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Home > Protection Plans > SBI Life - Grameen Bima

SBI Life - Grameen Bima
(UIN : 111N087V01)

(Product Code : 1F)
 Brochure | Policy Document | Customized Benefit Illustrator | Email
 
Introduction
Key Features
Eligibility
Benefits
 
 
Introduction :
The objective of this product is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unforeseen event.

SBI Life - Grameen Bima is an individual, pure term, micro-insurance plan for the socially deprived and economically vulnerable segments of the population.
 
 
Key Highlights :
Choose your premium, correspondingly your life insurance cover will be determined.
Prompt Processing & Enrolment
 
No medical examination, acceptance would be based on satisfactory health declarations in the proposal form
  Registration based on a simple form
 

Eligibility

 
Age* at entry
Minimum: 18 years  Maximum: 50 years
Policy Term 5 years
Total Premium Amount
Minimum: Rs. 300** Maximum: Rs. 2000**
Premium amounts will be in multiples of Rs. 100
Premium Frequency Single
Sum Assured
Minimum: Rs. 10,000 Maximum: Rs. 50,000^
Age Band Sum Assured
18 - 39 60 times Total premium paid
40 - 44 40 times Total premium paid
45 - 50 25 times Total premium paid
* All references to age are age as on last birthday

**Total Premium Amounts are inclusive of 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 from time to time as per the provisions of the prevalent tax laws,

^Aggregate Sum Assured under this plan will be capped at Rs. 50,000 for each life.
 
 
Benefits under the plan:
Death Benefit
 
In the unfortunate event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
 
Maturity Benefit
  There is no maturity benefit under this plan.
 
Surrender Benefit
  Surrender is allowed from 2nd year onwards.
  No surrender benefit is payable in the last year of the policy.
   
  The surrender value paid will be:
  Single Premium (exclusive of service tax) x 50% x Unexpired policy term / Total Term
1 Term is measured in completed months.
2 Unexpired term would be the total policy term in months less the completed number of months as on date of surrender.
     
Tax Benefits
Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details
     
For more details on risk factors, terms and conditions please read sales brochure carefully before conducting a sale.
1F.ver.02-06/15 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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CIN: U99999MH2000PLC129113
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