SBI Life Grameen Bima Policy

SBI Life Grameen Bima Policy Introduction

SBI Life Grameen Bima policy is a pure term life insurance plan which provides the financial protection to your family in case of any unfortunate death. This SBI Life Grameen Bima policy is specially designed for the people who live in rural areas and who can’t pay high premium. This SBI Life Grameen Bima policy provides protection at an affordable cost. No medical examinations are required under this SBI Life Grameen Bima policy. This SBI Life Grameen Bima policy plan provides only single premium.

Terms and Eligibility conditions of SBI Life Grameen Bima Policy

Entry age	Minimum – 18 years Maximum – 50 years
Policy term	5 years
Premium amounts	Minimum – Rs.300 Maximum – Rs.2000
Premium frequency	Single premium
Sum Assured	Minimum – Rs.10,000 maximum – Rs.50,000

Sum Assured for different age groups:

Age Band (Years)	Sum assured (Rs.)
18 – 39	60 times of single premium paid
40 – 44	40 times of single premium paid
45 – 50	25 times of single premium paid

Benefits of SBI Life Grameen Bima Policy

Death benefits: If incase of any unfortunate death of policyholder during the policy term, then nominee will receive the sum assured paid by the policyholder.

Maturity benefits: There is no maturity benefits available under this SBI Life Grameen Bima Policy.

Tax benefits: Under Section 80C premiums up to Rs. 1,00,000 are allowed as deduction from taxable income. Maturity and Death Benefits are tax-free under Section 10(10D) of the Income Tax Act, 1961. For more information regarding Tax Benefits, visit www.taxqueries.in.

SBI Life Grameen Bima Policy Buying Procedure

Documents needed to apply SBI Life Grameen Bima Policy are given below

• Identity Proof
• Age Proof
• Income Proof
• Address Proof
• PAN Number

SBI Life Grameen Bima Policy document is attached below

SBI Life Grameen Bima Policy Document Form No 48

Claim Procedure of SBI Life Grameen Bima Policy

List of documents to be submitted during claim procedure.

• Death certificate
• Duly filled claim form
• Policy document

Required claim procedure documents are attached below.

SBI Life Grameen Bima Policy Claim forms

SBI Life Grameen Bima Policy Customer care

If any doubts regarding this SBI Life Grameen Bima policy then call toll free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to info@sbilife.co.in.

SBI Life Grameen Bima Policy Premium Calculator

Following details are required for premium calculation under SBI  Life Grameen Bima policy.

Age :

Premium Amount :

Premium frequency :

Policy term :

SBI Life Grameen Bima Policy Example

Arun had taken the SBI Life Grameen Bima Policy, his following details are given below

Age : 26 years

Premium Amount : Rs.700

Premium frequency : Single

Policy term : 5 Years

Now, his premiums and sum assured details are tabulated below

Sum Assured	Rs. 42,000
Premium(Incl. of Service tax)	Rs.700
Base Premium	Rs.700
Service tax and Cess	Rs.0

Additional Information of SBI Life Grameen Bima Policy

Policy Loans: No loan facilities are available under this policy.

Free Look Period: If you are not satisfied with this policy, you can return the policy  within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and  medical examination(if any).

Nomination/Assignment: Nomination is compulsory as per section 39 of Insurance act, 1938. Assignment of the policy shall be allowed as per  section 38 of Insurance act, 1938.

Surrender value: Surrender is allowed from second year onwards. The surrender value paid will be Single Premium(exclu. of Service taxes) x 50% x Unexpired policy term/total term. No surrender benefits are allowed in first and last year of policy term.

• Term is measured in completed months.
• Unexpired term would be the total Policy term in months less the completed number of months as on date of surrender.

Sum assured will be in multiples of Rs.100

FAQ’s of SBI Life Grameen Bima Policy

Is there any loan facilities are available under this policy?

No, there is no loan facility under this policy.

Is surrender value applicable in last year of policy term?

For First and last year of policy term surrender benefits are not allowed.

Is there any Maturity benefits available in this policy?

No, maturity benefits are not available under this policy.

SBI Life Grameen Bima Policy forms and documents

SBI Life GrameenBima Policy Brochure

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