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SBI Life Grameen Bima Plan- Secure your Family’s Future with Affordability

Updated on April 16, 2021 , 81 views

With the ever-rising cost of living and medical expenses, it becomes quite difficult to keep up with the budget. Overspending or emergencies drain out the money from savings and other funds. In such scenarios, along with you, the entire family undergoes financial struggle. And no one wants the family to be affected.

SBI Life Grameen Bima

To help you get rid of all your worries regarding the financial requirement for your family’s comfortable and secure future, SBI Life Insurance brings SBI Grameen Bima Plan. This is a term plan available at a very reasonable cost and you will gain the benefit of being entitled to life cover with a single premium payment.

SBI Life Grameen Bima

SBI Life Grameen Bima is a Non-linked Individual, Non-Linked, Non-Participating, Microinsurance Life insurance Pure Risk Premium Product. It aims at helping you provide all-around security to your family at affordable premiums.

1. Security

The SBI Grameen Bima Plan offers complete security for your family’s financial future.

2. Simple Process

The application process for the policy is extremely simple and not time-consuming. There is no requirement to even conduct a medical examination.

3. Affordable

This SBI Life Term Plan offers benefits for affordable premiums. You can choose the premium range in multiples of Rs. 100.

4. Life Cover

The plan comes with a life cover option with just a one-time premium payment.

5. Death Benefit

In case of death of the insured during the policy term, the heir will be immediately given the assured lump sum. The sum assured would be higher of the basic sum assured or 1.25 times of Single Premium.

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6. Tax Benefits

You are eligible for tax benefits with this plan as per the applicable income tax laws in India which are subject to change.

7. Surrender Benefit

You are allowed to surrender after the first year of cover and before the last year of cover with SBI Life Insurance. The surrender value paid will be as follows:

Single Premium Paid (exclusive of applicable Taxes)50%Unexpired term/total term.

Please note that term is measured in completed months. The unexpired term means the total policy term in months minus the completed number of months as on the date of surrender.

Eligibility Criteria

The eligibility criteria are mentioned below. Check out the basic sum assured.

Details Description
Entry Age Minimum- 18 Years, Maximum- 50 Years
Policy Term 5 Years
Premium Payment Term One-time Payment at Policy Inception
Single Premium Amount Minimum- Rs. 300 and Maximum- Rs. 2000 (Premium amount will be in multiples of Rs. 100)
Premium Frequency Single Premium
Basic Sum Assured Minimum- Rs. 10,000 and Maximum- Rs. 50,000. (The Basic Sum Assured is 60 times of Single Premium Paid, 40 times of Single Premium Paid and 25 times of Single Premium Paid)
Age Band 18-39, 40-44, 45-50

Why Should You Choose SBI Grameen Bima Plan?

SBI Life Insurance is one of the top-most providers of insurance in India. There are three reasons you should choose this plan. They are mentioned below:

1. Settlement Ratio

One of the main reasons to choose this SBI Life Insurance plan is the high-claim settlement ratio it has. The company offers a claim settlement ratio of over 96%. It is a display of transparency and responsibility toward customers. This shows that you can trust the company.

2. Customer Care

SBI is one such insurance company that truly is dedicated to customer service. The service is good and queries are dealt with utmost importance.

3. Digital Presence

SBI has a strong digital space where you can keep in touch with their upcoming plans and also any update they make. It is convenient for customers to access.

4. Affordability

The plan offers premiums at affordable rates that everyone can afford. This makes it easier to access and keep up with.

Documents Required

The following documents are required if you wish to opt for this plan.

1. Identity Proof

  • School/College Certificate
  • Passport
  • PAN Card
  • Birth Certificate
  • Driving License

2. Address Proof

  • Electricity Bill
  • Telephone Bill
  • aadhaar card
  • Passport
  • Voters ID

3. Age Proof

  • Driving License
  • Passport
  • PAN Card
  • Birth Certificate

FAQs

1. Is loan available with SBI Grameen Bima Plan?

No, there is no loan Facility available with this plan.

2. Are any riders available with the SBI Grameen Bima Plan?

No, there are no riders available with the plan.

3. How to buy SBI Grameen Bima Plan?

You can buy the plan by filling up the form available on their website or by visiting a local branch. Make sure to fill all the necessary information like personal details, health details, etc.

SBI Life Insurance Customer Care

You can contact them on 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at info@sbi.co.in

Conclusion

SBI Grameen Bima Plan is one of the most affordable insurance plans for you and your family. Read all the policy-related documents carefully before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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