SBI Life Grameen Bima Review

SBI Life Grameen Bima provides life cover and the main objective of this product if focused on the society and its deprived sections. It is to help them tide at tough times even in unforeseen events. This is a pure term, an individual, micro-insurance plan for the economically weak population segments and also for the socially deprived class.

 Main Highlights:

  • Choosing your premium through Sbi life is enough such that your life insurance cover gets determined.
  • Prompt Enrolment & Processing
  • Health declarations found satisfactory in the proposal form is accepted and no need of medical examination
  • Simple registration.
  • The advantage of doing Sbi  life online payment.

Eligibility

Minimum age is 18 yrs and maximum is 50 yrs for this Sbi policy.

Premium minimum amount is Rs.300 and the term of the policy is 5 yrs.

Sum Assured is Rs. 10,000 minimum and Rs.50, 000^ as maximum.

Age Band        Sum Assured

18 – 39 60 x premium paid total

40 – 44 40 x premium paid total

45 – 50 25 x premium paid total

Have you checked thisReview of SBI Life Insurance Plans- An Insight

Documents required

  • Identity Proof
  • PAN number
  • Address proof
  • Income proof
  • Age proof

SBI Life Grameen Bima Benefits

  • Death Benefit: In case of unfortunate death events during the policy term of the life assured, the nominee is sure to receive the assured sum.
  • Maturity Benefit: No maturity benefit.
  • Surrender Benefit: After 2nd year surrender is allowed. In the last year, surrender benefit is not payable. The surrender value is paid as single premium x 50% x policy term unexpired/ total term. This term is taken into account as completed months.
  • Grace period: 30 days grace period is allowed from the premium date
  • Paid up value: If the insured member fails to pay in the grace period, she or he will yet remain covered for a maturity benefit. The paid up value will be the premiums of the first two years if it is fully paid.
  • Tax Benefits: Income tax benefits as per the tax laws.

 Other Important Information

  • Revival: The policy- holder can revive the life cover of the member within 2 years from the unpaid premium due date.
  • Free Look Period: The policy- holder can review the insurance contract for 15 days. In case, he or she is not satisfied, they can return the insurance certificate in 15 days time from the receipt date of the policy document.
  • Loan Facility: This is not available.
  • Exclusions: It includes suicide where 80% higher premiums paid are done till the date of date implies the surrender value is refunded. In case, the death of the insured is within 45 days from the revival or commencement date and if it for any other reason that the death takes place but for an accident means no insurance benefit is payable.
  • Nomination: Nomination is compulsory as per Insurance act, 1938. Policy Assignment shall be allowed as per insurance act, section 38.

 Documents to be submitted to claim

  • Policy document
  • Death certificate
  • Claim form duly filled

So go for SBI Life Grameen Bima individual  micro-insurance plan if you are from economically weak population segments.

 

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