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SBI Life - Smart Swadhan Plus Plan

Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

SBI Life - Smart Swadhan Plus is an insurance cum investment plan offered by SBI Life Insurance. With this plan, you can meet both your insurance and financial needs in the case of an eventuality. Under this plan, you can get the following benefits:

  • Get Life Cover protection against any eventuality.
  • Upon reaching policy maturity date, you will get 100% Return of Premiums. Total basic premiums paid over the policy term is paid as Maturity Benefit to the policyholder.
  • You have the option to pay premiums as single payment or for a limited period (5, 10 or 15 years).
  • You can choose policy term to suit your needs, subject to a minimum of 10 years and maximum of 30 years.
  • For choosing higher level protection, you can get premium discounts.
  • Get tax benefits on premium payments and maturity proceeds under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

Eligibility - Who is the SBI Life Smart Swadhan Plus for?

Listed below are the eligibility factors you must meet to purchase SBI Life - Smart Swadhan Plus:

Entry age 18 to 65 years
Maturity age 75 years

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

Listed below are the required Policy Term, PPT, Premium and Sum Assured for SBI Life - Smart Swadhan Plus:

Sum Assured Minimum: Rs.5,000 Maximum: No limit
Premium Payment Term (PPT) Limited Premium Payment Term - 5, 10, 15 years Regular Premium Single Premium
Policy Term For Limited Premium Payment Term of 5 years: 10 to 30 years For Limited Premium Payment Term of 10 years: 15 to 30 years For Limited Premium Payment Term of 15 years: 20 to 30 years Regular Premium: 10 to 30 years Single Premium: 10 to 30 years
Premium Payment Frequency Single, yearly, half-yearly, quarterly, monthly

Premium amount:

Premium frequency Minimum Maximum
Yearly Rs.2,300 No limit
Half-yearly Rs.1,200 No limit
Quarterly Rs.650 No limit
Monthly Rs.250 No limit
Single Rs.21,000 No limit

For monthly mode, 3 months’ premiums have to be paid in advance.

Plan Coverage - What the SBI Life - Smart Swadhan Plus covers?

This is how SBI Life - Smart Swadhan Plus works:

Choose the Life Cover amount, policy term, and premium payment frequency. Based on age and the other chosen parameters, the premium and Sum Assured will be determined. Under this plan, you can get the following benefits:

  • Life Cover Benefit: In the unfortunate event of demise of the life assured, Sum Assured on Death is paid to the beneficiary. Sum Assured on Death for Single Premium policies is higher of Basic Sum Assured or 1.25 times of Single Premium or maturity benefit. Sum Assured on Death for LPPT or Regular Premium policies is higher of Basic Sum Assured or 10 times the Annualised Premium or maturity benefit or 105% of all premiums paid till death.
  • Maturity Benefit: Upon reaching policy maturity date, 100% of total premiums paid over the policy term is paid in a lump sum amount.

Exclusions - What the SBI Life - Smart Swadhan Plus doesn’t cover?

SBI Life - Smart Swadhan Plus doesn't cover death caused by suicide within 1 year from policy commencement or revival date. In such a case, all benefits under the policy ceases except the following:

  • 80% of the premiums paid is payable to the nominee if suicide occurs within 1 year of policy commencement.
  • Higher of 80% of premiums paid or Surrender Value is payable to the nominee if suicide occurs within 1 year of policy revival.

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

Listed below are other important features of SBI Life - Smart Swadhan Plus:

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 for annual and half-yearly premium payment frequencies, 15 days for monthly mode to pay the premium without interest. If the premium is not paid within the grace period, then the policy will lapse.
Revival Policy can be revived within 2 years from the date of first unpaid premium. To revive the policy, you need to provide proof of insurability and pay all premiums due until reinstatement date.
Surrender Policy will acquire Surrender Value only if minimum 2 full years’ premiums have been paid or LPPT 5 plan and 3 full years’ premiums for RP, LPPT 10, and LPPT 15 plans.

Tax Benefits – How you can save with the SBI Life - Smart Swadhan Plus?

Under SBI Life - Smart Swadhan Plus, 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 - Smart Swadhan Plus?

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 suit 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 available on the company website, you can easily 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 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 notifications via SMS on your registered mobile number.

Why should you buy SBI Life - Smart Swadhan Plus from SBI Life Insurance?

  • From traditional insurance term plan to ULIP and annuity plan, SBI Life Insurance boasts a range of insurance products to suit the needs of its customers.
  • SBI Life manages an authorised 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.
  • In 2015, SBI Life Insurance won the 'Most Trusted Brands 2015' by The Economic Times.