SBI Life Gramin Bima Term Plan
SBI Life – Gramin Bima is an individual, non-linked, non-participating, microinsurance life insurance product that ensures complete protection for your family at an affordable cost. It provides financial security to your loved ones in your absence backed by several features and benefits that are priced reasonably and specially designed to meet your requirements.
SBI Life Gramin Bima Term Plan Features
- SBI Life Gramin Bima Term Plan gives you the flexibility to choose the premium amount you can afford, and correspondingly the insurance cover amount is decided.
- It offers life cover at a one-time premium payment.
- This plan can be availed through an easy application process.
- No medical examination is required, policy application is accepted based on the health declaration in the proposal form.
- The minimum entry age is 18 years, and the maximum is 50 years.
- The policy term is 5 years.
- The minimum premium amount is Rs 300, and the maximum is Rs 2000.
- It does not offer any maturity benefit.
- Tax benefits are available as per the prevailing norms of the Income Tax Act 1961.
What will my family receive if I am not around anymore?
In case of the insured’s death within the policy term, the nominee of the policy will receive the sum assured on death as a lump sum, where the sum assured will be higher of:
- The basic sum assured or
- 1.25 times of Single Premium
The surrender benefit is available after the first year of the policy cover, whereas no surrender benefit is payable in the last year.
The surrender value payable will be: Single Premium Paid (exclusive of applicable taxes) * 50% * Unexpired policy term / Total Term.
- The term is measured in completed months.
- The unexpired term would be the total policy term in months less the number of months completed as on date of surrender.
Why should you choose the SBI – Saral Jeevan Bima Term Plan?
- To ensure your family’s future is financially secured.
- To avail of the benefits of a simple term plan at nominal costs.
- To avail the convenience of paying just once.
- To enjoy a hassle-free enrolment process based on the declaration of good health.