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  • SBI Life - CSC Saral Sanchay Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    A Non-participating, Non-linked, variable individual insurance plan, the CSC Saral Sanchay by SBI Life is a plan that not just provides protection but is also a great way to save for a rainy day. Easy and hassle-free enrolment, guaranteed rate of interest and flexibility regarding withdrawal are factors that make this plan one of the most popular and procured plans available. This plan can be useful not just for the family of the policyholder in case of his/her untimely death but also as a means to save some money in the meantime. Individuals have the flexibility to choose the premium that they wish to pay.

    Eligibility - Who is the SBI Life - CSC Saral Sanchay Plan for?

    In order to avail this plan, individuals will have to meet the eligibility criteria mentioned below:

      Policy Tenure of 10 years Policy Tenure of 15 years
    Age (in years) at the time of plan application
    • Min - 18 years
    • Max - 60 years
    • Min - 18 years
    • Max - 55 years
    Maximum age during maturity 70 years
    Policy Tenure 10 years 15 years
    Top-Up facility Is available, minimum top-up premium will have to be Rs.500 Further top-up premium will also be allowed in multiples of Rs.100
    Plan Type Individual

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured:

    The Sum Assured will depend on the premium that has been chosen by the policyholder.

    Sum Assured
    • For regular premium:
      • In case age of entry is below 45 years, 10X Annualised premium will be paid
      • In case age of entry is 45 years and above, 7X Annualised premium will be paid
    • For Top-up premium:
      • In case age is below 45 years, 125% of top-up premium will be paid.
      • In case age is 45 years and above, 110% of top-up premium will be paid.

    Premium and Payment Frequency:

    Customers have the freedom to choose the premium that they wish to pay.

    Payment and Premium Frequency   Minimum Maximum
    Monthly Rs.200 Rs.1,600
    Quarterly Rs.600 Rs.5,000
    Semi-Annually Rs.1,200 Rs.10,000
    Annually Rs.2,400 Rs.20,000
    In case monthly mode is chosen, 3 months premium will be collected at plan inception

    Customers should note that premiums will vary based on plan tenure, age, location and other factors.

    Plan Coverage - What the SBI Life - CSC Saral Sanchay Plan covers?

    The CSC Saral Sanchay Plan by SBI Life provides a number of benefits as listed below:

    Death Benefit In case of untimely death of policyholder during the tenure of the policy, benefits will be paid based on policy status, as mentioned below:
    • In case the policy is in-force and all premiums that have been due until date of death have been paid, a higher of the following will be paid -
      • Sum Assured including the additions as a result of payment of top-up premium.
      • 105% of all premiums that have been paid including the top-up premiums that have been paid until death of death.
      • Total premiums that have been paid including all top-up premiums that have been paid until date of death that is compounded at 1% per annum.
      • Balance in IPA (Individual Policy Account maintained by SBI Life).
    • In case policy is not in force, the higher of the following will be paid-
      • Paid up Sum Assured, if applied
      • Balance in IPA (Individual Policy Account maintained by SBI Life).
    Maturity Benefit In case the policyholder survives until the end of the policy tenure, the higher of the following will be paid-
    • Balance in IPA (Individual Policy Account maintained by SBI Life) on maturity.
    • Total premiums that have been paid including all top-up premiums that have paid until maturity compounded at 1.00% per annum minus partial withdrawals, if any are made.
    The above benefits will only be paid in case the policy is in force at the end of the term. In case the policy is not in-force at the end of the tenure due to non-payment of premium, a lump sum that is equivalent to the balance in IPA at the end of the policy tenure will be paid.
    Surrender In case the plan has been surrendered, the balance remaining in the policyholder’s IPA will be paid.

    Exclusions - What the SBI Life - CSC Saral Sanchay Plan does not cover?

    In case the policyholder commits suicide, regardless of whether he/she is sane or insane within a period of one year from risk commencement or date of policy revival, no death benefit will be paid and the balance in IPA will be paid to the beneficiary or nominee as on date of death.

    Charges recovered after date of death will be paid back to the nominee.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The CSC Saral Sanchay Plan also comes with a number of other features.

    Nomination Nomination is allowed based on Section 39 of the Insurance Act of 1938.
    Assignment Assignment by the policyholder based on Section 38 of the Insurance Act of 1938.
    Loan There is no loan available under this policy
    Partial Withdrawal Policyholder can withdraw from IPA post 5th policy year. These withdrawals are possible only if the policy is in-force. In one policy-year, individuals can withdraw an from between Rs.1,000 to a maximum of 25% of IPA value. This is subject to the balance in IPA after each withdrawal not being below 1.5 times the complete one year’s annualised premium.
    Top-up Premium This facility is available during the tenure of the policy as long as all regular premiums that are due have been paid. The total amount of top - up premiums should not be over the sum total of all regular premiums at that particular point of time.
    Discontinuance of Premium
    • In case payment of premium has been discontinued within the first 5 years of policy-
      • The life cover will stop on expiry of the grace period
      • Policy will continue without a life cover until the end of 5th policy year or expiry of the revival period, whichever comes later.
      • In case policy is not revived within the required time, it will be stopped at the end of the 5th year of policy by paying the balance available in the IPA.
      • In case of policyholder’s death during this period, balance in IPA will be paid.
    • In case payment of premium has stopped after the first 5 policy years-
      • The life cover will continue until the end of the revival period of 2 years and mortality charges will deducted from the IPA.
      • In case policy is not revived during the period, policy will be converted to a Paid-up policy upon expiry of the revival period.
      • Paid-up Sum Assured will be equal to the Sum Assured multiplied by a ratio of all number of premiums that are paid, to the number of premiums that are payable based on policy terms and conditions.
      • In case of death during this period, higher of the balance in IPA or Paid-up Sum Assured will be paid.
      • In case of policy maturity or surrender, balance in the IPA will be paid.
    Partial Withdrawal In case the policyholder wishes to make a partial withdrawal, the minimum amount that can be withdrawn is Rs.10,000 and the maximum amount that can be withdrawn in one policy year should not go beyond 25% of the complete total fund value and this includes top-up. Partial withdrawal can be done only after the completion of 5 anniversaries of the policy.
    Revival A revival period of 2 years from due date of the very first unpaid premium is available. The policy can be revived during this period by paying all the unpaid and due premiums without additional fee, interest or charges. Life cover will be restored on payment.
    Free Look Period In case individuals are not satisfied with their plan, they have the option to return the policy within a period of 15 days along with stated reasons.
    Grace Period Grace period of 30 days for all modes of payment from the due date of the first premium that is unpaid is provided.
    Charges There are three types of charges applicable to this plan:
    • Premium allocation charge wherein 20% will be deducted from the regular premiums paid during the first year of policy prior to crediting balance to IPA. This charge is not applicable from the second year.
    • Mortality Charge will be levied on the Sum at Risk at the beginning of every policy month from IPA.
    • Cess and Tax will be levied as applicable. This amount will be deducted from the IPA.
    These charges are guaranteed throughout the tenure of the policy and other charges will not be applicable.

    Tax Benefits - How you can save with the SBI Life - CSC Saral Sanchay Plan?

    Tax benefits with respect to the premium that is paid is applicable under Section 80C of the Income tax Act of 1961. However, if the premium that is paid in the financial year crosses 10% of the actual capital sum assured, the tax benefit will be limited to only 10% of the Sum Assured.

    In case policy is not eligible for tax exemption under Section 10(10D), any amount paid other than death benefit, including bonus aggregating to Rs.1 lakh and over will be subject to Tax Deducted at Source at 2%. In case the PAN number of the policyholder is not provided then Tax Deducted at Source will be at 20% for such payments.

    Customers should note that all tax benefits are based on Income Tax Laws and are subject to changes from time to time. Policyholders will have to consult their tax advisors for the same.

    Other Benefits - How you can save with the SBI Life - CSC Saral Sanchay Plan?

    One of the premier providers of Life Insurance policies, SBI Life has a plan for everybody. In addition to the number of plans that they provide, SBI Life is also known for their hassle-free application process and ease of plan procurement. Keeping up with the digital world, individuals can now view all their plan policies and features online. Additionally, customers can also apply for their life insurance policies online by visiting the official SBI Life website.

    SBI Life Insurance also provides other features such as a Premium Calculator through which individuals can easily compute their policy premiums and also find out the tentative Sum Assured that they would receive.

    Other planners such as Retirement Planner which will help individuals plan their retirement and child education planner which will help individuals plan their investments accordingly, are also available.

    In addition to the above, individuals also have access to a tax calculator which will help individuals take note of their investments and thereby compute all their taxes.

    Individuals can also contact SBI Life at any point of time for necessary assistance.

    Why you should buy the CSC Saral Sanchay Plan from SBI Life?

    A joint venture between BNP Paribas Cardif S.A. and State Bank of India, this insurance company combines the best of both worlds. With a reputation that precedes it, SBI Life has a paid up capital of Rs.1,000 crores with an authorised capital of Rs.2,000 crores. This company boasts of a robust plan portfolio with a plan for every individual’s unique needs.

    SBI Life operates with a mission to emerge as a leading company that offers a plethora of insurance and pension products at affordable rates. SBI Life has a very high claim-settlement ratio and has won various accolades such as ‘Life Insurance Company of the Year’ award at the Indian Insurance Awards in 2016, LIMRA LOMA Silver Bowl Award 2016 under the category of ‘Best Use of Social Media’.

    In addition to this, SBI Life organises programs and activities to ensure that awareness is created regarding Life Insurance and the financial benefits of availing a Life Insurance policy through its Insurance Awareness Program. Some of these activities include the setup of Insurance Awareness Centres in certain areas, tie-ups with local companies and organizations to increase outreach.