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

UIN: 111N039V03

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

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 annual premium payment
  • No medical examination required
  • Term cover of five years at reasonable premiums

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 Annual Premium

Simplicity

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

Affordability

  • Plan benefits at nominal premiums

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


    In case the Group Member (in case of voluntary schemes)/ Master Policy Holder is not satisfied with the terms and conditions of the 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. Premium paid will be refunded after deducting stamp duty cost incurred in respect of the members.
  • 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.

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
**Premium amounts are exclusive of applicable taxes.
^Aggregate Sum Assured for all SBI Life Group Micro Insurance products will be capped at 2,00,000 per life.

96.ver.01-09/17 WEB ENG

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

*Tax Benefits:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You are eligible for Income Tax benefits/exemptions 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 here. Please consult your tax advisor for details.

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