SBI Life - Saral Swadhan+ Plan is a non-linked, non-participating, individual term assurance plan from SBI that provides a return of premium. The plan offers the policyholder a fixed life coverage during the policy term and a guaranteed maturity benefit. The customer can enroll into the scheme through a simple proposal form, as well.
At the time of policy inception, the customer has the option to choose the premium amount he/she wishes to pay. Based on this choice, the entry age of the customer, and the policy term, the life cover under the plan will be determined. If the policy term selected is 10 years, at policy maturity the policyholder receives a guaranteed death benefit of 100% of the total paid premiums. If the policy term is 15 years, the guaranteed death benefit paid out at maturity is 115% of the total premiums paid.
A customer has to fulfill certain eligibility criteria in order to be able to buy the SBI Life - Saral Swadhan+ Plan. These factors are listed in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||55 years|
|Maximum Maturity Age||70 years|
|Policy Term||Choice of 10 years or 15 years|
|Premium Payment Term (PPT)||10 years, fixed for both policy terms|
The SBI Life - Saral Swadhan+ Plan offers various benefits such as Maturity Benefit, Death Benefit, Surrender Benefit, etc. The sum assured under the plan is a multiple of the annual premium paid, based on the policy term and entry age. The minimum sum assured under the policy is Rs.30,000 and the maximum sum assured is Rs.4,75,000.
|Entry age (years)||Sum assured = X * Annual Premium, where X is as below|
|For policy term of 10 years||For policy term of 15 years|
The policyholder is required to pay annual premiums towards the policy. Premiums are in multiples of Rs.500. The minimum premium amount is Rs.1,500, and the maximum premium amount is Rs.5,000. The insurer bears the service tax (inclusive of cess) and J&K - GST on the premium.
The SBI Life - Saral Swadhan+ Plan provides the following coverage:
|Maturity Benefit||If the life assured survives till the end of the policy term, the maturity benefit payable is the following:
|Death Benefit||In the event of death of the life assured during the policy tenure, the sum assured is paid to the nominee, as long as the policy is in-force.|
Suicide Exclusion - Irrespective of whether the life assured was sane or not, if he/she commits suicide within one year of risk commencement, the nominee is provided 80% of the paid premiums. If the life assured commits suicide within one year of policy revival, the nominee is paid the highest among 80% of the paid premiums or the surrender value.
The salient features of the SBI Life - Saral Swadhan+ Plan are described below:
|Surrender Benefit||A policyholder can surrender the policy if the premiums for 3 years have been paid. The surrender value payable in this case is the highest among the Non-Guaranteed (Specia) Surrender Value (SSV) and Guaranteed Surrender Value (GSV)|
|Paid-up Value||If due premiums are not paid within the grace period, the policy will move into lapsed status. A lapsed policy will become paid-up only if the premiums for at least 3 years have been paid. The benefits under a lapsed policy will be reduced as described below:
|Revival of policy||A lapsed policy can be revived within 2 years from the unpaid premium due date. For this, the life assured should submit evidence of good health and pay the premium arrears along with interest. The acceptance or rejection of the revival request is at the sole discretion of the insurance company. Once the policy is revived, the policyholder receives a written confirmation from the insurer.|
|Grace Period||If the policyholder has failed to pay due premiums, he/she will receive a grace period of 30 days within which the payment can be made. The policy will remain in-force with all benefits during the grace period. At the end of the grace period, if the due premiums have not been paid, the policy will lapse. The policy benefits will then be in accordance with the paid-up and surrender provisions.|
|Policy loans||The SBI Life - Saral Swadhan+ Plan does not allow the policyholder to avail a loan under it.|
|Free-look Period||If the policyholder disagrees with the terms and conditions mentioned in the policy documentation, he/she can return it back to SBI Life Insurance with relevant reasons for the objection. The interval within which the policyholder should return the plan is the free-look period. This duration is 15 days for most policies. If the policy was bought through a distance marketing channel, such as online sales or telephonic purchase, the free-look period is 30 days. The insurer will then return the premiums paid by the policyholder after deducting the charges for stamp duty.|
Since tax rules are subject to change from time to time, it is ideal to consult a tax advisor to understand the latest provisions before investing.
Additional benefits of buying the SBI Life - Saral Swadhan+ Plan are as follows:
|Insurance advice||The customer can request for an SBI Life insurance advisor to assist him/her in selecting an appropriate plan for his/her insurance needs. The customer can fill up an online form at the SBI Life website and an insurance agent will contact him/her.|
|SMS alerts||A customer can receive policy-related information by registering to the insurer's SMS alert facility.|
|Online premium calculator||The SBI Life website has an online premium calculator using which the customer can calculate the premium to be paid for his/her insurance.|
|Claims process||A customer can raise claims through the following channels:
|Channels for premium payment||Premium payment can be done through the following channels:
|Online purchase||Customers can purchase insurance plans online through the SBI Life Insurance website.|
SBI Life Insurance, a joint venture between the State Bank of India and BNP Paribas Cardif S.A., is a leading insurance provider in India. The partner companies in the venture have a vast amount of global exposure and local expertise in the financial domain.
SBI Life Insurance offers a wide range of insurance solutions to cater to the varied needs of customers. The insurance plans offered by the company range from pure term insurance plans to child plans, unit linked insurance products and group plans. The claim settlement ratio of the insurer was a competitive 95.8% in the financial year 2015-16.