SBI Life - Grameen Super Suraksha

Type

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

Basis

Group

Coverage

1. 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.

1. Maturity Benefit: Not payable.
2. 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

1. 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.
2. 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:

1. The insured member dies.
2. The cover with respect to the insured member expires.
3. The grace period expires.
4. When the policy is surrendered.
5. When the premium is refunded during the free-look period.

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

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