SBI Life Saral Maha Anand
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.
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SBI Life Saral Maha Anand - Key Features
SBI Life Saral Maha Anand - Benefits
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 poin
If the policy holder survives the policy term, then he/she gets the Fund Value.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
Some additional benefits can be taken in the form of riders by paying extra premium
The plan has 4 investment fund options to choose from:
There is no top-up facility under this policy.
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
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,
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 | |
SBI Life Saral Maha Anand - FAQs
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.
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.
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.
No Loan allowed in this plan.
