SBI Life Saral maha Anand
Product Info
UIN
111L070V01
Status
Withdrawn
Launch Date
06/09/2010
Withdrawn Date
01/01/2014
Product Overview
SBI Life - Saral Maha Anand is a unit linked, a non-participating plan which allows you to manage your investment according to your risk appetite. It is a simple and convenient plan which allows you to choose your required life insurance cover subject to a minimum and a maximum level.
Product Description
- No medical examination, Simple joining process
- 3 fund options, to enjoy market-related returns as per your risk appetite
- No Premium Allocation Charge from 11th year onwards, thereby boosting your fund value
- Liquidity through partial withdrawals
- Twin Benefit of Market linked returns & insurance cover
COMPARE & BUY SIMILAR PLANS
Unique Features
- Non-medical vanilla unit linked endowment plan.
- Guaranteed addition of up to 30% of the annualized premium (depending on the term of the plan).
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry | Min: 18 years | ||||
| Max: 55 years | |||||
| Maximum Age at Maturity | 65 years | ||||
| Policy Terms | 10/ 15/ 20 years | ||||
| Premium Payment Modes | Yearly, Half-yearly, Quarterly & Monthly | ||||
| Premium Range (x100) | Premium Frequency | Minimum (in Rs.) | Maximum (in Rs.) | ||
| Yearly | 15,000 | 29,000 | |||
| Half-yearly | 9500 | 14500 | |||
| Quarterly | 5500 | 7200 | |||
| Monthly | 2000 | 2400 | |||
| Sum Assured | Minimum | Maximum | |||
| Age below 45 years= 10 X AP | Age below 45 years= 20 x AP | ||||
| Age 45 years or above 7 X AP | Age 45 years or above= 20 x AP | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | ||||
|---|---|---|---|---|---|
| Maturity Benefit | On completion of Policy Term, Fund Value will be paid | ||||
| Term of Settlement Option |
The following proportion of available Fund Value is paid over the term of the settlement option chosen: | ||||
| 2 | 3 | 4 | 5 | ||
| Year 1 | 1/2 | 1/3 | 1/4 | 1/5 | |
| Year 2 | 1 | 1/2 | 1/3 | 1/4 | |
| Year 3 | - | 1 | 1/2 | 1/3 | |
| Year 4 | - | - | 1 | 1/2 | |
| Year 5 | - | - | - | 1 | |
| Death Benefit | Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the time of death. | ||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Addition | The additions are made as a percentage of one Annualised Premium as given below. | |||||
| Policy Year | Guaranteed Addition (% of Annualised Premium) | |||||
| 10 | 5% | |||||
| 15 | 10% | |||||
| 20 | 15% | |||||
| The Guaranteed Addition will be offered for all Policy Terms irrespective of premium frequencies. | ||||||
| The same will be added through the allocation of units each at the end of 10 , 15 and 20 Policy Years. | ||||||
| Discontinuance of Premium | If you choose to withdraw completely, during the first 5 Policy Years. | |||||
| We will disinvest your units in all the Funds on the day we receive your request and pay the Fund Value. | ||||||
| If no response has been received from you within the stipulated period, then it will be deemed that you have opted for the ''Complete Withdrawal Option'. | ||||||
| Surrender | You can surrender your policy at any time during the Policy Term. | |||||
| 1. If surrender is requested during the first 5 Policy Years:- | ||||||
| Then a lock-in condition applies | ||||||
| You will earn a minimum interest rate of 3.5% p.a. on this Fund. No further charges are deducted from the Fund. Life cover and Rider Cover (if any) will cease to apply. | ||||||
| The Fund Value will be payable on the 1st working day of the 6th Policy Year. | ||||||
| If the surrender is requested any time after completion of 5 Policy Year then the Fund Value will be paid immediately. | ||||||
| Fund Options | Index Fund | |||||
| The objective of the Fund is to provide returns closely corresponding to returns of NSE S& P CNX Nifty Index, though investment regulations may restrict investment in group companies and some large cap companies listed on the Nifty Index, leading to higher tracking error. | ||||||
| Asset | Minimum | Maximum | Risk Profile | |||
| Equity | 90% | 100% | High | |||
| Money Market Instruments and Cash | 0% | 10% | ||||
| Equity Fund | ||||||
| The objective of this Fund is to provide high equity exposure targeting higher returns in the long term. | ||||||
| Asset | Minimum | Maximum | Risk Profile |
|||
| Equity & Equity Related Instruments | 80% | 100% | High | |||
| Debt & Money Market Instruments | 0% | 20% | ||||
| Balanced Fund | ||||||
| The investment objective of this Fund is to provide accumulation of income through investment in both equities and fixed income securities with an attempt to maintain a suitable balance between return and safety. | ||||||
| Asset | Minimum | Maximum | Risk Profile | |||
| Equity & Equity Related Instruments | 40% | 60% | Medium | |||
| Debt & Money Market Instruments | 40% | 60% | ||||
| Bond Fund: | ||||||
| The objective of the Fund is to provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities. |
||||||
| Asset | Minimum | Maximum | Risk Profile | |||
| Debt Instruments | 60% | 100% | Low to Medium | |||
| Money Market Instruments | 0% | 40% | ||||
| Switching Option | You can Switch the allocation of your investments among the available 4 Funds | |||||
| Minimum Switch amount is Rs. 2,000. | ||||||
| Two Switches are allowed free of charge in a Policy | ||||||
| Switch Charges will be recovered from the Fund Value. Unused free Switches cannot be carried forward |
||||||
| Premium Redirection Option | Premium Redirection facility is allowed from 2 Policy Year onwards | |||||
| A charge of Rs. 100 will be levied per redirection request in excess of free redirection request in the same Policy Year. Unused redirections cannot be carried forward. | ||||||
| Partial Withdrawals | Partial Withdrawals are available from the 6 Policy Year onwards. | |||||
| Partial Withdrawals the Guaranteed Addition will be reduced pro-rata to the extent of the Partial Withdrawals made till the date of the Guaranteed Addition | ||||||
| One free Partial Withdrawal in a Policy Year is allowed. | ||||||
| A charge of Rs. 100 per withdrawal in excess of free Partial Withdrawal will be charged. |
||||||
| There is no carry forward of free unused Partial Withdrawal for future Policy Years. | ||||||
| A maximum of 2 Partial Withdrawals can be made in one Policy Year and not more than 5 Partial Withdrawals are allowed in entire Policy Term for Policy Term 10 years and 10 Partial Withdrawals for Policy Term 15 years and 20 years. | ||||||
| Minimum Partial Withdrawal amount allowed is Rs. 2,000 (in multiple of Rs. 1,000). Maximum Partial Withdrawal allowed is up to 15% of Fund Value as on withdrawal request date. | ||||||
Add-ons
Accidental Death Benefit Linked Rider: The rider sum assured would be paid to the nominee in case of death due to an accident.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charges: (as a percentage of Regular Premium) | Policy Year | Premium Allocation Charges | |||
| 1 | 6.25% | ||||
| 2 | 3.75% | ||||
| 3 | 3.75% | ||||
| 4 | 3.75% | ||||
| 5 | 3.75% | ||||
| 6 | 3.00% | ||||
| 7 | 3.00% | ||||
| 8 | 3.00% | ||||
| 9 | 3.00% | ||||
| 10 | 3.00% | ||||
| 11 onwards | 0.00% | ||||
| Note: The allocation to units is made after the deduction of the charge from the Premium received. | |||||
| Policy Administration Charges | Monthly Policy Administrative Charges are Rs. 33.33/- per month. | ||||
| These charges will be deducted on the first business day of each Policy Month by way of cancelling an appropriate number of units. | |||||
| Fund Management Charges | A certain fixed percentage of the relevant Fund before calculating the NAV on a daily basis will be charged as per the rates below: | ||||
| Fund Name | Fund Management Charges | ||||
| Index Fund | 1.25% p.a | ||||
| Equity Fund | 1.35% p.a | ||||
| Balanced Fund | 1.25% p.a | ||||
| Bond Fund | 1% p.a | ||||
| These charges may be increased within the maximum limit allowed with notice to the Policyholder and subject to IRDA approval. | |||||
| Discontinuance Charges | Discontinuance charges are expressed as a percentage of one Annualised Premium or Fund Value. | ||||
| Year of Discontinuance |
For Annual Premium up to Rs. 25,000 |
For Annual Premium above Rs. 25,000 | |||
| 1 | Lower of 20% × (AP or FV) subject to a maximum of Rs. 3,000 |
Lower of 6% × (AP or FV) subject to a maximum of Rs. 6,000 |
|||
| 2 | Lower of 15% × (AP or FV) subject to a maximum of Rs. 2,000 |
Lower of 4% × (AP or FV) subject to a maximum of RS. 5,000 |
|||
| 3 | Lower of 10% × (AP or FV) subject to a maximum of Rs.1,500 |
Lower of 3% × (AP or FV) subject to a maximum of Rs.4,000 |
|||
| 4 | Lower of 5% × (AP or FV) subject to a maximum of Rs.1,000 |
Lower of 2% × (AP or FV) subject to a maximum of Rs.2,000 |
|||
| 5 onwards | NIL | NIL | |||
| Premium Redirection Charge | A charge of Rs. 100 is applicable for every redirection in excess of one free redirection in same Policy Year. | ||||
| Mortality Charges | Mortality charges are deducted on the first business day of each Policy Month from Fund Value by way of cancellation of unit | ||||
| Mortality charges will be based on your age and Sum at Risk at the time of charge deduction. | |||||
| Switching Charge | A charge of Rs. 100 is applicable for every switch, in excess of two free Switches in the same Policy Year. | ||||
| Partial Withdrawal Charge | A charge of Rs. 100 is applicable for every Partial Withdrawal in excess of one free Partial Withdrawal in same Policy Year. | ||||
| Miscellaneous Charges | For issuance of the additional/duplicate copy of yearly Fund statement an amount of Rs. 100 per statement will be charged. | ||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Company Overview
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.
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