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.
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||
|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|
The Sum Assured will depend on the premium that has been chosen by the policyholder.
Premium and Payment Frequency:
Customers have the freedom to choose the premium that they wish to pay.
|Payment and Premium Frequency||Minimum||Maximum|
|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.
The CSC Saral Sanchay Plan by SBI Life provides a number of benefits as listed below:
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 policyholder survives until the end of the policy tenure, the higher of the following will be paid-
|Surrender||In case the plan has been surrendered, the balance remaining in the policyholder’s IPA will be paid.|
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.
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||
|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.|
There are three types of charges applicable to this 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.
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.
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.
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