SBI Life Grameen Bima Plan Review
SBI Life Grameen Bima Plan Review

SBI Life Grameen Bima Plan Review

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SBI Life Grameen Bima is a specially designed micro-insurance policy for the poor sections of the society. It is designed to provide insurance coverage to the backward classes at a low rate so that they can also enjoy financial security

Life is uncertain for people of all strata of society, and that has a plan for everyone. is a plan to provide security and life cover to those sections of society that are not as developed as those in the city.

This helps the family gain in case of an unfortunate death of the bread winner. The entry age for this is 18 years and a maximum age of 50 years.

Feature of SBI Life Grameen Bhima Plan

Plan Term5 years
Sum assuredMinimum: Rs. 10,000
PremiumsMinimum:Rs.300;Maximum:Rs.2000 Premium will be in multiples of Rs. 100
Premium payment frequency/modeSingle
Coverage and benefits

1.Death Benefit: In the event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
2.Maturity Benefit: There are no maturity benefit offered under this plan. Customers can choose their premium and do not have to undergo any medical examination since declarations in the proposal form would suffice
Surrender period/valueSurrender is allowed from the second year onwards. The surrender value = single premium x 50% x unexpired policy term.
Free-look periodIf customers are not satisfied, policy can be returned within 15 days of receiving the contract. Premiums will be refunded after stamp duty and medical examination charges are deducted.
Feature of SBI Life Grameen Bhima Plan

Benefits

  • The nominee gets the Sum Assured on death of the policyholder.
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Documents

Policyholder has to fill up an Application form with correct medical history.

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