sbi life insurance
SBI Life Saral Swadhan Plus Policy

SBI Life Saral Swadhan Plus Plan

SBI Life Saral Swadhan Plus is an individual insurance Savings Product that comes with a Return of Premium feature. This plan provides you with fixed life insurance coverage for the duration of the policy, as well as a guaranteed maturity reward. The customer may also sign up for the program using a straightforward proposal form. The program is intended to meet the insurance needs of those who want to provide affordable family security while also conserving money for their long-term objectives.

The main selling point of the plan is that you can select the premium payment level, and as a result, your life insurance coverage will be determined by your age at application and the length of the policy. Read on to know a better understanding of the plan’s eligibility criteria, benefits & features, exclusions, premium calculation, and more.

Eligibility Criteria

Here is the eligibility criteria for SBI Life Saral Swadhan Plus insurance plan.
Parameters Details
Age Minimum- 18 Years, Maximum- 55 Years
Maximum Maturity Age For POS and CSC Channel: 65 years, For Other Channels: 70 years
Premium Payment Term Regular Premium Payment Term: Same as Policy Term, Limited Premium Payment Term: 10 years
Policy Term Regular Premium Payment Term:10 years, Limited Premium Payment Term:15 years
Premium Amounts Minimum: INR 1,500, Maximum: INR 5,000
Basic Sum Assured Minimum: INR 30,000, Maximum: INR 4,75,000

Key Features & Benefits of SBI Life Saral Swadhan Plus

Here is the list of the potential features and benefits of SBI Life Saral Swadhan Plus.

  1. Grace Period: When a policyholder fails to pay their premiums by the due date, they are given a grace period of 30 days during which they might do so. The SBI life insurance policy may expire if the insured does not pay his premiums, even during the grace period.
  1. Policy Termination or Surrender Benefit: Only after paying premiums for three complete years are policyholders permitted to surrender their coverage. The Special Surrender Value or the Guaranteed Surrender Value is typically higher than the Surrender Value.
  1. Free Look Period: If the policyholder feels that the coverage offered or the terms and circumstances of the policy are not satisfactory after obtaining the policy documents, he or she is entitled to terminate the plan within 15 days of receiving the policy documents, provided that no claims have been filed yet.
  1. Death Benefit – In the tragic event that a life insured during the policy term passes away, the appropriate beneficiaries will receive the Sum Assured by the terms of the policy.
  1. Maturity Benefit – The following advantages become available at the end of the insurance term.
  • 100% of overall premiums paid (10 years maturity)
  • 115% of overall premiums paid (15 years maturity)
  1. Revival of Policy

After two years have passed after the unpaid premium due date, a lapsed policy may be reinstated. The life assured must provide proof of good health and pay the back premiums plus interest to qualify. The insurance company has the sole authority to approve or deny the revival request. The policyholder receives a formal confirmation from the insurer after the insurance is reinstated.

  1. Tax Benefits

Under Section 80C of the Income Tax Act, premiums paid for the SBI Life – Saral Swadhan+ Plan are eligible for tax breaks. The tax benefit, however, is only worth 10% of the sum assured if the premium exceeds 10% of that amount.

Exclusion Under SBI Life Saral Swadhan Plus

Your nominee or beneficiary will be entitled to at least 80% of the total premiums paid up to the date of death or the surrender value available as of the date of death, whichever is higher, as long as the policy is still in effect, in the event of a suicide within 12 months of the date on which risk under the policy first accrued or, if earlier, the date on which the policy was revived.

How Does the SBI Life Saral Swadhan Plus Plan Work?

Mr. Ravish Kumar who is 25 years old looking for a protection plan to protect his family. He buys SBI Life- Saral Swadhan + with a policy term of 15 years, a Premium Payment Term of 10 years an Annual Premium of Rs. 2,000, and a sum assured of Rs. 1,90,000.

Let us see how can Saral Swadhan + help him in protecting his family financially.

Policy TermPremium Payment TermAnnual PremiumSum AssuredMaturity Benefit
15 years10 YearsRs. 2, 000Rs. 1,90,000Rs. 23, 000 Payable at Maturity

Frequently Asked Questions

Listed below are the frequently asked questions related to SBI Life Saral Swadhan Plus insurance plan.

If you decide to cancel your Saral Swadhan+ policy within the free look time, SBI Life will return the premiums you paid when the policy was first issued, with a few deductions for any applicable stamp duty and medical expenditures fees.

Yes, you can cancel your coverage with SBI Life Saral Swadhan+. Please be aware that if you decide to surrender your insurance, the surrender value will only be paid if the premium has been paid for at least two years in a row.

In this situation, the company offers a 30-day grace period from the premium due date for payments made annually, biannually, or quarterly, and a 15-day grace period for payments made monthly. The insurance will expire if the policyholder doesn’t pay the premium by the time the grace period has passed.

SBI Life Saral Swadhan+ Policy does not come with any riders or add on benefits.

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