India's 1st IRDAI Approved Insurance Web Aggregator

SBI Life Saral Swadhan Plus

  •  views
  •  views

SBI Life Saral Swadhan Plus Review

SBI Life Saral Swadhan plus is a non-linked, non-participating, term plan with return of premium feature. The product offers fixed life cover throughout the policy term and guaranteed maturity benefit.
 

Compare Term Plans

Key Features of SBI Life Saral Swadhan Plus Plan

  • Guaranteed Maturity Benefit  - 100% or 115% of the total premiums paid
  • Life cover at reasonable cost – choose your premium and your life cover based on age at entry and policy term
  • Easy enrolment – simplified proposal form
  • Tax Benefits under Section 80C and 10(10D) of the Income Tax Act
COMPARE THIS PLAN WITH OTHER TERM PLANS
Yes
No


 

Benefits of SBI Life Saral Swadhan Plus Plan

Death Benefit – In case of death of the policy holder during policy tenure, the nominee gets sum assured.

Maturity Benefit – At the end of the policy term, the policy holder gets the below benefit:
  • Policy Term 10 years – 100% of the total premiums paid
  • Policy Term 15 years – 115% of the total premiums paid
Paid up value – lapsed policies acquires paid up value, if the premium is paid for 3 years, in such scenario, the policy holder gets the below pay-outs.
  • Paid up death benefit  -  will be reduced to the same proportion as the ratio of number of premiums paid to the total number of premiums payable, also the sum assured will be reduced and it will referred as “Reduced sum assured”
  • Paid up maturity benefit – will be 100% and 115% for total premium paid for policy term 10 and 15 years.
Illustration of paid up value as below:

Policy Term (in years)

Maturity Benefit

Death Benefit

10

100% of total premiums paid

6/10*sum assured

15

115% of total premiums paid

6/10*sum assured


Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C. Tax exemption under section 1010(D) is available at the time of maturity/surrender.


HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?

 

Eligibility conditions and other restrictions in SBI Life Saral Swadhan Plus Plan

Particulars

Minimum

Maximum

Entry Age (in years)

18

55

Premium*500

1500

5000

Maximum Maturity Age(in years)

70 years

Policy Term (in years)

10 or 15

Premium Payment Term (in years)

10 (fixed for both policy terms)

Premium frequency

Yearly

Where,
- For policy Term 10 and 15 years, 100% and 115% of total premiums will be paid respectively on maturity
- Maturity benefit is payable if 3 years premium is paid.

Sum Assured Eligibility

Sum Assured

Minimum

Maximum

30,000

4,75,000

Entry Age (in years)

Term 10 years

Term 15 years

18-30

80

95

31-35

65

70

36-40

50

55

41-45

35

40

46-50

25

30

51-55

20

20

Where,
Sum assured is expressed, as the multiple of annual premium paid depending upon the age at entry and policy term.
 

Additional Features and Benefits of SBI Life Saral Swadhan Plus Plan

Free look - You can cancel the policy in 15 days of receipt of policy document, if you are not convinced with Terms and Conditions of the policy.

Riders – not available under this plan

 

What happens if?

You stop paying the premium – The policy gets lapsed if the premium is not paid within 30 days from the due date, this period is referred as “grace period”.

You want to surrender the policy – Policy can be surrendered after 3 policy years. Higher of Guaranteed Surrender value (GSV) or non-guaranteed Special Surrender Value (SSV) will be paid. GSV illustrated below:

Surrender Year

Policy Term 10 years (in %)

Policy Term 15 years (in %)

1 & 2

Nil

Nil

3

30

30

4 to 7

50

50

8 to 10

30

30

11 onwards

-

65

 

Exclusions

If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.
 
Other Term Insurance Plans from SBI Life
Similar Withdrawn Term Insurance Plans from SBI Life
Compare Term Plans

Leave a Comment

Term Insurance Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2020 MyInsuranceClub.com