SBI (State Bank of India) offers various insurance schemes and protection plans for individuals and their families. It offers SBI Life Grameen Bima, which is a pure term, micro-insurance plan that helps to provide financial security for one's family at a reasonable cost, according to SBI Life Insurance on its official website - sbilife.co.in. Under the scheme, customers are entitled to life cover with one-time premium payment and without the requirement of a medical examination, it further said. The holders of the policy are also eligible for income tax benefits or exemptions.
Key things to know about SBI Life's Grameen Bima:
Eligibility: The minimum age for entry for SBI Life's Grameen Bima insurance is 18 years and maximum is 50 years. The policy term is for a period of 5 years.
Premium: One needs to pay a minimum premium amount of Rs 300 and maximum of Rs 2,000. However, the premium amount has to be in multiples of Rs 100.
Surrender: One can surrender the policy from second year and no surrender benefit is payable in the last year of the policy.
Frequency: For SBI Life's Grameen Bima scheme, there is a single premium frequency. However, there is no maturity benefit under this plan.
Sum Assured: The minimum sum assured under the scheme is Rs 10,000 and maximum of Rs 50,000. In different age bands, the assured amount of money differs. In the 18-39 age group, sum assured is 60 times of total premium paid. In the 40-44 age group, sum assured is 40 times of total premium paid. In the 45-50 age group, sum assured is 25 times of total premium paid.
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