SBI Term Insurance
SBI Life Grameen Bima is an easy-to-understand and simple plan offered ...Read More
A quick read on what this SBI Term Insurance term plan covers and why it might be a fit for you.
SBI Life Grameen Bima Yojana is a simple, hassle-free microinsurance plan that provides financial security for your dependents after your absence.
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.
This plan doesn't require any medical examination test to purchase; only the satisfactory health declaration form is required.
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:
A quick honest summary — the strengths and the trade-offs.
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
SBI Life Insurance Term plans are a very reliable choice and are designed to provide financial security to a policyholder’s family in the face of the unfortunate event of their demise. The term plans from SBI Life offer additional riders that offer extra coverage in case of accidental death benefits.
Eligibility criteria pulled straight from the policy wording.
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.
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.
Key features that make SBI Life Grameen Bima Yojana stand out.
Protection at anaffordable cost
Under SBI Life Grameen Bima Yojana, you can get protection at an affordable cost; the plan starts at just rupees 300/—per month for the cover of 10 thousand.
Instant Processing
Under SBI Life Grameen Bima Yojana, no medical examination is required to proceed with the process. So you can get instant insurance of policy without any hassle.
Tax Benefits
With this plan, the policyholder can avail of tax benefits under Section 80C and Section 80D of the Income Tax Act, 1961, as applicable.
Here are the key benefits of the SBI Life Grameen Bima Yojana.
Easy Enrolment
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.
Single Premium
Under SBI Life Grameen Bima Yojana, you have the convenience of paying your premium at once.
Surrender Benefit
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.
Death Benefit
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.
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.
SBI Life Grameen Bima Yojana is a simple term insurance plan that offers short-term life cover at ve
The 6 most-asked questions about SBI Life Grameen Bima Yojana, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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