The minimum sum assured under SBI Life's Grameen Bima is Rs 10,00.
SBI (State Bank of India) offers variousinsurance 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.