SBI Life Saral Life Plan

SBI Life Saral Life Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.

Death Benefit

Tax Benefit

Maturity Benefit

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Key Features

It is a participating Endowment Plan with Regular premium payment option

There are only 3 Sum Assured available in this plan

There is no requirement of medicals in this plan as only a declaration of Good Health suffices

On survival till the end of the policy tenure, the Sum Assured along with accrued Bonus and Terminal Bonus is paid to the policyholder as Maturity Benefit

If the Life Insured dies within the policy tenure, the Sum Assured along with accrued Bonus and Terminal Bonus would be paid to the nominee as Death Benefit

Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + accrued Bonus + Terminal Bonus as Death Benefit and the policy terminates.

Maturity Benefit

On survival till the end of the policy tenure, the policyholder gets the Sum Assured + accrued Bonus + Terminal Bonus as Maturity Benefit and the policy terminates.

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.

How it works

In this plan, premium needs to be paid for the entire Policy Tenure chosen at the policy inception. There is no requirement of medicals in this plan as only a declaration of Good Health suffices along with a simplified questionnaire.

This plan offers Simple Reversionary Bonus which is calculated as a percentage of the Sum Assured. This plan also may have Terminal Bonus at the end of the policy tenure.

On survival till the end of the policy tenure, the Sum Assured along with accrued Bonus and Terminal Bonus is paid to the policyholder as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the policy tenure, the Sum Assured along with accrued Bonus and Terminal Bonus would be paid to the nominee as Death Benefit and the policy would be terminated.

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	1lakh, 2 lakhs	3 lakhs
Policy Term (in years)	10/15/20	25
Premium Payment Term (in years)	Equal to Policy Tenure
Entry Age of Life Insured (in years)	18	60
Age at Maturity (in years)	-	70
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

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 at least 3 years premiums have been paid, then the policy gets converted to a Paid Up Policy and continues with reduced coverage. The policy can always be revived within a period of 3 years from the due date of the first unpaid premium.

What happens if policyholder want to surrender the policy

Surrender Benefit is available after 3 years

Guaranteed Surrender Value =30% of (All premiums paid – 1st year’s premium)

What happens if policyholder want a loan against your policy

Loan facility is available in this plan after the policy acquires Surrender Value.