"A Term insurance plan without medical examination"
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.
In this article, we will discuss in detail about SBI Life Grameen Bima Yojana
SBI Life Grameen Bima: Eligibility Criteria
Parameter
Specification
Age of entry
Minimum- 18 years Maximum- 50 years
Policy term
5 years
Premium payment option
One-time
Premium amount
Minimum- Rs. 300 Maximum- Rs. 2000
Premium frequency
Single premium
Base sum assured
Minimum: Rs. 10,000 Maximum: Rs, 50,000
Policy Loan
Not available
SBI Life Grameen Bima Yojana: Features
Below are the features associated with 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 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.
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.
What are the Benefits Available Under the SBI Grameen Bima Yojana?
Following are the benefits available under SBI Grameen Bima Yojana:
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.
Tax benefit
The premiums you have paid for the SBI Life Grameen Bima Yojana can be used for tax rebates up to 1.5 lakh under section 80C of Income Tax 1961.
Premium Illustration of SBI life Grameen Bima Yojana
Given below are the premium illustrations of the SBI Life Grameen bima term plan for a 31-year-old non-smoker male, looking for a policy term of 5 years with a sum assured of 18 thousand.
Age
Policy term
Premium paying term
Sum assured
Premium amount (Single)
31 years
5 years
Single
18,000
800/-
Wanna know more about this Yojana?
In case you have some doubts or queries regarding the SBI life Grameen Bima Yojana, you can contact us at the following details. A certified financial advisor from pollicyx.com will get in touch with you.
Given below are some exclusions of SBI Life Grameen Bima:
Suicide within 12 months of policy inception.
Consumption of any type of intoxicants.
Death due to any aviation accident.
Death due to any adventurous sports.
Explore Other SBI Best Term Insurance Plans
You can find other term policies offered by the SBI Term Insurance company in the section below:
Standard Plan
SBI Life Arogya Shield
SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.
Unique Features
5% Discount on Premiums
OPD Coverage
Maternity Cover
SBI Life Arogya Shield (Pros)
Mental Illness Cover
Pre & Post Hospitalization
HIV/AIDS Cover
SBI Life Arogya Shield (Cons)
No Loans Allowed
No cover for suicide
No rider Benefits
SBI Life Arogya Shield (Other Benefits)
141 Day Care Procedures
Tax Saving on 80D and 80C (Health & Life Premiums)
An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.
Unique Features
Life Cover with Future Proofing Benefit
100 % Death Benefit
Max Sum Assured 25 Lakh
Saral Jeevan Bima (Pros)
Available For Online Buying
Spouse Cover
Max Sum Assured 25 Lakh
Saral Jeevan Bima (Cons)
No Survival Benefit
No Maturity Benefit
No Surrender Benefit
Saral Jeevan Bima (Other Benefits)
Easy Claim Settlement Process
Avail Tax Benefits
Flexible-Premium Payment term
Saral Jeevan Bima (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 65 years
Minimum Sum Assured-5 L
Maximum Maturity Age- NA
Premium Payment Term-RP/SP/LP(5&10 Years)
Cancer Plan
SBI Life Sampoorn Cancer Suraksha
This plan provides extensive coverage from Minor Stage Cancer to Advanced Stage Cancer, offering up to 150% of the Sum Assured, while maintaining fixed premiums for 5 policy years.
SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.
Unique Features
Coverage at an affordable cost.
Lower premiums for non-smokers.
Discount on larger sum assured.
SBI Life Smart Shield (Pros)
Two Plan Options
Accidental Total and Permanent Disability Benefit Rider
Accidental Death Benefit Rider
SBI Life Smart Shield (Cons)
Premium Loading
No Loan Benefit
No Survival Benefit
SBI Life Smart Shield (Other Benefits)
Covers Suicide
Death Benefit
Accelerated Critical Illness Benefit
SBI Life Smart Shield (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 60 years
Minimum Sum Assured - 25 L
Maximum Maturity Age - 80 Years
Premium Payment Term - 5 Yeras SP/RP
Rural Plan
SBI Life Grameen Bima
A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.
Unique Features
Death benefit available.
Surrender allowed after 1st year.
No medical examination required.
SBI Life Grameen Bima (Pros)
Easy Enrolment
Suicide Cover
Fast Processing
SBI Life Grameen Bima (Cons)
No Loans Allowed
No Maturity Benefit
No Rider Benefits
SBI Life Grameen Bima (Other Benefits)
Min Single Premium Amount Rs 300
Max Sum Assured 50K
Tax Benefits
SBI Life Grameen Bima (Eligibility Criteria)
Entry Age - 18 Years
Max Entry Age - 50 years
Minimum Sum Assured - 10 K
Maximum Maturity Age - NA
Premium Payment Term - One-Time Payment at Inception
Conclusion of SBI life Grameen Bima
Want to know the SBI Life Grameen Bima in short? For your convenience, we are providing a short overview of the plan. -
What’s Good?
What’s Lacking?
Affordable premiums
No zero cost
No medical examination
No waiver of premium
Instant processing
No return of premium
SBI life Grameen Bima: FAQ's
1. What is the minimum age limit to purchase SBI Life Grameen Bima Yojana?
The Minimum age limit to purchase the SBI Life Grameen Yojana is 18 years.
2. What is the minimum premium amount I have to pay for the SBI Life Grameen Bima Yojana?
SBI Life Grameen Bima Yojana starts with just Rs. 300 and goes to Rs 2000.
3. Can I take a loan with SBI Life Grameen Bima Yojana?
No, policy loan is not available under SBI Grameen Bima Yojana.
4. What is the minimum sum assured I can have under SBI Life Grameen Bima Yojana?
The Minimum sum assured you can have under the SBI Life Grameen Bima Yojana is Rs. 10,000.
5. What is the total policy term available under SBI Life Grameen Jeevan Bima Yojana?
The total Policy term available under SBI Life Grameen Jeevan Bima Yojana is 5 years.
6. Do I have to go for any medical examination under SBI Life Grameen Jeevan Bima Yojana?
No, you don't have to undergo any medical examination to purchase SBI Life Grameen Jeevan Bima Yojana.
Read what our customers have to say about SBI term insurance company
Sneha Nath
Mumbai
March 28, 2024
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Goa
March 18, 2024
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Indore
February 16, 2024
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January 25, 2024
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October 4, 2023
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Guwahati
October 4, 2023
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Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
