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SBI Life Saral Maha Anand

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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


COMPARE THIS PLAN WITH OTHER ULIP PLANS
 

 

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

 

 

 

Minimum

Maximum

Sum Assured (in Rs.) Regular and Limited

For age<45 yrs, SA=(10XAP)

For age>=45yrs, SA=(7XAP)

20 X AP

Policy Term (in years) (PT)

10 yrs

20 yrs

Premium Payment Term (in years)

Equal to Policy Term

Lock-in period

5 yrs

Entry Age of Policyholder

18 yrs

55 yrs

Age at Maturity

NA

65 yrs

Regular premium

Yearly: Rs 15,000

Half-Yearly: Rs 9,500

Quarterly: Rs 5,500

Monthly: Rs 2,000

Yearly: Rs 29,000

Half-Yearly: Rs 14,500

Quarterly: Rs 7,200

Monthly: Rs 2,400

Single premium

Not Allowed

Payment modes

Yearly, Half-Yearly, Quarterly and Monthly

Top-up premium

Not allowed

 

 

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

 

 

Type of Rider

Available with Policy

Accidental death benefit

Yes

Permanent/Accidental disability benefit

No

Waiver of premium benefit

No

Critical illness (or dread diseases) benefit

No

Increased death benefit / Term rider

No

Hospital cash benefit

No

Income sustainer benefit

No

 

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).

 

 

What happens if?

 

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.

 

NAV of all funds in SBI Life Saral Maha Anand
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