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SBI Life - Saral Maha Anand Plan

SBI Life-Saral Maha Anand plan is a non-participating, unit-linked plan which helps you in managing your investments keeping in mind your appetite for risk. It gives you the power to check market-related returns on the policy that you have taken. You have the liberty to select your insurance cover subject to a maximum and a minimum level. Under this plan, you get the following benefits:

  • Maturity Benefit: Once your policy tenure is over, you will receive your fund value.
  • Death Benefit: Higher of the Fund Value or Sum Assured is paid as death benefit, subject to a minimum of 105% of total basic premiums paid till the date of death.
  • Tax Benefits: Get tax deductions on premiums paid, maturity proceeds, and death benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility: Who can apply for SBI Life - Saral Maha Anand Plan?

Following are the eligibility criteria for buying SBI Life - Saral Maha Anand Plan:

Entry age for Regular Premium or Limited Premium 18 to 55 years
Age at maturity 65 years
Maturity age 65 years

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

Listed below are the required Policy Term, PPT, Premium and Sum Assured for SBI Life - Saral Maha Anand Plan:

Plan type Regular Premium
Premium Payment Term (PPT) 10 years, 15 years, and 20 years
Policy Term 10 years, 15 years, and 20 years
Premium Payment Frequency You can pay the premium yearly, half-yearly, quarterly, or monthly. You can avail the monthly mode of payment through Electronic Clearing System (ECS).
  • Sum Assured:

Following table shows the amount of sum assured in this plan:

Premium mode Minimum Sum Assured for age below 45 years Minimum Sum Assured for age 45 years and above Maximum Sum Assured for age below 45 years Maximum Sum Assured for age 45 years and above
Regular premium You get 10 times the annual premium paid by you You get 7 times the annual premium paid by you 20 times the Annual Premium 20 times the Annual Premium
  • Premium amount:
Premium Frequency Minimum Maximum
Annual Rs.15,000 Rs.29,000
Half-yearly Rs.9,500 Rs.14,500
Quarterly Rs.5,500 Rs.7,200
Monthly Rs.2,000 Rs.2,400

Plan Coverage - What the SBI Life Saral Maha Anand covers?

This is how SBI Life – Saral Maha Anand:

From the 11th year, the plan doesn't require any premium allocation charge. This increases your fund value. You will receive liquidity from partial withdrawals. You get twin benefit of insurance cover as well as market-linked returns. The following are the benefits that this plan provides:

  • Maturity Benefit: Upon reaching policy maturity date, Fund Value will be paid as maturity benefit. Fund Value is the total value of units hold across all unit-linked funds.
  • Death Benefit: Higher of the Fund Value or Sum Assured is paid as death benefit, subject to a minimum of 105% of total basic premiums paid till the date of death.
  • Rider Benefits: This plan provides you additional death benefits in case of death due to an accident.
  • Tax Benefits: Get tax deductions on premiums paid, maturity proceeds, and death benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Charges on the Plan

The following are some of the charges applicable on the SBI Life Saral Maha Anand:

Charges on premium allocation:

Policy Year Charges for Premium Allocation
1st 6.25%
2nd 3.75%
3rd 3.75%
4th 3.75%
5th 3.75%
6th 3.00%
7th 3.00%
8th 3.00%
9th 3.00%
10th 3.00%
11th 0.00%

Fund Management Charges:

Name of the Fund Charges of Fund Management
Equity Fund 1.35% p.a.
Balanced Fund 1.25% p.a.
Bond Fund 1.00% p.a.
Discontinued Policy Fund 0.50% p.a.

Other Charges:

  • Mortality Charge: On the first working day of each policy month, mortality charge will be deducted from Fund Value. The charge is determined based on your age and Sum at Risk at the time of deduction.
  • Switching Charge: Rs.100 is levied for each additional switch after 2 free switches in one policy year.
  • Partial Withdrawal Charge: Rs.100 is levied for each additional partial withdrawal after 1 free partial withdrawal in the same policy year.
  • Miscellaneous Charges: Rs.100 will be levied for issuance of duplicate copy of yearly fund statement.

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

The following are some of the other features of this plan:

  • Free Look Period: After receiving the policy document, you have 15 days to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim refund. The refund amount will be paid after some deductions. For policies purchased through distance marketing, you have 30 days to review the terms and conditions.
  • Grace Period: If you fail to pay premium within the due date, you are given a grace period of 30 days to pay the premium without interest. If the premium is not paid within the grace period, then the policy will lapse.
  • Switching Option: You have the option to change the allocation of investments among the 7 funds options offered to suit your changing investment needs at any time. You can make up to 2 switches free of charge per policy year. Minimum switch amount is Rs.5,000. Additional switches will have a switching charge of Rs.100.
  • Discontinuance of Premium: You can revive the policy within a period of 2 years. Meanwhile, the policy will attain Reduced Paid-Up status. The company will send a notice within 15 days from the end of grace period. You will have a period of 30 days to revert to the company. During this period, your life cover will continue, funds will be invested, and charges will be deducted. If the company doesn't receive any response from you, the policy will be treated as Complete Withdrawal or Surrender.
  • Surrender of Policy: If the policy is surrendered any time before the completion of the 5th policy year, then the Fund Value will be transferred to the Discontinued Policy Fund after discontinuance charge is deducted. The fund will earn a minimum guaranteed interest rate of 4% p.a. Fund Management Charge of the Discontinued Policy Fund will be deducted. Life Cover is not payable. Fund Value will be paid on the 1st working day of the 6th policy year. Policy will cease after Fund Value is paid. If the policy is surrendered after the completion of 5th policy year, then the Fund Value will be paid immediately.

Tax Benefits – How you can save with the SBI Life Saral Maha Anand Plan?

Under SBI Life – Saral Maha Anand, you can get tax benefits on the following:

  • Premiums paid under Section 80C of the Income Tax Act, 1961. Tax deduction is subjected to a maximum of up to 10 times the Sum Assured.
  • Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961. Tax deduction is subjected to a maximum of up to 10 times the Sum Assured. Death benefits are completely tax free.

Other Benefits – How you can save with the SBI Life Saral Maha Anand Plan?

Listed below are other benefits of buying insurance plans from SBI Life Insurance:

  • Insurance Advisor: You can request for a SBI insurance advisor to help you in choosing the right insurance plan to best suits your needs. Fill up an online request form on the company website. An insurance advisor will call and visit you at your convenience.
  • Premium calculator: With the online premium calculator is available on the company website, you can calculate how much premium you need to pay for your insurance policy.
  • Claims: You can make your claim through the following channels:
    • Online claim
    • Visit the nearest SBI Life branch
    • Email SBI Life at claims@sbilife.co.in
    • Mail the duly filled claim form along with the supporting documents to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706
  • Premium payment channels: Premium payments can be made through the following channels:
    • Cash deposit at SBI Life branch
    • Cheque by post or courier
    • National Automated Clearing House
    • Direct debit
    • Auto-Debit Arrangement
    • State Bank Group ATMs
    • VISA pay
    • Online payment on SBI Life website
    • Point of Sales (POS) terminals at select SBI Life branches
    • Easy Access Mobile App
    • E-wallets
  • Online application: You can apply and purchase insurance plans online through the SBI Life website.
  • Policy alerts: You can get policy alerts via SMS on your registered mobile number.

Why should you buy SBI Life Saral Maha Anand from SBI Life Insurance?

  • In 2015, SBI Life Insurance won the 'Most Trusted Brands 2015' by The Economic Times.
  • From traditional insurance term plan to ULIP and annuity plan, SBI Life Insurance boasts a range of insurance products.
  • SBI Life manages an authorized capital of Rs.2,000 crores and a paid up capital of Rs.1,000 crores.
  • The Claim Settlement Ratio of SBI Life Insurance was 95.8% in FY15-16.