life cover at affordable cost

Eligibility & Features
 
Age at entry* Minimum: 18 years
Maximum: 50 years
Policy Term 5 years
Sum Assured^ Minimum: Rs. 5,000
Maximum: Rs. 50,000
Premium Frequency Single or Annual
Premium Amount** Premium
Mode
Minimum Premium Maximum Premium
Single Pay Rs. 102.50/- Rs. 2,500/-
Regular Pay Rs. 22.50/- Rs. 575/-
* All references to age are age as on last birthday
**Premium amounts are exclusive of applicable taxes.
^Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped at Rs. 50,000 per life.
 
 
Benefits:
 
Death benefits:
In the event of death of the life assured during the policy term, Sum Assured as chosen will be payable.
 
Maturity benefits
Since this is pure term assurance product, no maturity benefit is payable under this plan.

Other Information
 
Surrender
Surrender benefit will be paid on the request of either the master policy holder or the individual insured member. The surrender value will be payable in case of a single pay policy only.
 
Grace Period
For regular pay policies, a grace period of 30 days from the premium due date will be allowed.
 
Revival
In case of a regular pay policy, the member has the option to revive 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 document.
 
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 date of revival of the insurance cover, insurance benefits for the deceased group member shall not be payable. In such an event, 80% of the premiums paid (net of taxes) under the policy for the member 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. In such an event, 80% of the premiums paid till the date of death in respect of the deceased member shall be refunded.
 
For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
 
96.ver.05-05/15 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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