BSLI Grameen Jeevan Raksha Plan

BSLI Grameen Jeevan Raksha Plan is a traditional term insurance plan that helps individuals from the weaker sections of the society living in urban, semi-urban, and rural areas across India get life insurance coverage. Individuals need to pay a single premium amount to provide the insurance cover to their families for a fixed period of five years.

Before we move further to the next section, you should check the key features of the plan mentioned below.

• Multiple Sum Insured Options
• Death Benefit to Your Loved Ones
• Option to Choose the Premium Amount
• Single-Premium Payment Option
• A Free Look Period of 15 or 30 Days
• Surrender Benefit
• Hassle-free Claim Process
• Tax Benefits under Income Tax Act, 1961

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

Benefits of the BSLI Grameen Jeevan Raksha Plan in Detail

BSLI Grameen Jeevan Raksha Plan offers a wide range of benefits to customers. We have discussed them below in detail.

What is the Sum Assured and Premium Amount?

Under the BSLI Grameen Jeevan Raksha Plan, the sum assured amount will be 20 times the single premium. You can see the sum assured depends on the premium amount, which ranges from INR 250 to INR 2,500 in multiples of INR 50. According to this, policyholders can choose the sum assured from INR 5,000 to INR 50,000 as per their convenience.

What is the Policy and Premium Payment Term?

Under the BSLI Grameen Jeevan Raksha Plan, the policy term stands at five years, and policyholders need to pay a single premium towards the policy.

Death Benefit

During the policy period, if an insured person dies, BSLI Grameen Jeevan Raksha Plan will offer death benefit (sum assured) to the nominee or legal heir of the insured person. As mentioned, the sum assured will be 20 times the single premium amount. To get the death benefit, the nominee or legal heir will need to submit the death certificate of the life insured, the claimant’s statement, and the original policy document to the insurer.

Surrender Benefit

Policyholders can surrender the policy at any time after the second to the fourth policy year. After surrendering the policy, the insurer will provide a surrender benefit, which will be the single premium paid multiplied by a fixed percentage (depends on the surrender year). To know more about it, check the table below.

When Will Your Policy Terminate?

BSLI Grameen Jeevan Raksha Plan will terminate at the earliest of any following situations.

• On the date of payment of the death benefit
• After the date of payment of surrender value (if any)
• On the policy maturity date

Suicide Exclusion

If a life assured under the policy commits suicide (whether medically sane or insane) and dies within 12 months from the policy commencement date, the plan will refund the single premium payment to the nominee or legal heir.

BSLI Grameen Jeevan Raksha Plan Eligibility Criteria

You will need to fulfill the following conditions before purchasing this life insurance plan.

The minimum age at entry stands at 18 years.
The maximum age at entry remains 50 years for all individuals.

Analyze the Plan During the Free Look Period

BSLI Grameen Jeevan Raksha Plan also offers a free look period of 15 and 30 days (if the policy is issued via distance marketing) from the date of receipt of the policy. Policyholders can review the terms and conditions of the policy within this period and return the same if found unsuitable. The insurer will refund the premiums paid after receiving the written request of cancellation with the reasons and original policy document.