Micro Term Assurance Plan | SBI Life Grameen Super Suraksha
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SBI Life - Grameen Super Suraksha

UIN: 111N039V04

Micro Term Assurance - SBI Life Grameen Super Suraksha

A group micro term assurance plan.

  • Affordable premiums
  • Choice of cover amount and premium payment frequency
  • Easy enrolment process
A Group Non-Linked, Non-Participating, Pure Risk Premium, Micro Life Insurance Product

Are you keen to provide your group members the protection of life insurance at an affordable premium?

With SBI Life – Grameen Super Suraksha, you can now provide insurance coverage to your group members at affordable premiums. This plan enables your group members to secure their family’s financial needs in case of an eventuality.

The SBI Life – Grameen Super Suraksha plan offers –
  • Security – cover your members and safeguard their families in case of an eventuality
  • Flexibility – to choose premium payment option
  • Simplicity – through an easy joining process
  • Affordability – with reasonable premiums

Give your group members the gift of security.

Highlights

SBI Life Grameen Super Suraksha

Group pure term micro insurance, non-linked, non-participating plan

 

Features

 

  • Term insurance for your group members
  • Option of single or regular yearly premium payment mode
  • No medical examination required
  • Term cover of
    • 3 months to 60 months for Single Premium Policies (in multiple of 1 month)
    • 2 years to 5 years for Regular Premium Policies (in multiples of 1 year)
 

 

Advantages

 

Security

  • Safeguard the financial needs of your group members’ families in case of an eventuality

Flexibility

  • Option to choose the sum assured you wish to offer to your members
  • Choice of premium payment between Single Premium or yearly Premium.

Simplicity

  • No medical examination required, acceptance is based on satisfactory health declarations

Affordability

  • Plan benefits at nominal premiums

Avail Tax Benefits*

Death benefits:


In the event of death of the life assured during the policy term, Sum Assured as chosen will be payable, provided the policy is in-force .

Maturity benefits:


Since this is pure risk premium 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 only for an in-force policy, after completion of 12 months. The surrender value will be payable in case of single premium policies issued with policy term of 13 months or more.

  • Grace Period

    For regular premium policies, a grace period of 30 days from the premium due date will be allowed.

  • Revival

    In case of a regular premium payment mode , the Group member has the option to revive member’s life cover before the expiry of policy term, subject to board approved underwriting policy and with interest, as applicable.

  • Free look Period

    In case the Group Member (in case of voluntary schemes)/ Master Policy Holder is not satisfied with the terms and conditions of the Certificate of Insurance/Master policy, and wish to cancel the contract, he/she can do so by returning the policy to the company along with a letter stating reasons for cancellation within 15 days of receipt of Certificate of Insurance/ Master Policy for policies sourced through any channel mode other than Distance Marketing and electronic policies and 30 days from the date of receipt of Certificate of Insurance/ Master Policy for policies sourced through Distance Marketing and electronic policies. Premium paid will be refunded after deducting expenses incurred by the insurer on medical examination, if any, stamp duty cost and applicable taxes, if any. The proportionate risk premium for the period of cover will also be deducted in respect of the members.

  • Loan Facility

    No loan facility is available under this plan.

  • Exclusions

    Suicide Claim Provisions

    If the insured group member commits suicide,  within 12 months from the date of commencement/revival of risk under the member policy  death benefits for the deceased group member shall not be payable. In such an event, 80% of the total premiums paid (net of applicable taxes) till the date of death or the surrender value available as on the date of death (if any), whichever is higher, under the policy for the member shall be refunded to the nominee or beneficiary of the member, provided the member policy is in-force.

For more details on risk factors, terms and conditions of SBI Life – Grameen Super Suraksha, read the following documents carefully.

** All references to age are age as on last birthday
^Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped at Rs. 2,00,000 per life(group member).

96.ver.01-02-20 WEB ENG

*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. Please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

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1800 267 9090(Available from 9:00 am to 9:00 pm everyday)

E-mail us at

info@sbilife.co.in