SBI Life Grameen Bima Yojana
- Instant Processing
- Easy Enrollment
- Single Premium
According to IRDAI, a medical examination test is necessary for purchasing any Yojana. However, sometimes, a delay in a report or minor health issues could delay the chances of obtaining the policy. So today, we have got you a government scheme that doesn't require a medical examination test to purchase.
Yes, you heard it correctly. The plan we are going to discuss today is the SBI Life Grameen Bima Yojana, which doesn't require any medical examination test to purchase; only the satisfactory health declaration form is required.
SBI Life Grameen Bima Yojana is a simple, hassle-free microinsurance plan that provides financial security for your dependents after your absence. With affordable premiums and ease of purchase, this plan is gaining popularity among consumers of all sectors in India.
SBI Life Grameen Bima Yojana offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 50 years
Maximum Maturity Age - 60 years
5 years
Basic Sum Assured: ₹10 K to ₹50 K
The policy loan is not available under SBI Life Grameen Bima Yojana Plan.
One time payment at policy inception
Let's understand how the SBI Life Grameen Bima Yojana works with a simple premium illustration.
Varun is a 25-year-old male who just started his career and is looking for a term plan that offers short-term cover at an affordable cost with instant issuance.
His financial advisor advised him to buy the SBI Life Grameen Bima Yojana Work. He visited PolicyX.com.
Let's understand how the SBI Life Grameen Bima Yojana works for him with an example.
| Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
| 25 years | ₹281/month | ₹2,000/One time Payment | 50 years | ₹2,000 | ₹50 Thousand |
Key Takeaways: If Mr Varun passes away during the policy term, a sum assured equal to ₹50 thousand will be paid to the nominee.
Here are the benefits associated with the SBI Life Grameen Bima Yojana
SBI Life Grameen Bima Yojana requires minimum criteria to enroll, so a wide range of customers can purchase this plan and protect their families from uncertainties.
Under SBI Life Grameen Bima Yojana, you have the convenience of paying your premium at once.
Surrender is allowed after the first year of cover and before the last year of cover. The surrender value will be: Single Premium Paid (exclusive of applicable taxes) * 50% * Unexpired term / Total Term.
Under SBI life Grameen Bima Yojana, upon the demise of the life insured during the policy term, the nominee will be payable among the highest of the following: higher of basic sum assured or 1.25 times of single premium.
SBI Term Insurance | Best Life Insurance Policy In India
You can add the following riders to your SBI Life Grameen Bima Yojana:
Accidental Death Benefits Riders provide an additional sum if the policyholder dies within 120 days of the accident.
Accidental Total and Permanent Disability Riders cover the policyholder if any accident occurs that leads to the permanent disability of the policyholder.
Here is the list of exclusions associated with the plan:
SBI Life Grameen Bima Yojana is a simple term insurance plan that offers short-term life cover at very cost-effective premiums. It is an ideal option for someone who has just started his career or those living in rural areas. In case you have some doubts or queries regarding the SBI life Grameen Bima Yojana, you can contact us at 1800 420 0269 or visit our website PolicyX.com. A certified financial advisor from Policyx.com will get in touch with you and resolve your queries.
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I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.
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