SBI Life Grameen Shakti

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.

1. Multiple Sum Insured Options
2. Coverage Against Death
3. Annual Premium Payment Frequency
4. Tax Benefits Under the Income Tax Act, 1961
5. A Free Look Period of 15 Days
6. Affordable Premium Amount
7. A 30-day Grace Period

Continue reading this page to understand the features and benefits of SBI Life Grameen Shakti in detail. Let’s start without any further ado.

Let’s Understand the Features of SBI Life Grameen Shakti in Detail

SBI Life Grameen Shakti comes with the following features –

What is the Sum Assured Under the Policy?

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.

Death Benefit

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.

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.

Maturity Benefit

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.

Waiting Period of 45 Days

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.

Free Look Period

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.

SBI Life Grameen Shakti Eligibility Criteria

Please check the conditions related to the plan mentioned below.

1. The minimum entry age for a group member stands at 18 years, while the maximum entry age remains at 50 years.
2. An individual should be in good health.
3. The group member must not have suffered from any of the critical illnesses.

Note: Critical illnesses will mean any of the following conditions.

1. Cancer
2. Treatment for any heart disease
3. Advised medically to undergo chest or heart surgery within the following six months from the date of declaration
4. Irreversible Kidney and/or Liver failure
5. Paralysis
6. Major Organ Transplantation surgery (heart, lung, liver or kidney)

Suicide Exclusion

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.