SBI Life Sanjeevan Supreme Plan
SBI Life Sanjeevan Supreme Plan is a Participating Limited Payment Money Back Plan. It is a Traditional Plan with Bonus facility.
Death Benefit
Riders
Tax Benefit
Compare this plan with other Investment Plans
Key Features
It is a Participating Money Back Plan
In this plan, there is Limited Payment Option
There are 4 variants in this plan to choose the payment interval
After the Premium Paying Term is over, the Survival Benefit starts after the Deferment Period
In this plan, there is Money Back options at pre-defined intervals as Survival Benefits
There are 3 additional riders in this plan
If the Life Insured dies within the Policy Tenure, the entire Sum Assured + Simple Reversionary Bonus &Terminal Bonus (if any) is paid to the nominee irrespective of Survival Benefits already paid
Benefits
Death Benefit
In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Sum Assured + Simple Reversionary Bonus &Terminal Bonus (if any) is paid to the nominee as Death Benefit irrespective of Survival Benefits already paid
Survival Benefit
There is a specific amount of the Sum Assured that is paid at pre-defined intervals as a % of Basic Sum Assured
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Plan Options
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Premium Paying Term(in years)
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Deferment Period (in years)
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Benefit Period (in years)
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Total Tenure (in years)
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Money Back Schedule
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1
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6
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4
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5
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15
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20% of Sum Assured is paid every year from 10th Policy Year onwards
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2
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6
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4
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10
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20
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10% of Sum Assured is paid every year from 10th Policy Year onwards
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3
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10
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5
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5
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20
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20% of Sum Assured is paid every year from 15th Policy Year onwards
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4
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10
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5
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10
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25
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10% of Sum Assured is paid every year from 15th Policy Year onwards
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Maturity Benefit
On survival till the end of the policy tenure, the policyholder gets a part of the Sum Assured as per schedule + vested Bonus.
- For Benefit Period of 5 years: Maturity Benefit = 20% of Sum Assured + accrued Bonus
- For Benefit Period of 10 years: Maturity Benefit = 10% of Sum Assured + accrued Bonus
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 and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Riders
There are 3 additional riders in this plan:
- Accidental Death Benefit Rider
- Total and Permanent Disability resulting from an accident
- Pure Term Rider and
How it works
In this plan, premium needs to be paid for a Limited Period of 6 or 10 years as chosen or in a lumpsum under Single Premium Mode. This being a Money Back Plan, has a specified % of Sum Assured being paid back at pre-defined intervals. After the Premium Paying Tenure is over, there is a Deferment Period of 4 or 5 years after which the Money Back starts. There are 2 choices of Money Back Payment of Benefit being paid over 5 years or Benefit being paid over 10 years. There are 4 variants to choose from whereby the amount of Sum Assured is defined and also the timelines.
Thus, for a Premium Paying Term of 6 years, the Deferment Period is 4 years. Now, there are 2 choices for Money Back Payment of 5 years and 10 years.
- If 5 years Benefit Period is chosen, then 20% of the Sum Assured is payable every year from the 10th Policy year onwards and the vested Bonus is payable along with the last instalment as Maturity Benefit. The total Policy Tenure is this case is 15 years.
- If 10 years Benefit Period if chosen, then 10% of the Sum Assured is payable every year from the 10th Policy year onwards and the vested Bonus is payable along with the last instalment as Maturity Benefit. The total Policy Tenure is this case is 20 years.
Now, for a Premium Paying Term of 10 years, the Deferment Period is 5 years. Now, there are 2 choices for Money Back Payment of 5 years and 10 years.
- If 5 years Benefit Period is chosen, then 20% of the Sum Assured is payable every year from the 15th Policy year onwards and the vested Bonus is payable along with the last instalment as Maturity Benefit. The total Policy Tenure is this case is 20 years.
- If 10 years Benefit Period if chosen, then 10% of the Sum Assured is payable every year from the 15th Policy year onwards and the vested Bonus is payable along with the last instalment as Maturity Benefit. The total Policy Tenure is this case is 25 years.
However, if the Life Insured dies within the Policy tenure, the entire Sum Assured along with vested Bonus is paid as Death Benefit to the nominee irrespective of the Survival Benefits paid.
There are 3 additional riders along with this plan.
Eligibility
| Minimum | Maximum | |
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Sum Assured (in Rs.)
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50,000
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5 Crore
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Policy Term (in years)
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15
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25
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Premium Payment Term (in years)
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Single
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Equal to PT
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Entry Age of Life Insured (in years)
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18
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60
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Age at Maturity (in years)
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-
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75
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Payment modes
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Single/ Yearly / Half-yearly / Quarterly / Monthly
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FAQs
What happens if policyholder stop paying the premium
If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if 3 years premiums have been paid for Regular Payment Mode, then the policy gets converted to Paid Up Value and continues with reduced benefit. The policy can however be revived within 5 years from the date of lapse.
What happens if policyholder want to surrender the policy
Surrender Benefit is available after payment of at least 3 years’ premiums has been paid for Regular Payment Policy.
Surrender Benefit after 3rd Policy Year till 6th Policy Year:
Guaranteed Surrender Value= 60% of all premium – 1st year’s premium
Surrender Benefit after 6thPolicy Year but before Survival Benefit start:
Guaranteed Surrender Value= 65% of all premium – 1st year’s premium
Surrender Benefit after Survival Benefits start:
Guaranteed Surrender Value= 65% of all premium – 1st year’s premium – Survival Benefit already paid
Surrender Benefit is available after the 1st policy year for Single Payment Policy.
Surrender Benefit on 2nd and 3rd Policy Year= 75% of Single Premium paid
Surrender Benefit on 4th and 5th Policy Year= 85% of Single Premium paid
Surrender Benefit on 6th Policy Year onwards but before Survival Benefit Starts= 90% of Single Premium paid
Surrender Benefit after Survival Benefit Starts= 90% of Single Premium paid – Survival Benefit already paid
What happens if policyholder want a loan against your policy
Loan facility is not available in this plan.
