Grameen+Bima Brochure BR, 0

www.sbilife.co.
in
Enjoy more
from life at an
affordable
premium.
Grameen Bima
UIN:111N087V02
An Individual, Non-Linked, Non-Participating Microinsurance Life Insurance Pure Risk Premium Product.
You are the anchor of your family and they look up to you for their daily needs and requirements. Needless to mention, your
presence ensures their comfort and well-being. However, life is unpredictable and your absence will place your family under
considerable financial stress apart from the emotional loss.
Presenting, SBI Life - Grameen Bima, a simple, hassle-free, Individual, Non-Linked, Non-Participating Microinsurance Life
Insurance Pure Risk Premium Product , that provides financial security for your family in case of unfortunate death.
Key Highlights
• Protection at an affordable cost
Choose the affordable premium you can pay; correspondingly your life insurance cover will be decided based on the
premium.
• Instant Processing
No medical examination; acceptance would be based on satisfactory health declarations in the proposal form.
• Easy Enrolment
Enrolment based on a simplified questionnaire.
• Single Premium
Convenience of paying just once.
Eligibility
Age* at Entry Minimum: 18 years Maximum: 50 years

Policy Term 5 years
Premium Payment Term One time payment at policy inception
Single Premium Amounts Minimum: ` 300 Maximum: ` 2,000

Premium amounts will be in multiples of ` 100
Premium Frequency Single Premium
Basic Sum Assured Minimum: ` 10,000 Maximum: ` 50,000^
Age Band Basic Sum Assured
18 - 39 60 mes of Single Premium paid
* All the references to age are age as on last birthday.

Âggregate Basic Sum Assured under this plan will be capped at ` 50,000 for each life.
2
Benefits Available under the Plan
• Death Benefit:
In the unfortunate event of death of the life insured during the policy term, the nominee or beneficiary will receive the
sum assured as lump sum.
Where the sum assured on death would be:
Higher of Basic Sum Assured OR 1.25 mes of Single Premium.
• Maturity Benefit:
There is no maturity benefit under this product.
Sample Illustration
Age Premium (in `) Policy Term Basic Sum Assured

(in years) (Inclusive of Applicable Taxes) (in years) (in `)
30 Years ` 800 5 Years ` 48,000
Single Premium Policy with Policy Term of 5 years

Death of Life Assured in 4th Policy year
PY 0 PY 4 PY 5
Basic Sum Assured of ` 48,000 is Paid as Death Benefit
In case of unfortunate death of life assured during the policy term, Death Benefit of ` 48,000 will be paid to the nominee or
legal heir, as the case may be.
• Tax Benefits:
You may be eligible for Income Tax benefits / exemptions as per the applicable income tax laws in India, which are subject
to change from time to time. You may visit our website for further details. Please consult your tax advisor for more details.
• Surrender Benefit:
Surrender is allowed after the first year of cover and before the last year of cover. The surrender value paid will be:
Single Premium Paid (exclusive of applicable taxes) * 50% * Unexpired term / Total Term.
Where:
1) Term is measured in completed months.
2) Unexpired term would be the total policy term in months less than the completed number of months as on date of surrender.
Terms & Conditions
l Policy Loans
No loan facility is available under this product.
l Suicide clause
In case of death due to suicide, within 12 months from the date of commencement of risk under the policy, the nominee
or beneficiary of the policyholder shall be en tled to at least 80% of the total premium paid ll the date of death or the
surrender value available as on the date of death whichever is higher, provided the policy is in force.
l Nomina on & Assignment
Nomina on shall be as per Sec on 39 of the Insurance Act, 1938, as amended from me to me.
Assignment shall be as per Sec on 38 of the Insurance Act, 1938, as amended from me to me.
l Free Look Period
The policyholder has a period of 15 days (30 days in case policy is sold through distance marke ng and electronic
policies) from the date of the receipt of the policy document to review the terms and condi ons of the policy and where
the policyholder disagrees to any of the terms and condi ons, policyholder has an op on to return the policy to the
company along with a le er sta ng the reason for cancella on. In such a case, policyholder shall be en tled to the
refund of Premiums a er deduc ng stamp duty, medical expenses incurred, if any, and applicable tax and/or any other
statutory levies/duty/surcharge. The propor onate risk premium along with the applicable tax and/or any other
statutory levies/duty/surcharges for the period of cover will also be deducted.
l Exclusions
Not Applicable
Prohibition of Rebates
Section 41 of Insurance Act, 1938 as amended from time to time states:

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew
or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or
part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or
renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the
published prospectuses or tables of the insurer.
2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may
extend to ten lakh rupees.
Non-Disclosure
Extract of Section 45 of Insurance Act, 1938, as amended from time to time states:
No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date
of the policy. A policy of life insurance may be called in question at any time within three years from the date of the policy, on
the ground of fraud or on the ground that any statement of or suppression of a fact material to the expectancy of the life of
the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or
rider issued. The insurer shall have to communicate in writing to the insured or the legal representatives or nominees or
assignees of the insured, the grounds and materials on which such decision is based.
No insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement or
suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to
suppress the fact or that such mis-statement or suppression are within the knowledge of the insurer. In case of fraud, the
onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
In case of repudiation of the policy on the ground of mis-statement or suppression of a material fact, and not on the grounds
of fraud, the premiums collected on the policy till the date of repudiation shall be paid.
Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no
policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof
that the age of the life insured was incorrectly stated in the proposal.
For complete details of the section and the definition of 'date of policy', please refer Section 45 of the Insurance Act, 1938,
as amended from time to time.
7
Toll free no.: 1800 267 9090 | SMS ‘LIBERATE’ to 56161 |Email: [email protected] | Web: www.sbilife.co.in
(Between 9.00 am & 9.00 pm)
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS.

IRDAI is not involved in ac vi es like selling insurance policies, announcing bonus or investment of premiums. Public receiving such
phone calls are requested to lodge a police complaint.
Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license. SBI Life Insurance Company Limited. Registered
and Corporate Office: Natraj, M V Road & Western Express Highway Junc on, Andheri (East), Mumbai - 400 069. | IRDAI Regn. No.111. |
CIN: L99999MH2000PLC129113 NW/1F/ver1/01/22/BR/ENG

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www.sbilife.co.

Age* at Entry Minimum: 18 years Maximum: 50 years

Single Premium Amounts Minimum: ` 300 Maximum: ` 2,000

* All the references to age are age as on last birthday.

Age Premium (in `) Policy Term Basic Sum Assured

Single Premium Policy with Policy Term of 5 years

Basic Sum Assured of ` 48,000 is Paid as Death Benefit

Section 41 of Insurance Act, 1938 as amended from time to time states:

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS.

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