Details About SBI Life Insurance Premium Annual premium in Rupees for a policy tern of 20 years and SA of 50 Lakhs Policy Details Grace Period: 30 days grace period is allowed for payment of premium Policy Termination or Surrender Benefit: there is no option of surrendering the plan. Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders Premium discounts are given for non-smokers Premium discounts for female lives Exclusions In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee. For the rider, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded
The nominee gets the Sum Assured on death of the policyholder In case of Increasing Cover, the SA increases by 10% every 5 years Inbuilt Accidental Death Benefit rider with options 2 & 4 equal to SA or 50 Lakhs, whichever is lower Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Policyholder has to fill up an `Application form/ proposal form online and provide self-attested copies of KYC/AML Documents. BNP Paribas Cardif Proposes to Increase Stakes in SBI Life Insurance to 36% IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders The Biggest Refund Order of Rs. 275 Crore Issued by IRDA to Sbi Life