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Insurance Plans India 428 views August 9, 2021
SBI Life Grameen Shakti is a non-linked non-participating group micro term assurance plan with a return of premium option. This plan offers insurance cover to socially and economically weaker sections of society. To get an overview of the plan, please check its highlights mentioned below.
Continue reading this page to understand the features and benefits of SBI Life Grameen Shakti in detail. Let’s start without any further ado.
Table of Contents
SBI Life Grameen Shakti comes with the following features –
The minimum sum assured under the policy stands at INR 10,000 while it can go up to INR 50,000. Policyholders can choose according to their convenience.
If an insured member under the group dies during the policy term, SBI Life Grameen Shakti will pay the sum assured to the nominee or beneficiary of the legal heir provided all due premiums have been paid. In case all the due premiums have not been paid, the death benefit will be according to the below table.
On the Death of the Insured Member | Death Benefit |
---|---|
During the Grace Period | Sum Assured after deducting the unpaid outstanding premium amount |
After the End of the Grace Period | Paid-up sum assured |
SBI Life will provide a maximum of INR 50,00 as a death benefit under all group micro-insurance schemes. If there is more than one claim in respect of the same insured member, the insurer will process the claim in chronological order of receipt up to INR 50,000. All other claims will be declined, and the insurer will refund the premiums paid under such policies without interest to the nominee.
If an insured member survives until the end of the policy term, SBI Life Grameen Shakti will pay 50% of the total premiums paid up to the date of maturity.
If an insured member does not pay the premium in full, the policy will provide a paid-up maturity benefit (if any). To know about the same, check the below table.
Conditions | Paid-up Maturity Benefit |
---|---|
If all the premiums have been paid in full at least for the first two policy years | 50% of the total premiums paid |
If all the premiums haven’t been paid in full for the first two policy years | Zero |
SBI Life Grameen Shakti has a waiting period of 45 days. If an insured member dies during the waiting period other than due to an accident, the plan will not provide a death benefit. The waiting period will start from the commencement date of the policy.
The free look period depends on the nature of the scheme. For the compulsory schemes, the master policyholder will have 15 days from the date of receipt of the policy document. An individual can review the terms and conditions and return the policy on being unsatisfied. In compulsory schemes, individual members will not get the free look period option.
However, the insured members get the free look period of 15 days from the date of receipt of the certificate of insurance, if the scheme is voluntary. After receiving the policy documents, the insurer will refund the premium amount minus the stamp duty cost.
Please check the conditions related to the plan mentioned below.
Note: Critical illnesses will mean any of the following conditions.
If an insured member under a group commits suicide within 12 months from the date of inception of the policy, his/her nominee or legal representative will get 80% of the premiums (paid till the date of death) or surrender value.