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SBI Life Saral Life Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

SBI Life Saral Life Plan
 
SBI Life Saral Life Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
 
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.
 
 
Key Features of SBI Life Saral Life Policy
 
  • 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

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 
 
Benefits you get from SBI Life Saral Life Insurance Policy
 
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.
 
 
Eligibility conditions & other restrictions in SBI Life Saral Life Insurance Plan
 

 

 
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
 
 
Sample illustration of Premium of SBI Life Saral Life Plan
 

The below illustration is for a healthy male of 25, 35 and 45 years of age opting for a Regular Premium for 20 and 25 years with Sum Assuredof Rs 1,00,000

 

 

What happens if?
 
You 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.
 
You want to surrender the policy – Surrender Benefit is available after 3 years
Guaranteed Surrender Value =30% of (All premiums paid – 1st year’s premium)
You want a loan against your policy – Loan facility is available in this plan after the policy acquires Surrender Value.


 
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