• SBI Life - Grameen Super Suraksha Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    The SBI Life Grameen Super Suraksha plan is a non-linked, non-participating group micro term assurance plan by SBI that provides affordable life cover for groups. The plan is a good option for those looking to provide life coverage to employees or members. With a policy term of 5 years and a minimum premium amount of Rs.102 per member, the plan is ideal for lower income groups as well.

    The plan can be taken out for a minimum of 50 members and is thus targeted at larger institutions or organisations looking at safeguarding the future of their employees’ dependents.

    Eligibility - Who is the SBI Grameen Super Suraksha for?

    The SBI Life Grameen Super Suraksha is a group life insurance plan that would benefit lower income groups thanks to the premium amount payable. The eligibility criteria for the plan are outlined below:

    Parameter Eligibility
    Minimum entry age 18 years
    Maximum entry age 50 years
    Maximum maturity age 55 years
    Policy term 5 years
    Minimum group size 50 members
    Premium paying term Single/yearly

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

    Sum Assured:

    The sum assured amount is the amount payable by the insurer in the event of an unforeseen circumstance. The sum assured amount under this policy is a minimum of Rs.5,000 and the amount is capped at Rs.50,000 per member.


    The premium is the amount payable for the continuance of the insurance cover. The SBI Life Grameen Super Suraksha plan has a very affordable premium, with the minimum amount being Rs.102 for a single premium and Rs.22.50 for a yearly premium.

    Plan Coverage - What the SBI Life Grameen Super Suraksha Plan covers?

    The SBI Life Grameen Super Suraksha plan coverage is as follows:

    • The master policyholder selects the sum assured amount in consultation with the members.
    • The premium amount is calculated taking into account the number of member, policy term, sum assured amount, premium paying type (single/regular).

    The SBI Life Grameen Super Suraksha plan provides policyholders with the following in terms of plan coverage:

    Death benefit In the event of the death of a member while the policy is still in force, the nominee stands to receive the sum assured.
    Maturity benefit There is no maturity benefit payable under this policy.

    Riders/ Add-on Plans:

    There are no riders or add-ons associated with this policy.

    Exclusions - What the SBI Life Grameen Super Suraksha plan doesn’t cover?

    The SBI Life Grameen Super Suraksha plan provides policyholders and members with life cover in the event of an unforeseen circumstance, upon which a death benefit is paid out to the nominee/nominees. There are some exclusions in which case the company will not pay any benefits. These are listed below:

    • If the member, whether medically sane or insane, commits suicide within a year from the date of inception of the policy or the revival of the policy, no death benefit will be payable to nominees. The company will pay 80% of the premiums paid till date to the nominee/nominees.
    • In the event of the death of the member due to any reason other than an accident within a period of 45 days from the date of policy commencement or revival of the policy, no death benefit will be payable. The company will pay nominees 80% of the premiums paid till date.

    Other Key Features- Freelook Period, Surrender Value, Grace Period etc.

    Additional features and benefits are listed below:

    Free look period If the master policyholder, after receiving the policy, is not satisfied with any of the provisions, he/she may choose to return the policy at no cost during the free look period. The free look period is 15 days from the date of receipt of the policy document and the policy should be returned along with a reason for the return. In the case of distance marketing policies, the free look period is 30 days.
    Grace period If a member is unable to pay the scheduled premium during the given deadline, the member is given a grace period of 30 days within which to pay the amount due. In the case of this policy, the grace period is applicable to the yearly premium payment mode.
    Nomination The policy provisions allow for a member to nominate one or more individuals who would receive benefits on the demise of the member. The nomination is to be made before the policy matures.
    Assignment There is no assignment allowed under the policy.
    Surrender benefit In the case of a single premium policy, if a member does not wish to continue with the policy, the member can avail of the surrender facility wherein the surrender value will be payable on policy exit. No surrender value will be payable for a regular premium policy.
    Lapse of policy If a member does not pay premiums during the grace period provided, the policy for that member would lapse and no benefit would be payable.
    Policy revival Under the regular premium payment mode, members can revive another member’s life cover within 2 years of the date of the first unpaid premium along with interest.

    Tax Benefits - How you can save with the SBI Life Grameen Super Suraksha?

    The SBI Life Grameen Super Suraksha plan provides members and the master policyholder with life coverage in the event of an unforeseen circumstance. Members and policyholders can also save tax by investing in the policy in the following ways:

    Under Section 80C of the Income Tax Act of 1961, the amount paid as premium is eligible for tax deductions.

    Under Section 10 (10D) of the Income Tax Act of 1961, the benefits received through a life insurance policy are eligible for tax deductions.

    Other Benefits - How you can save with the SBI Life Grameen Super Suraksha?

    The SBI Life Grameen Super Suraksha plan provides members’ dependents with a safety net in the event of any unforeseen circumstances. Additionally, the policy also provides a host of benefits and features that the policyholder can avail.

    SBI Life provides policyholders with a quick and easy claims processing procedure, with a step-by-step guide to filing a claim and tracking it. Policyholders can also contact the customer service for assistance on filing a claim and for any policy-related information. The company has also made all policy documents available online, making it easy for individuals to look for information pertaining to a particular policy.

    When it comes to premium payments, SBI Life has introduced online payments. Policyholders can use a number of online methods such as paying by credit or debit card, through NEFT, through netbanking or by setting up standing orders.

    Individuals who are looking to compute the amount of premium payable can make use of the tax calculators provided by SBI Life on their website. Using these, an individual can ascertain the amount payable for a particular policy as well as the sum assured amount they stand to receive at maturity or at the time of the policyholder’s demise.

    Why you should buy the SBI Life Smart Income Protect Plan from SBI Life?

    SBI Life Insurance is a life insurance company that is a joint venture between the State Bank of India (SBI) and BNP Paribas Cardif S.A. The company was set up in the year 2001 and provides life insurance solutions across spectrums. The company has plans that cater to individuals as well as organisations, providing policyholders with a wide range of options based on their requirements.

    Offering life insurance products that encompass the diverse needs of various groups of people, SBI Life has carved a niche for itself in the insurance sector in the country.

    The company maintained a claim settlement ratio of 95.8% in the year 2015-16 and has received a number of accolades for their stellar service and performance.

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