SBI Life Grameen Bima Yojana

Overview

SBI Life Grameen Bima Yojana is a simple, hassle-free microinsurance plan that provides financial security for your dependents in your absence.

According to IRDAI, a medical examination is often necessary for purchasing insurance plans. However, delays in reports or minor health issues can sometimes delay policy issuance.

This plan does not require any medical examination; only a satisfactory health declaration form is needed for purchase.

With affordable premiums and ease of purchase, this plan is gaining popularity among consumers across India.

SBI Life Grameen Bima Yojana offers a range of benefits:

• Easy Enrolment
• No Medical Examination
• Tax Benefits as per Laws
• Life Cover up to 60 Years
• Single Premium
• Affordable Premiums

SBI Life Grameen Bima Yojana Plan Riders

You can add the following riders to your SBI Life Grameen Bima Yojana:

SBI Life Accidental Death Benefit Rider

Accidental Death Benefit Rider provides an additional sum if the policyholder dies within 120 days of an accident.

SBI Life Accidental Total and Permanent Disability Rider

Accidental Total and Permanent Disability Rider covers the policyholder if an accident occurs that leads to their permanent disability.

Key Features of SBI Life Grameen Bima Yojana

Protection at an Affordable Cost

Under SBI Life Grameen Bima Yojana, you can get protection at an affordable cost. The plan starts at just ₹300 per month for a cover of ₹10,000.

Instant Processing

No medical examination is required to proceed with the SBI Life Grameen Bima Yojana, allowing for instant policy issuance 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.

Exclusions

• Death due to a pandemic is not covered by the company.
• Death caused by any type of adventure sports.
• Death due to consumption of any type of drugs and alcohol.
• Death due to any pre-existing disease not mentioned at the start of the policy.
• If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee.

Additional Benefits

Easy Enrolment

SBI Life Grameen Bima Yojana requires minimum criteria for enrolment, allowing a wide range of customers to 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 paid the highest of the following: basic sum assured or 1.25 times the single premium.