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