Group Insurance 122 views August 12, 2021

SBI Life Grameen Super Suraksha offers life insurance cover to members of an organization at an affordable premium. It is a non-linked, non-participating, pure risk premium, micro group life insurance product that helps group members ensure financial security to their families in case they are not around to do the same.

Before we discuss the plan in detail, let’s check out its key features mentioned below.

  1. Flexible Sum Insured Options
  2. Protection to Families of Group Members Against Death
  3. Hassle-free Joining Process
  4. Multiple Policy Term Options
  5. Affordable Premium
  6. Option to Choose Premium Payment Mode
  7. No Medical Examination Required
  8. A Grace Period of 30 Days
  9. A 15-day Free Look Period
  10. Tax Benefits under Income Tax Act, 1961

Now you would surely want to know these features in detail. On this page, we will discuss the same so that you can make a better decision.

Let’s Understand the Features and Benefits of SBI Life Grameen Super Suraksha Plan in Detail

We have discussed all the features and benefits of the SBI Life Grameen Super Suraksha Plan in detail below.

Multiple Options to Choose the Sum Insured

Under the SBI Life Grameen Super Suraksha Plan, the sum insured ranges from INR 5,000 to INR 2,00,000. Policyholders can choose according to their convenience.

What will be the Policy Term?

The policy term depends on the premium payment mode. To know more, check the below table.

Premium Payment ModeMinimum Policy TermMaximum Policy Term
Single3 months60 months
Regular2 years5 years

Protection Against an Unfortunate Event (Death)

If an insured member dies during the policy term and all the due premiums have been paid, the insurer will provide the sum assured to the nominee or legal heir. If all the due premiums have not been paid and –

  1. The insured member dies during the grace period – SBI Life will pay the sum assured to the nominee after deducting the unpaid premium
  2. The insured member dies after the grace period – No benefit will be provided

Under all the group micro-insurance schemes, the maximum benefit cannot exceed INR 50,000 under any circumstances, whether through a single or multiple applications of the same member. To get the claim benefit, the nominee or legal heir will need to send the following documents for the claim processing within 90 days of the death of the insured person.

  1. Proof of insurance cover on the life of the deceased member
  2. Claimant’s statement and claim forms
  3. Original death certificate from municipal or local authorities
  4. Any other document (which SBI Life calls for at its discretion)

Surrender Benefit

Insured members can get surrender benefits only in case of the single premium payment mode. The policy should have been issued with a policy term of 13 months and more. If an insured member or a master policyholder does not want to continue the policy, he/she can surrender it anytime after the first policy year and before the cover expiry date.

The surrender value will be as follows.

50% of single premiums paid (exclusive of applicable taxes and cess) x (Unexpired term/ Policy term)

Here, the unexpired term will be policy term minus completed policy months as on the date of receipt of the surrender request.

What is the Premium Amount?

Under the Grameen Super Suraksha Plan, the premium amount depends on the entry age of the individual and premium payment mode. To know more, check the below table.

Age of the Insured Member (In Years)Premium Rate per INR 1,000 Sum Insured 
Annual Premium Payment ModeSingle Premium Payment Mode
18-304.521
31-40627
41-45835
46-501250

Who Can be a Master Policyholder?

  1. NGO
  2. NBFC
  3. Micro Finance Institution (MFI)
  4. Bank
  5. SHG
  6. And any other organization or association offering services to low-income segment

SBI Life Grameen Super Suraksha Eligibility Criteria

We are showing the conditions related to the plan below. Do check.

  1. The minimum age at entry stands at18 years.
  2. The maximum age at entry for the policy can go up to 60 years.
  3. For the plan, the maximum age at maturity remains 65 years.
  4. The plan offers insurance coverage to a minimum of 50 members in a group.

Suicide Exclusion

If an insured member commits suicide (whether sane or insane) within 12 months from the date of commencement or revival of risk under the plan, he/she will not get any death benefits. In such a case, the policy will pay 80% of the total premiums paid until the date of death or the surrender value.

45-Day Exclusion Period

During the waiting period of 45 days, if an insured member dies due to a cause other than an accident, the policy will not pay the death benefit. The waiting period starts from the date of start or revival of the member policy, whichever is later.

Free Look Period

For Compulsory Schemes – The master policyholder will have a free look period of 15 days from the date of receipt of the policy document to look at the terms and conditions. On being unsatisfied, you can return the policy. Under such schemes, individual members will not get the free look period.

For Voluntary Schemes – The insured member will get a free look period of 15 days from the date of receipt of the policy certificate.

Note: After returning the policy, SBI Life will refund the premium paid after deducting the stamp duty cost incurred.

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