Term Insurance 2856 views March 30, 2020

SBI Life Grameen Bima Plan

The SBI Life Grameen Bima policy is a pure term insurance plan that has especially been designed keeping the poorer sections of society in mind. The plan offers a high life cover of up to Rs 50,000 for a maximum term of five years. It is a very affordable and easy to purchase a term life insurance plan from SBI Life.

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Reasons Why You Need the SBI Life Grameen Bima plan

There are many reasons why you need the protection of a good term life insurance cover such as the SBI Life Grameen Bima plan. Here are some helpful reasons:

Life Cover

The biggest and most significant reason why people buy term insurance is the life assurance they get from it. A term insurance plan works by offering a sum assured to the policyholder’s nominees if he or she dies within the policy period. In return of this assurance, the policyholder pays the regular premiums to the insurer for the life cover. When you buy the SBI Life Grameen Bima plan, you get a good life cover and stay covered in a comprehensive manner. 

Financial Protection for the Family

If you are the sole or the primary breadwinner of the family, you need to secure the financial well being of all your loved ones. Life is unpredictable and no one can say when death may strike. If you have small children, elderly parents and other family members to look after, ensure they will continue to be looked after even after you die. You can assure this by purchasing a good term life cover such as the SBI Life Grameen Bima plan. After your demise, your family can use the death benefit to pay their bills and carry on with life.

Mortgage Protection

If you have some unpaid loans, you definitely need to invest in a good term life insurance cover. The term cover will help you to secure your loan liabilities as well. If you die without repaying the loan, your family will have to bear the financial burden and clear the dues. This will be a massive challenge for them. Keep them secure from such troubles and get a good term life cover such as the SBI Life Grameen Bima plan. Choose a sum assured that is similar to your loan amount. If you happen to die, the death benefit can easily be used to pay off the loan.

Tax Benefit

There are many reasons why people decide to buy life insurance. One of the most common and very sensible reasons is to save tax. Yes, that is correct. You can actually save a lot of tax money by buying a term plan like the SBI Life Grameen Bima plan. The premium you pay for term insurance is tax exempted. The Income Tax Act of India, under Section 80 C, allows a tax rebate of up to Rs 1.5 lacs a year when you pay your life insurance premium.


Term insurance is perhaps the most affordable form of life insurance. You can buy the SBI Life Grameen Bima plan with a cover of Rs 50,000 by paying just Rs 2000 a year. This is an extremely effective and affordable way in which you can protect your life and the financial wellbeing of your near and dear ones. 

As you can see, buying a good term insurance plan such as the SBI Life Grameen Bima plan offers so many logical benefits. So go ahead and make a purchase right away.

Reasons to Choose SBI Life

With so many life insurance companies presently operating in India, you may be thinking why you should buy the term life insurance cover from SBI Life. Well, SBI Life is a leading and very reputed life insurance company. Here are some reasons why you can consider getting the SBI Life Grameen Bima plan from them:

High claim Settlement Ratio

SBI Life, as mentioned above, is a very good and high-rated Indian life insurance company. One of the main reasons for this is the high claim settlement ratio they have. The company has a claim settlement ratio of over 96%. This is a very impressive number that shows just how well the company works and fulfils its responsibilities towards its customers who buy the various insurance plans including the SBI Life Grameen Bima plan.

Excellent Customer Support

You should always buy insurance from a good insurance provider who will support you at all steps. Sadly, many insurers start ignoring their customers and their queries once the policy has been sold. But SBI Life is not such an insurer. The company has an excellent customer service team that always helps you in a polite and efficient manner.

Well-functioning Website

The company has a very strong digital presence. You can buy your plans, pay the premium, etc online. This helps you to save time and effort and also makes life insurance extremely convenient for you. 

Many Awards and Accolades

Over the years, SBI Life has won many awards and accolades at numerous industry events. The company has been recognised for its good products as well as the good service they provide. This once again proves the credibility of the insurance company and tells you that buying a life cover from them is actually a good idea.

Good Cover at Low Cost

And finally, you get a very good life cover at some of the cheapest rates. SBI Life aims to provide life insurance to people from all walks of life and hence, the plans and affordably priced, even when the coverage is comprehensive and sufficient.

Keep the points mentioned above in mind and you won’t have any more doubts about the credibility of SBI Life as a good insurance provider in the country.

In conclusion

As you can clearly see from the points mentioned above, the SBI Life Grameen Bima plan is one of the very best term insurance plans available in India these days. Buy the plan and keep your loved ones protected in a comprehensive and economical manner.

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