Insurance Plans 906 views March 12, 2020

SBI Life Saral Swadhan

SBI Life Saral Swadhan Plus Plan is a non-participating, non-linked with the return of premium. It gives the insured individual a complete package of the insurance solution. It gives an advantage of receiving guaranteed maturity benefit along with fix life coverage throughout the term of the policy for the period of in-force of the insurance plan or the paid-up policies. This insurance plan provides the insured the guarantee protection of the premiums invested along with comprehensive coverage. This plan has a shorter tenure of 10 to 15 years and offers lesser insurance coverage. This plan is available both offline as well as online to be purchased by visiting the official website of SBI Life.

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Features of SBI Life Saral Swadhan Plus plan

Saral Swadhan+ is a traditional plan. It gives the insurer security to meet the needs of his/her family in case of any eventuality. The key features of the plan are listed below:-

  1. Saral Swadhan+ gives protection at an affordable cost. The insurer can choose the premium amount according to which the life cover of the insurer is decided based on the entry age of the insurer and the policy term.
  2. The plan is available to be purchased online by visiting the official website of SBI Life which makes it easy for the applicants
  3. This is a participating term insurance policy which helps to create wealth for the insured’s family with the bonus pay-out and this plan gas a fixed term of 10 years of payment of the premium for the plan
  4. The sum assured under the plan is calculated on the basis of the term chosen for the plan by the policyholder and the age of the policyholder at the time of entry to the plan. The sum assured will be the multiple of the annual premium of the plan
  5. Saral Swadhan+ is a policy which is value for money as on maturity, the insurer gets the guaranteed benefit of 100% or 115% of the total premium paid depending on the term of the policy of 10 years or 15 years respectively.
  6. Saral Swadhan+ is a flexible plan as it gives you an option to choose between two policy term and gives you multiple premium options.
  7. If the insured commits suicide within 1 year of the inception of the insurance plan, then 80% of the premiums paid will be refunded to the nominee of the plan.
  8. The enrolment for Saral Swadhan+ is very easy as it is based on the simplified proposal form.
  9. No riders are available under this insurance plan.
  10. SBI Life Saral Swadhan Plus plan does not provide the holder of the policy to avail a loan under this insurance plan
  11. Tax benefits are offered under the plan. The premiums paid can be claimed as an exemption under section 80C of the Income Tax Act and the death benefit received under the plan is tax-free under section 10(10D) of the Income Tax Act.

Eligibility condition of SBI Life Saral Swadhan Plus

Saral Swadhan+ can be brought by the individual if he/she fulfils the conditions listed below:-

  1. A person can buy Saral Swadhan+ minimum at the age of 18 years and maximum at the age of 55 years.
  2. The insurer has to pay a minimum 1,500 Rs as premium and maximum 5,000 Rs. But premium should be multiples of 500 Rs.
  3. The term of the policy is 10 years for regular premium or 15 years for limited premium.
  4. The maximum age of maturity of the plan is 70 years.
  5. The premium payment term is 10 years for limited premium and same as policy term for regular premium.
  6. The frequency of the premium is yearly.
  7. Basic Sum Assured under the policy is minimum Rs.30,000 and maximum Rs.4,75,000.

Benefits of SBI Life Saral Swadhan Plus

Saral Swadhan Plus plan offers numerous benefits to the policyholder which includes death and maturity benefits. The key benefits offered by SBI Life Saral Swadhan Plus are as follows:

  1. Maturity benefit – On maturity of the policy the insurer gets 100% of total premium paid if the policy term is 10 years whereas he/she gets 115% of total premium if the term of the policy is 15 years.
  2. Death benefit – In case of the untimely death of the insurer during the term of the policy, if the policy is in force then the Sum Assured on Death will be paid to the nominee/beneficiary.
  3. Grace period – The policy allows a grace period of 30 days from the due date of premium to the insurer. During the grace period the policy will remain in force but the policy lapses after the grace period.
  4. Surrender – The insurer gets an option to surrender his/her policy for an amount (surrender value). The insurer can surrender the policy only if the premiums of the first two consecutive years are fully paid.
  5. Freelook period – The policyholder also has an option to cancel the policy during the free look period of 15 days from the date of receipt of the policy documents if the policyholder is not satisfied with the policy or its terms and conditions.
  6. Revival – The insurer can revive the policy within 5 years from the date of first unpaid premium. The insurer has to give proofs health satisfactory to the company and pay arrears of premium with interest. The rate of interest is decided by the company from time to time.

Conclusion

SBI Life Smart Swadhan Plus plan is a lower premium insurance plan which provides financial support and security to your family in your absence and ensure financial stability ensure guaranteed returns of the premiums paid. This plan is suitable for those who want reliability through the return of premiums and flexibility through the benefit of choosing the term and option of the premium payment. The policyholder can select the term and the premium payment option as per their need and requirement. Being a participating plan, bonuses declared by the company is added and paid to the insured enhancing its benefits. SBI Life Saral Swadhan Plus plan offers simplicity as it has an easy application process and can be purchased online.

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