Robinhood Insurance Broker Private Limited

Product Info

UIN

111N092V01

Status

Active

Launch Date

05/09/2013

Withdrawn Date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

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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

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Product Benefit

  • Maturity Benefit:
  1. Policy term 10 years - 100% of the total premiums paid
  2. 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

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.

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.

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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.

BUY NOW