SBI Life Grameen Bima Premium and Maturity Calculator - SBI Life Grameen Bima Insurance Policy is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unforeseen event. SBI Life Grameen Bima Insurance Policy is an individual, pure term, micro-insurance plan for the socially deprived and economically vulnerable segments of the population.
Key Highlights SBI Life Grameen Bima Premium and Maturity Calculator:
- Choose your premium, correspondingly your life insurance cover will be determined.
- Prompt Processing & Enrolment
- No medical examination, acceptance would be based on satisfactory health declarations in the proposal form
- Registration based on a simple form
Entry Age:
- Minimum: 18 years
- Maximum: 50 years
Policy Term: 5 years
Total Premium Amount:
- Minimum: Rs. 300**
- Maximum: Rs. 2000**
- Premium amounts will be in multiples of Rs. 100
Premium Frequency: Single
Sum Assured:
- Minimum: Rs. 10,000
- Maximum: Rs. 50,000
Benefits under the plan:
Death Benefit: In the unfortunate event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
Maturity Benefit: There is no maturity benefit under this plan.
Surrender Benefit:
- Surrender is allowed from 2nd year onwards.
- No surrender benefit is payable in the last year of the policy.
- The surrender value paid will be:
- Single Premium (exclusive of service tax) x 50% x Unexpired policy term / Total 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.
Tax Benefits
- Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time.
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