SBI Life Saral Maha Anand Plan
Policy opening date – 06th September 2010
This is a unit-linked insurance policy (ULIP) where the premium amount is invested in the capital markets. The value of investments may fluctuate and go up or down depending upon various factors. Hence the risk in ULIPS is borne by the policy holder and not by the insurance company.
Key Features of SBI Life Saral Maha Anand Plan
§ Guaranteed Addition of up to 30% of Annualized Premium
§ No Premium Allocation Charge from 11th year onwards
§ Option to avail additional Rider Benefit
Benefits you get from SBI Life Saral Maha Anand Plan
Death Benefit – In case of death of the policy holder, the nominee gets the higher of the Sum Assured or Fund Value and the policy would be terminated. At any point of time, the minimum death benefit shall be 105% of the total premiums (including top-ups) paid.
Maturity Benefit - If the policy holder survives the policy term, then he/she gets the Fund Value.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
The maturity amounts you receive from this plan are exempt from tax under section 10(10D) subject to the provisions stated therein.
Eligibility conditions and other restrictions in SBI Life Saral Maha Anand Plan
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Minimum
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Maximum
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Sum Assured (in Rs.) Regular and Limited
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For age<45 yrs, SA=(10XAP)
For age>=45yrs, SA=(7XAP)
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20 X AP
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Policy Term (in years) (PT)
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10 yrs
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20 yrs
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Premium Payment Term (in years)
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Equal to Policy Term
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Lock-in period
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5 yrs
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Entry Age of Policyholder
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18 yrs
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55 yrs
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Age at Maturity
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NA
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65 yrs
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Regular premium
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Yearly: Rs 15,000
Half-Yearly: Rs 9,500
Quarterly: Rs 5,500
Monthly: Rs 2,000
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Yearly: Rs 29,000
Half-Yearly: Rs 14,500
Quarterly: Rs 7,200
Monthly: Rs 2,400
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Single premium
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Not Allowed
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Top-up premium
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Not allowed
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Additional Features and Benefits of SBI Life Saral Maha Anand Plan
Riders – Some additional benefits can be taken in the form of riders by paying extra premium
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Type of Rider
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Available with Policy
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Accidental death benefit
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Yes
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Permanent/Accidental disability benefit
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No
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Waiver of premium benefit
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No
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Critical illness (or dread diseases) benefit
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No
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Increased death benefit / Term rider
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No
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Hospital cash benefit
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No
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Income sustainer benefit
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No
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Investment Fund Options
The plan has 4 investment fund options to choose from:
· Index Fund
· Equity Fund
· Balanced Fund
· Bond Fund
Top-up - There is no top-up facility under this policy.
Switching - This plan offers the facility to switch between investment funds. The minimum switch amount is Rs.2,000. Two switches are allowed free of charge in a policy year.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 2,000 and the Maximum Partial Withdrawal allowed is up to 15% of Fund Value as on withdrawal request date.
A maximum of 2 Partial Withdrawals can be made in one Policy Year and not more than 5 Partial Withdrawals are allowed in the entire policy term (in case of a policy term of 10 years) and 10 Partial Withdrawals (in case of a policy term of 15 and 20 years).
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The proceeds from this Discontinued Policy Fund will be payable to the policy holder after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and the fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy- No Loan allowed in this plan.
Alternate ULIPs from different insurance companies
Bajaj Allianz Max Advantage Insurance Plan
Reliance Life Classic Plan
Max New York Subh Invest
Other ULIP plans from SBI Life Insurance Company Limited
SBI Life Smart Performer
SBI Life Unit Plus Super
SBI Life Smart Elite
SBI Life Smart Scholar
