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 Term | 5 years |
| Sum assured | Minimum: Rs. 10,000 |
| Premiums | Minimum:Rs.300;Maximum:Rs.2000 Premium will be in multiples of Rs. 100 |
| Premium payment frequency/mode | Single |
| 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/value | Surrender is allowed from the second year onwards. The surrender value = single premium x 50% x unexpired policy term. |
| Free-look period | If 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. |
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.
