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SBI Life Saral Swadhan Plus
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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.
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
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.
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.
