SBI Life Insurance Grameen Bima Plan


Introduction

:The objective of SBI Life Insurance Grameen Bima Plan is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unforeseen event.

SBI Life – Grameen Bima is an individual, pure term, micro-insurance plan for the socially deprived and economically vulnerable segments of the population.


Key Highlights :

Choose your premium, correspondingly your life insurance cover will be determined.
Prompt Processing & Enrolment
No medical examination required
Registration based on a simple form

Eligibility

 

Age* at entry
Minimum: 18 years Maximum: 50 years
Policy Term 5 years
Premium Amount
Minimum: Rs. 300** Maximum: Rs. 2000**
Premium amounts will be in multiples of Rs. 100
Premium Frequency Single
Sum Assured
Minimum: Rs. 10,000 Maximum: Rs. 50,000
Age Band Sum Assured
18 – 39 60 times Single premium paid
40 – 44 40 times Single premium paid
45 – 50 25 times Single premium paid
* All references to age are age as on last birthday**Premium amounts are inclusive of applicable taxes and will not be charged separately.

Benefits under the plan:



Death Benefit
In the unfortunate event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
Maturity Benefit
There is no maturity benefit under this plan.
Surrender Benefit
Surrender is allowed from 2nd year onwards.
No surrender benefit is payable in the last year of the policy.
Tax Benefits
Alongside other features, this product also offers you the following tax benefits:
u/s 80C of the Income Tax Act 1961 on your base premium.
u/s 10 (10D) of the Income Tax Act 1961 on the death proceeds.
For more details on risk factors, terms and conditions please read sales brochure carefully before conducting a sale. Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

 

Brochure

Download (PDF, 272KB)

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