Insurance Plans 155 views March 12, 2020

SBI Life CSC Saral Sanchay

The SBI Life CSC Saral Sanchay is a traditional, non-linked, non-participating endowment assurance plan. It is variable in nature and provides the plan holder with flexible plan options. Under this plan, the plan holder enjoys the dual benefits of insurance and savings. Though traditional in nature, it is a great savings option and helps the individual achieve his/her financial goals. One of the most unique features of SBI Life CSC Saral Sanchay is the policyholder is eligible for a guaranteed rate of interest 1% annually throughout the policy period.

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Features and Advantages of SBI Life CSC Saral Sanchay

The features and advantages of SBI Life CSC Saral Sanchay are as mentioned below.

  1. Security: The SBI Life CSC Saral Sanchay provides the plan holder with the dual benefit of savings and insurance. The plan holder can protect his/her family’s future in case of unforeseen circumstances and build his/her savings all under one plan.
  2. Reliability: The plan holder is eligible to obtain quarterly additions in interest throughout the term of the policy.
  3. Flexibility: Through the benefit of top-ups, the plan holder can invest an extra premium.
  4. Simplicity: The policy application process for buying CSC Saral Sanchay policy is hassle-free and can be done through Aadhar. The customer can issue this policy on-spot on walking to any common service centres of SBI. It is, as the name suggests, ‘Saral’.
  5. Liquidity: Although the plan doesn’t allow withdrawals of money invested in this plan during the first five years of the policy term, the plan holder can avail partial withdrawal facility from the sixth year of the policy.
  6. The plan holder can choose his/her premium payment frequency as per convenience.

Plan Benefits of SBI Life CSC Saral Sanchay

The Benefits of the CSC Saral Sanchay Policy are as follows

Tax benefits

The plan holder is eligible to avail tax benefits as per the applicable Income Tax Laws in India.

Death benefits

In the event of the unfortunate demise of the policyholder during the policy term, the nominee will receive higher of the following four options:

  1. the sum assured
  2. 105% of the total premiums paid by the plan holder + top-up premiums, if any, paid till the death of the plan holder
  3. Total premiums+ top-up premiums compounded at 1% per annum till the date of the demise of the plan holder
  4. The total balance in the plan holder’s IPA (individual policy account)

Maturity benefits

If the plan holder survives through the policy term, he/she will get maturity benefits. They will be higher of the following:

  1. The total balance in the plan holder’s IPA (individual policy account) on date of maturity OR
  2. Total premiums plus top-up premiums minus the partial withdrawals (made in the 6th year of the policy) compounded at 1% per annum till the date of maturity.

The maturity benefits will only be provided if the CSC Saral Sanchay policy is still in force at the end of the term.

Eligibility conditions of SBI Life CSC Saral Sanchay

Before filing a proposal form, you must ensure the following eligibility

  1. Policy term: The plan holder can choose between two policy terms- 10 years or 15 years.
  2. Entry age: The minimum age at the time of applying for the plan is 18 years and the maximum is 60 years if the term of the policy is 10 years. The minimum age at the time of applying for the plan is 18 years and the maximum is 55 years if the term of the policy is 15 years.
  3. Maturity age: The maximum age at maturity is 70 years for both the policy terms of 10 years and 15 years.
  4. Top-up facility: As mentioned the SBI Life CSC Saral Sanchay allows the plan holder to top-up on the plan as per his/her convenience. The minimum top-up premium is Rs 500. Further top-up is allowed as far as it is in the multiples of 100.
  5. Premium Payment Term: Under the SBI Life CSC Saral Sanchay the premium can be paid annually, bi-annually, quarterly or monthly.
  6. Premium amount: The minimum and maximum premium amount to be paid under the monthly plan is Rs 200 and Rs 1600 respectively, Rs 600 and Rs 5000 under the quarterly plan, Rs 1200 and Rs 10,000 under the half-yearly plan and Rs 2,400 and Rs 20,000 under the yearly plan.
  7. Sum assured: The sum assured under this plan is 10 times of Annualised premium for the age of entry less than 45 years and 7 times of Annualised premium for the age of entry at 45 years and above. This is for the regular premium. If the plan holder has opted for top-up facility then the sum assured is 125% of the top-up premium for age (at the time of top-up payment)less than 45 years and 110% of the top-up premium for age 45 years and above.

Conclusion

The SBI Life CSC Saral Sanchay is the best insurance plan for individuals looking for dual benefits in their plan. It provides both insurance and savings under a single scheme. With a partial withdrawal facility and quarterly interest accumulations, the individuals can do more under one plan. Combine your savings with life cover with this smart plan from SBI.

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