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SBI Life Sanjeevan Supreme Plan

Sample Premiums for this plan
Healthy | Male | SA= Rs 1,00,000
₹ 1 Lakhs Cover
₹ 17759
₹ 1 Lakhs Cover
₹ 17002
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Death Benefit
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Riders
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Tax Benefit

SBI Life Sanjeevan Supreme Plan is a Participating Limited Payment Money Back Plan. It is a Traditional Plan with Bonus facility.

Compare this plan with other Investment Plans

SBI Life Sanjeevan Supreme Plan - Key Features

It is a Participating Money Back Plan
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In this plan, there is Limited Payment Option
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There are 4 variants in this plan to choose the payment interval
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After the Premium Paying Term is over, the Survival Benefit starts after the Deferment Period
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In this plan, there is Money Back options at pre-defined intervals as Survival Benefits
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There are 3 additional riders in this plan
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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
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SBI Life Sanjeevan Supreme Plan - 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 ...

Survival Benefit

There is a specific amount of the Sum Assured that is paid at pre-defined intervals as a % of Basic Sum Assured

...

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...

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 Pro...

Riders

There are 3 additional riders in this plan:
  1. Accidental Death Benefit Rider
  2. Total and Permanent Disabilit...

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 conditions & other restrictions in SBI Life Sanjeevan Supreme Insurance Plan

  Minimum Maximum
Sum Assured (in Rs.)
50,000
5 Crore
Policy Term (in years)
15
25
Premium Payment Term (in years)
Single
Equal to PT
Entry Age of Life Insured (in years)
18
60
Age at Maturity (in years)
-
75
Payment modes
Single/ Yearly / Half-yearly / Quarterly / Monthly

SBI Life Sanjeevan Supreme Plan - FAQs

angle right iconWhat 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.

angle right iconWhat 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
angle right iconWhat happens if policyholder want a loan against your policy

Loan facility is not available in this plan.