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Life Insurance 466 views August 12, 2021
If you want to save your family from financial stress in case of your death, SBI Life Grameen Bima Plan could be the right option. This plan will provide a lump sum amount to your family in case of your unfortunate death during the coverage period. The best part is that you can get this plan without any medical examination.
Let’s check out the key features of the plan mentioned below.
Continue reading this page to understand the features and benefits of the plan extensively. Let’s start without any further ado.
Table of Contents
You can have detailed information about the top features of the SBI Life Grameen Bima Plan below.
Under the SBI Life Grameen Bima Plan, the minimum basic sum assured stands at INR 10,000, while it can go up to INR 50,000. However, the basic sum assured also depends on the age of the insured members. To know more, check the below table.
Age Band (In Years) | Basic Sum Assured (In INR) |
---|---|
18 - 39 | 60 times the Single Premium Paid |
40 - 44 | 40 times the Single Premium Paid |
45 - 50 | 25 times the Single Premium Paid |
This plan from SBI Life allows policyholders to pay the premium amount only once at the inception of the policy. The minimum premium amount stands at INR 300 and can be increased in multiples of INR 100 up to INR 2,000.
The policy term stands at a maximum of five years.
If a life assured dies during the policy term, SBI Life Grameen Plan pays the sum assured (as mentioned in the policy document) to the nominee or legal heir. This lump sum amount will be higher of the following amounts.
Under the plan, SBI Life will pay a maximum benefit of INR 50,000 through single or multiple policies of the same life assured. If there is more than one claim in respect of the same life assured, the insurer will process the claims in the chronological order of their receipt up to INR 50,000.
On the death of the life assured, the nominee should intimate the same to the insurer (in writing) and submit the following documents to process the claim within 90 days of the date of the claim event.
You can also surrender your policy after the completion of the first 12 months of the policy and before the last policy year. You will need to submit your original policy document and discharge form so that the insurer can process the surrender benefit. The surrender value will be as follows.
Single-Premium Paid (exclusive of applicable taxes) X 50% X (Unexpired term/ Overall Policy term)
Here, the unexpired term will be the total policy term in months minus the completed number of months as on the date of surrender.
SBI Life Grameen Bima Plan will terminate in any of the following situations.
Have a look at the conditions related to the SBI Life Grameen Bima Plan shown below.
If a policyholder dies due to suicide within 12 months from the date of commencement of risk, the plan will pay an amount to the nominee. This will be higher of the following amounts.
SBI Life Grameen Bima Plan allows policyholders to review the terms and conditions of the policy within a free look period of 15 or 30 days (if the policy is sold through distance marketing) from the date of receipt of the policy. If a policyholder is not satisfied, he/she can return the policy to the insurer with a letter stating the reason for cancellation. In such a case, SBI Life will refund the premiums after deducting stamp duty, medical expenses (if any), etc.