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.
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 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.
The SBI Grameen Bima Plan offers complete security for your family’s financial future.
The application process for the policy is extremely simple and not time-consuming. There is no requirement to even conduct a medical examination.
This SBI Life Term Plan offers benefits for affordable premiums. You can choose the premium range in multiples of Rs. 100.
The plan comes with a life cover option with just a one-time premium payment.
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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You are eligible for tax benefits with this plan as per the applicable income tax laws in India which are subject to change.
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.
The eligibility criteria are mentioned below. Check out the basic sum assured.
|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|
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:
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.
SBI is one such insurance company that truly is dedicated to customer service. The service is good and queries are dealt with utmost importance.
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.
The plan offers premiums at affordable rates that everyone can afford. This makes it easier to access and keep up with.
The following documents are required if you wish to opt for this plan.
No, there is no loan Facility available with this plan.
No, there are no riders available with the 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.
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 firstname.lastname@example.org
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.
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