Introduction Of SBI Life Insurance

SBI Life Insurance provides a wide range of life insurance products to cater to the Indian market to meet different type of insurance needs of the people. It provides individual as well as group plans.

The SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas. It is one of the most significant players in the Indian Insurance sector. It has nearly 23000 branches across the nation to provide insurance purchase and claim settlement support to its customers

Following are some key features of SBI Grameen Bima Plan.

Free look period: SBI Grameen Bima Policy offers a free-look period of 15 days within which the policyholder can cancel the plan and get the refund. For the policies purchased through distance marketing, the free-look period is for 30 days. The proportionate premium for the risk period of cover, stamp duty and corresponding service tax and cess will be deducted from the refund.

Loan facility: No loan facility is applicable under this plan.

Assignment: Assignments are allowed under Section 38 of The Insurance Act, 1938.

Nomination: Nominations are allowed under Section 39 of the Insurance Act, 1938.

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Rider/add-on plans: Policyholders can enhance their policy coverage by adding riders to it. It is important to note that while issuing the SBI Life Grameen Bima plan, the riders will not be available. However, the company may provide riders under this plan in the future which is subject to approval from the regulatory board.

Tax benefits:

• Contributions made towards the SBI Life Grameen Bima plan are eligible for tax benefits under Section 80C of the Income Tax Act 1961.
• The death benefit is exempted from the tax under Section 10 (10D) of the Income Tax Act 1961.

The State Bank of India offers various insurance plans for individuals and their families. The Grameen Bima plan is a pure term plan which provides financial security for your family at a reasonable cost. Under this scheme, the policyholders are entitled to life cover with the single premium payment. No medical examination is required to purchase SBI Grameen Bima plan. Further said, the policyholders are also eligible for tax exemptions under Section 80C and 10(10D) of the Income Tax Act 1961.

The Grameen Bima plan is for five years with a minimum entry age of 18 years and the maximum entry age of 50 years. The minimum sum assured under this scheme is Rs. 10,000 whereas the ceiling limit for the sum assured is Rs. 50,000. For different age bands, the sum assured differs.

There is no medical examination required to purchase The Grameen Bima plan. As this plan targets the poor section of the society, there is minimal documentation is required.

You can consider SBI Grameen Bima plan if you have limited means of earning and you are the breadwinner of our family. You can keep your loved ones financially secure if something unfortunate would happen to you.