• SBI Life Group Micro Insurance Plans

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    SBI Life is synonymous with trust and respect, values that have been attracting customers ever since the company’s inception. SBI Life offers customers a number of unique plans, both for individual requirements as well as group.

    Some of the group products offered by SBI Life are Group Micro Insurance Plans. These plans are tailored to suit the needs of groups that have reduced household income and relatively low savings. Therefore, these plans are highly affordable yet beneficial with the provision of adequate protection. These insurance plans act as a security blanket for customers in case of unfortunate events.

    SBI Life offers one micro insurance plan as of now, which is the SBI Life - Grameen Shakti plan which provides customers with a refund of premiums at policy maturity.

    Benefits of SBI Life - Group Micro Insurance Plans:

    Group Micro Insurance Plans come with a number of advantages as given below:

    • Group Micro Insurance products are perfect for those groups that do not have a large income, yet wish to avail an insurance plan.
    • These plans provide financial support as well as protection in case of unfortunate events at a reasonable premium rate.
    • These plans are extremely affordable while providing returns at the same time.
    • Individuals can avail Income Tax Benefits based on prevailing tax laws.
    • SBI Life Insurance provides other services such as legal advice, insurance consultants and robust customer care service, among others.

    List of Group Micro Insurance Plans provided by SBI Life:

    SBI Life - Grameen Shakti:

    This insurance plan ensures that groups such as NGO’s or Micro Financial Institutions enjoy the benefits of a life insurance at a reasonable rate.

    Benefits and Features of SBI Life - Grameen Shakti Plan:

    • Policyholders will receive a refund of their premium upon plan maturity.
    • Through this plan, policyholders can avail a flexibility of the cover amount. Employers can decide the Sum Assured that they wish to offer to their members.
    • In case of death of policyholder during the tenure of the policy, the Sum Assured that has been chosen will be paid.
    • Upon survival of policyholder until policy maturity, 50% of all premiums paid, excluding the tax applicable, will be paid.
    • In case a member is not able to pay the necessary premium within the grace period of 30 days, the member will still remain covered but for a lower benefit amount.
    • Master policyholder will have the choice to revive the life cover of a member within a period of two years from the due date of the first unpaid premium.
    • A freelook period of 15 days is available for the Grameen Shakti Micro Insurance policy.
    • The Grameen Shakti Micro Insurance Plan comes with a Surrender Benefit as well, wherein this amount will be paid on the master policyholder or the insured member’s request. This value will only be paid if a minimum of 2 years’ premium has been paid.
    • Loan facility not available under SBI Life - Grameen Shakti plan.
    Age at entry (in years) Policy Tenure Sum Assured (in multiple of Rs.5,000) Premium Amount in Rs. (this amount does not include applicable taxes) Premium Payment Frequency
    • Minimum - 18
    • Maximum - 50
    5 years
    • Minimum - Rs.10,000
    • Maximum - Rs.50,000
    • Minimum - Rs.85 for every member
    • Maximum - Rs.925 for every member

    Who do you need SBI Life - Group Micro Insurance Plans?

    One of the most well-known and respected insurance providers in the country. The Group Micro Insurance plan is meant for those groups that have low household income but wish to protect themselves. This plan is beneficial to weaker sections of society such as those who are funded by NGOs or even Micro Financial Institutions. These plans are flexible in terms of premium payments and also guarantee good returns.

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