SBI Life - Grameen Bima

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 plan simple, hassle-free, affordable, and a non-participating term plan for life insurance. 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.

Key features of SBI Life Grameen Bima plan are:

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
  • Death Benefit: In the event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
  • 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.

Eligibility criteria: 

  • Minimum Age at Entry: 18 years
  • Maximum Age at Entry: 50 years

An example: 

Mr. Maakan Singh, aged 35 years has decided to take up this policy to secure the future of his wife and 2 children. He makes his wife the nominee for this policy. After paying a premium of Rs. 2,000, Mr. Singh dies in the 4th year of the policy in an unfortunate circumstance. His wife will now receive an amount of Rs. 1,20,000. Since he is in the age bracket of 18-39 the sum assured will be 60 times the premium he paid.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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