Buy Policy in just 2 mins
2 lakh + Happy Customers
Free Comparison
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.
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.
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.
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.
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 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.
In an unpredictable world safeguarding yourself and your family's future against any serious disease or forbidden threat of critical illness, such as ...
Unique Features
SBI Life Arogya Shield is a health-plus life combination plan from SBI General Insurance and SBI Life Insurance that offers health and pure term life ...
Unique Features
Usually, a term plan provides financial security to your loved ones in return for the premium you have paid during the policy term. But once in a whil...
Unique Features
"A plan which returns all the paid premiums back upon completion of the policy term" Several term insurance plans provide insurance coverage for the p...
Unique Features
As we grow older our responsibilities grow. Are you worried that your term plan might not be enough as your life will move forward? Fret not! SBI Life...
Unique Features
We can never know about what the future holds for us. And when you've the responsibility of supporting the family on your shoulders, then it becomes v...
Unique Features
SBI Life eShield Next, launched by SBI Life is a new age term insurance plan that enables you to take care of your current requirements and your chang...
Unique Features
According to IRDAI, a medical examination test is necessary for purchasing any Yojana. However, sometimes, a delay in a report or minor health issues ...
Unique Features
SBI Life - Poorna Suraksha is an Individual, Non-Linked, Non-Participating Life Insurance, Pure Risk Premium Product with in-built Critical Illness co...
Unique Features
SBI Term Insurance company offers a comprehensive term insurance plan called SBI Life Smart Swadhan Plus policy, which aims at fulfilling the future f...
Unique Features
Security for your loved ones is available with the SBI Life Saral Jeevan Bima Plan at a reasonable cost. It is a straightforward policy that offers th...
Unique Features
SBI Saral Swadhan Plus is an individual, non-linked, non-participating, life insurance plan that gives you a fixed life cover throughout the policy te...
Unique Features
The Minimum age limit to purchase the SBI Life Grameen Yojana is 18 years.
SBI Life Grameen Bima Yojana starts with just Rs. 300 and goes to Rs 2000.
No, policy loan is not available under SBI Grameen Bima Yojana.
The Minimum sum assured you can have under the SBI Life Grameen Bima Yojana is Rs. 10,000.
The total Policy term available under SBI Life Grameen Jeevan Bima Yojana is 5 years.
No, you don’t have to undergo any medical examination to purchase SBI Life Grameen Jeevan Bima Yojana.
4.6
Rated by 858 customers
Select Your Rating
Let us know about your experience or any feedback that might help us serve you better in future.
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.
Do you have any thoughts you’d like to share?