SBI Life Saral Swadhan Plus
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
SBI Life Saral Swadhan plus is a non-linked, non-participating, term plan with return of premium feature. The product offers fixed life cover throughout the policy term and guaranteed maturity benefit.
Product Description
- Protection at an affordable cost. Choose the premium amount you wish to pay
- At Maturity, guaranteed (condition apply*) benefit of 100% or 115% of TPP
- Your Enrolment will be based on simplified proposal form
COMPARE & BUY SIMILAR PLANS
Unique Features
- Term plan with return of Premium feature. (Guaranteed Maturity Benefit-100% of premium is returned in 10 years term and 115% of premium is returned in 15 years term).
- It is a retail plan where the maximum sum assured which can be taken is 4.75 lac.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 18 Years | ||||
| Age at Entry (Max) | 55 Years | ||||
| Max age of Maturity | 70 Years | ||||
| Minimum Premium | Rs. 1,500 | ||||
| Maximum Premium | Rs. 5,000 | ||||
| Notes: * Premiums are in multiple of Rs. 500 | |||||
| Mode Available | Yearly | ||||
| Sum Assured | Min : Rs. 30,000 | Max : Rs. 4,75,000 | |||
| Sum Assured = Multiple of Annual Premium Paid depending upon the Age at entry and Policy Term | |||||
| Entry Age ( Years) | Term 10 Years | Term 15 Years | |||
| 18-30 | 80 | 95 | |||
| 31-35 | 65 | 70 | |||
| 36-40 | 50 | 55 | |||
| 41-45 | 35 | 40 | |||
| 46-50 | 25 | 30 | |||
| 51-55 | 20 | 20 | |||
| Policy Term | 10 / 15 Years | ||||
| Premium Paying Term | 10 years (Fixed for both the Policy terms) | ||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
- Policy term 10 years - 100% of the total premiums paid
- Policy term 15 years - 115% of the total premiums paid
- Death benefit: Nominee will receive Sum assured.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender Value | ||||||
| Surrender year | Policy Term - 10 Years | Policy Term - 15 Years | ||||
| 1 and 2 | Nil | Nil | ||||
| 3 | 30.00% | 30.00% | ||||
| 4 to 7 | 50.00% | 50.00% | ||||
| 8 to 10 | 60.00% | 60.00% | ||||
| 11 onwards | 65.00% | |||||
| Special Surrender Value | Will be evaluated periodically | |||||
| This will be a realistic value of your policy at the time of surrender based on our best estimate future assumptions. | ||||||
| Illustration | ||||||
| Policy Term | Paid-up Value end year | Formulae | ||||
| 10 Years | 6th Year | Death Benefit = (6/10)x Sum Assured | ||||
| Maturity Benefit = 100% x Total Premium Paid | ||||||
| 15 Years | 6th Year | Death Benefit = (6/10)x Sum Assured | ||||
| Maturity Benefit = 115% x Total Premium Paid | ||||||
| Paid up Value | Any time during Policy Term if the premium is not paid within Grace period, the policy would lapse. | |||||
| A Lapsed Policy will acquire paid-up only when minimum 3 years premium have been paid. | ||||||
| Lapsed policy | ||||||
| Paid-up death benefit | Will be reduced to the same proportion as the ratio of the number of premiums paid to the total number of premium actually payable. | |||||
| Paid-up Maturity benefit | Will be 100 % & 115% of Total Premium Paid for Policy Term of 10 & 15 Years Respectively. | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 75% of premiums paid or the surrender value.
Tax Benefits
Income tax benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.
Claim Process
Know claim process of SBI Life Saral Swadhan Plus
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.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
