SBI Life Swadhan

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.

§  Simple term plan with return of premium on maturity.

§  The policy guarantees surrender value after complete payment for 36 months.

§  There is an additional rebate for women policyholders.
 

Death Benefit – In case of death of the policy holder, the nominee gets the entire sum assured in lumpsum.

Maturity Benefit – On maturity, the premiums are returned to the policyholder if he survives the entire tenure.

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 below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 10 years

Riders – There are no riders in this policy. 

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.

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 1^st year premium is guaranteed as Surrender Value, depending on the tenure of the policy.

You want a loan against your policy – Loan facility is not available under this policy.