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  • SBI Life - Grameen Shakti

    SBI Life


    SBI Life Grameen Shakti is designed to empower the members of the weaker section of the society. This policy is meant for Micro Financial Institutions or NGO’s to avail loan from banks or financial institutions. This policy allows you to choose the sum assured that you want. On the maturity, you get a refund of 50% of the premiums paid as well.

    Eligibility Conditions of SBI Life Grameen Shakti

    Size of group

    Minimum - 50 members

    Entry Age

    Minimum – 18 years

    Maximum – 50 years

    Policy term

    5 years

    Key Features of SBI Life Grameen Shakti


    A non-linked, non-participating, group product.




    • Death Benefit: In the event a member dies during the policy term, his nominee will receive the sum assured.

      If all the premiums have not been paid, then the unpaid premium will be deducted and the rest of the sum assured will be paid to the nominee. If the insured dies towards the end of the grace period, then the paid up sum assured is paid to the nominee. Maximum benefit payable under this policy is Rs.50,000.

    • Maturity Benefit: On the date of the maturity of the policy, if the member survives, then 50 percent of the premiums paid will be refunded.

    • Surrender Benefit: This is paid if the master policyholder requests for a surrender provided all the premiums have been paid.

    Year of surrender

    Percentage of premiums paid









    Sum assured

    Minimum – Rs.10,000

    Maximum – Rs.50,000

    Premium amount

    Minimum: Rs.85 per month

    Maximum: Rs.925 per month

    Premium paying frequency



    Either the member or the master policyholder can revive life cover within 2 years from the first unpaid premium date.


    Not available.


    No bonus offered.

    Surrender Value

    The surrender value is payable if minimum 2 years premiums have been paid.


    Not available.

    Free look period

    The plan has a 15 days free look period from the date of receipt of the policy document.

    Grace period

    The policyholder will get 30 days grace period from the premium due date.

    Tax benefits

    Tax benefits are as applicable by law.


    Nomination is made compulsory with the provision of Section 39 of the Insurance Act 1938.


    Suicide exclusion is applicable. If the insured commits suicide within 1 year of the policy commencement or revival, the insurance benefit will not be payable. Higher of 80% of the premiums paid or the surrender value will be refunded.

    If the insured dies within 45 days from the date of commencement of the policy or revival due to causes other than accident, the insurance benefit is not payable.


    The policy will be terminated with respect to the member when:

    • The insured member dies.
    • The cover with respect to the insured member expires.
    • The grace period expires.
    • When the policy is surrendered.
    • When the premium is refunded during the free-look period.

    The policy will be terminated with respect to the master policyholder when:

    • The premium is refunded in the free-look period.
    • The policy is surrendered.
    • The last insured member exists the scheme.

    Advantages of SBI Life Grameen Shakti

    The advantages of SBI Life Grameen Shakti are:

    • You get Death Benefit on death of a member, the nominee will receive the sum assured.
    • You get Surrender Benefit is paid provided all the premiums have been paid.
    • You also get the maturity benefit if the member survives the policy term. 50% of the premiums paid will be refunded.
    • You can avail tax benefits or exemptions as per the applicable tax laws in India.

    How the Plan Works

    You can choose the sum assured ranging from Rs.10,000 to Rs.50,000. The policy can be taken for a maximum of 5 years and the minimum premium payable is Rs.85 per month and the maximum amount is Rs.925 per month. You will receive the sum assured in case of death or on maturity.

    If Mr. John who is aged 30 years takes a policy for sum assured Rs.15,000 for 5 years, then his yearly premium payable is Rs.128. On the date of maturity, he will get 50% of the sum, i.e. 50% * (Rs.128*5) which is Rs.320. In the event he dies, then his nominee will receive Rs.15,000.

    Premium Payment and Riders

    You can pay the premium annually. The minimum premium amount per month is Rs.85 and the maximum premium amount payable per month is Rs.925. If you miss the premium payment, you get 30 days grace period. SBI life insurance offer you online payment method.

    There are no riders available with this policy.

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