Protecting your family is important when you are not around. SBI Life – Grameen Bima is a pure term, a micro-insurance plan that helps you provide financial security for your family at reasonable costs in your absence. This plan major targeting the Grameen section of our society and hence provides benefit in favor of them. This plan is specially designed to provide the backward section of society the financial protection they need.
Benefit
Death benefit
In the event of unfortunate demise of the policyholder then the nominee will be entitled to receive the Sum Assured stated by the SBI when opting for the policy.
Eligibility
| Age limit | Minimum: 18 years | Maximum:50 years |
| Maturity age | 5 years | |
| Total premium amounts | Minimum: 300** | Maximum:2,000** |
| Premium frequency | Single | |
| Sun assured | Minimum: 10,000 | Maximum:50,000^ |
| Age band | Sum assured | |
| 18-3940-4445-50 | 60 times of total premium paid
40 times of total premium paid25 times of total premium paid |
|
Surrender value
Surrender is allowed after the completion of 2 years. The surrender value paid will be equal to the single premium paid X 50% of unexpired policy term/ total term.
Tax
This plan offers the Income tax benefit or exception under the income tax law section 10D
Free lookup period
If you disagree or dislike this policy then you have an option to return the policy within the stated time frame of 15-30 days depending on the policy terms and condition you agreed upon. Full amount paid after deducting the documentation fee will be paid. paid
