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SBI Life - Grameen Shakti Plan

Insurance plans offer protection to all individuals who wish provide a secure life to their families in case of their untimely demise. There are a plethora of insurance products available based on the needs and requirements of individuals. One of these are Micro Insurance Plans especially for groups that are generally from the weaker sections of society. Although the investment may not be high, the protection offered is just as secure. Groups such as these are usually the ones who receive funding from NGO’s or Micro Financial Institutions.

The Grameen Shakti Plan by SBI Life is designed especially for such groups and offers a number of benefits and features. The Master Policyholder can decide the cover amount and Sum Assured that is being offered to all members. Policyholders can also avail refund of all premiums paid upon plan maturity.

Eligibility - Who is the SBI Life Grameen Shakti Plan for?

In order to avail the above plan, individuals will have to meet the following eligibility criteria:

Age of Entry (in years)
  • Minimum: 18 years
  • Maximum: 50 years
Age at Maturity (in years) 55 years
Plan Type Group
Size of Group
  • Minimum - 50 members

All ages are as on the previous birthday.

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

The Sum Assured will depend on the Master Policyholder as this plan provides flexibility with respect to cover amount.

Sum Assured Sum Assured will be in multiples of Rs.5,000
  • Minimum: Rs.10,000
  • Maximum: Rs.50,000

Premium Amount and Range:

The premium amount to be paid and frequency are illustrated below:

Policy Tenure 5 years
Premium Amount
  • Minimum: Rs.85 for each member
  • Maximum: Rs.925 for each member
Frequency of Premium Payment Yearly

Customers will have to note that the premium amount will vary based on plan term, age, location and other factors.

Plan Coverage - What the SBI Life Grameen Shakti Plan covers?

Following are the benefits offered by the Grameen Shakti Plan:

Death Benefit In case of death of the policyholder during policy tenure, Sum Assured that is chosen will be given to the nominee.
Maturity Benefit In case of policyholder’s survival until the end of the policy tenure, 50% of all premiums paid will be refunded. Applicable taxes will charged separately.
Surrender Benefit This benefit will be provided on the request of the individual insurance member or Master Policyholder The surrender benefit will be paid only if a minimum of 2 years’ premium has been paid.

Exclusions - What the SBI Life Grameen Shakti Plan does not cover?

  • In case of death of policyholder within a period of 45 days from the date of policy commencement or revival due to a cause other than accidents, death benefit will not be paid. In such a case, 80% of all premiums that have been paid until then will be refunded.
  • In case a policyholder commits suicide, whether sane or insane within a period of a year from the date of policy commencement or risk revival, death benefit will not be paid. In such a case, 80% of all premiums that have been paid until death or surrender value (with the exclusion of service tax), whichever is higher will be refunded.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Other features offered by the SBI Life Grameen Shakti Plan are as follows:

Maximum Plan Benefits Aggregate Sum Assured under this policy is capped at Rs.50,000 for the policyholder.
Revival Master Policyholder or member can revive their life cover within a period of two years. This is from the date of the very first unpaid premium and all due premiums will have to paid with interest in order to revive policy.
Nomination Nomination is mandatory as per Section 39 of the Insurance Act of 1938.
Assignment Assignment is not allowed for this policy.
Loan Loan is not available under this policy.
Grace Period A grace period of 30 days from the due date of premiums is provided.
Free Look Period In case the Master Policyholder or a Group member is not satisfied with the plan, he/she has the option to return the policy along with stated reasons within a period of 15 days from when receipt was received.
Paid Up Value In case a member is unable to pay the premium within the due date or grace period, he/she will continue to remain covered but a lower Maturity or Death Benefit will be applicable. This is possible only if the premium for the first two years’ is paid completely.

Tax Benefits - How you can save with the SBI Life Grameen Shakti Plan?

The SBI Life Grameen Shakti Plan comes with a set of Income Tax Benefits and Exemptions based on prevailing tax laws and restrictions. These rules are subject to changes from time to time, hence applicants are advised to consult their tax experts regarding the same.

Other Benefits - How you can save with the SBI Life Grameen Shakti Plan?

One of the most trusted providers of Life Insurance plans, SBI Life has a policy available for everybody. This insurance company has a plethora of plans available and also boasts of a hassle-free customer care service. All potential customers have the option of viewing SBI Life plans online instead of having to visit a branch of SBI Life. In addition to this, individuals can not only view their policies online but can also apply for plans that they are interested in.

The SBI Life website also comes with a number of other advantages. These include the provision of a Premium Calculator which can be used by them to check their policy premiums and also get an idea regarding the Sum Assured that they would stand to receive. A tax calculator is also available on the website which will enable customers to compute their taxes.

Most individuals look forward to enjoying their sunset years after spending decades working hard. However, this is possible only if proper planning has been done for retirement. The Retirement Planner available on the website will help customers plan their investments in the right manner so as to benefit them during retirement.

Individuals can also contact SBI Life at any point of time for required assistance.

Why you should buy the Grameen Shakti Plan by SBI Life?

A business partnership between State Bank of India and BNP Paribas Cardif S.A., this insurance company has the best of both worlds. SBI Life comes with Rs.2,000 crores as its authorised capital and Rs.1,000 crores as its paid capital. A robust investment portfolio along with large number of plans is the company’s USP.

SBI Life Insurance operates with a mission to emerge as a leading insurance company that offers a plethora of pension and protection products at affordable rates. SBI Life has a very healthy claim-settlement ratio and has won numerous awards such as ‘Life Insurance Company of the Year’ award at the Indian Insurance Awards in 2016, ‘LIMRA LOMA Silver Bowl Award 2016’ under the category of ‘Best Use of Social Media’.

Apart from this, SBI Life hosts programs and activities to ensure that awareness is created regarding Life Insurance and the financial benefits of availing a Life Insurance policy through its Insurance Awareness Program. Some of these activities include the setup of Insurance Awareness Centres in certain areas, tie-ups with local companies and organizations to increase awareness and outreach.