SBI Life Swadhan
SBI Life Swadhan Plan
SBI Life Swadhan is the only Term Plan of SBI Life with Return of Premium on maturity. Thus if the Life Insured dies within the policy term, the nominee would receive the Sum Assured. If the life insured lives through the policy tenure, then he would receive his entire premium back on maturity of the policy.
Key Features
Benefits
In case of death of the policy holder, the nominee gets the entire sum assured in lumpsum.
On maturity, the premiums are returned to the policyholder if he survives the entire tenure.
Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are no riders in this policy.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 3,00,000 | 1 crore |
| Policy Term (in years) | 5 | 10 |
| Premium Payment Term (in years) | Equal to policy term | Equal to policy term |
| Entry Age of Policyholder | 18 | 65 |
| Age at Maturity | - | 70 |
| Single premium | NA | NA |
| Payment modes | Yearly, Half-yearly and Quarterly | |
FAQs
What happens if You stop paying the premium -?If the policy holder stops paying the premium, then the policy would lapse after the grace period ends. If the first 3 years’ premiums have been paid, then the policy will go in paid up value which is a reduced value in proportion to the number of premiums paid vis-à-vis the total number of premiums.
What happens if You want to surrender the policy?There is a guaranteed surrender benefit after the first 36 months’ premiums have been paid.
60 – 65% of basic Premium Paid less 1st year premium is guaranteed as Surrender Value, depending on the tenure of the policy.
What happens if You want a loan against your policy?Loan facility is not available under this policy.
