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  • SBI Life - Grameen Super Suraksha

    SBI Life

    Overview

    SBI Life Grameen Super Suraksha is a group term assurance plan for rural people. It also provides insurance cover at affordable cost to the weaker sections of the society. The groups funded by Micro Finance Institutions or NGOs are benefited with this policy. The group can choose the cover amount that they require.

    Eligibility Conditions of SBI Life Grameen Super Suraksha

    Size of group

    Minimum - 50 members

    Entry Age

    Minimum – 18 years

    Maximum – 50 years

    Policy term

    5 years

    Key Features of SBI Life Grameen Super Suraksha

    Type

    A group pure term micro insurance, non-linked, non-participating plan.

    Basis

    Group

    Coverage

    • 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: Not payable.
    • Surrender Benefit: It is available for single premium payment mode. The surrender value is payable for a policy that has been in force.

    Sum assured

    Minimum – Rs.5,000

    Maximum – Rs.50,000

    Premium amount

    Single Pay:

    Minimum:Rs.102.50

    Maximum: Rs.2,500

    Regular Pay:

    Minimum: Rs.22.50

    Maximum: Rs.575

    Premium paying frequency

    Single or Annual

    Revival

    The member can revive life cover within 2 years from the first unpaid premium date.

    Riders

    Not available.

    Bonuses

    No bonus offered.

    Surrender Value

    The surrender value is 50 percent of the single premium paid multiplied by the ratio of the unexpired term by the total term.

    Loan

    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

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

    Exclusion

    • If the insured dies within 45 days from the date of commencement of the cover, then no benefit will be paid. The nominee will get a refund of 80% of the premiums paid till the date of death.
    • If a member commits suicide within a year from commencement of cover, death benefit will not be paid. 80% of the premiums paid till the date of death will be refunded to the nominee.

    Termination

    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 Super Suraksha

    The advantages of SBI Life Grameen Super Suraksha 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 can avail tax benefits or exemptions as per the applicable tax laws in India.
    • You have the option to choose the cover amount.
    • The policy is available at an affordable cost.

    How the Plan Works

    You can choose the sum assured ranging from Rs.5,000 to Rs.50,000. The policy can be taken for a maximum of 5 years and premium can be paid either through a single premium payment mode or through regular pay.

    If you are 30 years old and have taken the best SBI Life Grameen Super Suraksha policy for Rs.5,000. If you choose a yearly premium, then you have to pay Rs.22.50 and if you choose a single premium mode, then you will have to pay Rs.102.50.

    Premium Payment and Riders

    You can pay the premium annually or single pay. The minimum premium amount for single pay is Rs.102.50 and the maximum premium amount payable is Rs.2,500. The minimum premium amount for regular pay is Rs.22.50 and the maximum premium amount payable is Rs.575. If you miss the premium payment, you get 30 days grace period.

    There are no riders available with this policy.

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