Overview
SBI Life - Gaurav Jeevan is a life insurance plan designed for State Governments, Central Governments, Government Enterprises and their agencies who want to purchase annuity liability plans for compensating the loss, both existing as well as emerging, experienced by the landowners whose lands have been acquired. The SBI Life - Gaurav Jeevan will help you shift your annuity to SBI Life Insurance and protect you from the upcoming shortfalls caused by economic or demographic changes. It is a non-lined and non-participating life insurance plan.
Eligibility Conditions for SBI Life - Gaurav Jeevan Plan
The eligibility conditions for SBI Life - Gaurav Jeevan include:
|
Minimum entry age |
18 years. |
|
Maximum entry age |
85 years |
|
Minimum group size |
50 |
|
Maximum group size |
No limit. |
Key Features of SBI Life - Gaurav Jeevan Plan
The SBI Life - Gaurav Jeevan Plan comes with a number of attractive features. Listed below the key features of SBI Life - Gaurav Jeevan
|
Plan type |
Non-participating and non-linked life insurance plan. |
|
Plan basis |
Group |
|
Annuity payment modes |
Monthly, quarterly, half-yearly and annually. |
|
Annuity options |
Two annuity options are available under this plan:
|
|
Free look period |
Not available. |
|
Annuity terms |
5 to 35 years. |
|
Nomination |
Nomination is accepted under this plan. |
|
Policy coverage |
Death benefits |
Benefits/Advantages of SBI Life - Gaurav Jeevan Plan
The SBI Life - Gaurav Jeevan plan enables you to enjoy the following benefits:
- According to the provision included in the Insurance Act 1938, section (39), the designated nominees will receive death benefits under SBI Life - Gaurav Jeevan plan.
- The SBI Life - Gaurav Jeevan provides immediate annuities to all annuitants or eligible members. Immediate annuity will be paid in advance or arrears for temporary periods.
- The policyholder can enjoy a lot of flexibilities in terms of paying annuity payments. Annuity payments can be made yearly, half-yearly, quarterly and annually. These payments can be made via ECS and Postdated Cheque.
- The policy offers temporary annuity with income protection on death of the policyholder.
- As per the Indian Income Tax Act, 1961, you may get tax benefits on the premiums paid for this policy. However, the tax benefits are subject to change as per changing rules.
How the SBI Life - Gaurav Jeevan Works
Under the SBI Life - Gaurav Jeevan plan, the master Policyholder can choose frequency of payments to be done for the annuitants. These payments can be done on yearly, half-yearly, quarterly and monthly basis. Annuity installments can be paid immediately after the purchase of annuity or at a fixed date as per the options chosen in the plan. The annuity option cannot be changed, once it is selected.
Premium Payment
Listed below are the annuity payments you need to make for an SBI Life - Gaurav Jeevan plan:
|
Maximum amount |
Rs. 100 |
|
Minimum amount |
There is no limit |
Riders
There is no rider available under this plan.
SBI Life Insurance Company, being the joint venture of State Bank of India and BNP Paribas Cardif, offers a lot of attractive life insurance plans customized for your individual and group related requirements.
This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
