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SBI Life Saral Swadhan Plus- Insurance Plan with Guaranteed Benefits for Your Family

Updated on November 29, 2021 , 8126 views

When it comes to insurance plans, most people look for multiple benefits for the right security of your family's future even in the most uncertain circumstances.

SBI Life Saral Swadhan Plus

Benefits from Life Insurance are far-reaching and stay with your family even when you are not around. Your family will be financially secure to pay off any debts, medical insurance, education expenses, etc., with a good insurance plan. Life insurance can also act as an inheritance to your heirs for their future.

One of the most beneficial life insurances today is the State Bank of India’s (SBI) Life Saral Swadhan Plus. It is transparent and you can always get in touch with the company for any queries and issues.

SBI Life Saral Swadhan Plus

This plan is an individual, non-linked, non-participating life insurance savings product with the return of premium features. With this policy, you can rest assured with a fixed life cover throughout the policy term along with a guaranteed maturity benefit.

1. Protection

With SBI Life Saral Swadhan Plus, you can choose the premium amount you wish to pay. Your life cover will be decided based on the age of entry.

2. Value

On maturity, you will get a guaranteed benefit of 100% or 115% of the total premiums paid. This will be dependent on the policy term of 10 to 15 years.

3. Hassle-Free Enrolment

You can easily enrol for the plan with a simplified proposal form.

4. Death Benefit

In case of death of the life assured, the sum assured on death will be paid to the heir/nominee. The policy should be in force for this case. The sum assured would be higher of Basic Sum Assured or 10 times of annualised premium or 105% of the total premiums received up to the date of death.

5. Surrender Benefit

With this plan, you can surrender the policy for an amount. However, you should have paid the premium for the first two years.

The surrender value is the Higher of Guaranteed Surrender Value (GSV) or Non-Guaranteed (Special) Surrender Value (SSV).

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6. Paid-up Value

During the term of the policy, if you have not paid the premium within the grace period, the policy will Lapse. Note that a lapsed policy will acquire paid-up only if at least the premiums for two consecutive years have been paid fully.

A lapsed policy will give you reduced benefits as mentioned below:

a. Paid-up Maturity Benefit

You will get 100% and 1155 of total premiums paid for policy termsterm 10 years and 15 years respectively.

b. Paid-up Death Benefit

The sum assured on death will be reduced to the same proportion as the ratio of the number of premiums that are paid to the total number of premiums payable.

7. Grace Period

A 30-day grace period is available for those who have opted for yearly/half-yearly/quarterly payment Facility. For those who have opted for the monthly payment facility, a 15-day grace period is granted.

8. Nomination

The nomination will be as per Section 39 of the Insurance Act, 1938.

9. Assignment

The assignment will be as per Section 38 of the Insurance Act, 1938.

10. Tax Benefits

The tax benefits under this plan are as mentioned under relevant sections of the income tax, 1961.

Eligibility Criteria

The criteria for the SBI Life Saral Swadhan Plus are mentioned below:

Take a look at Premium amount and frequency.

Details Description
Entry Age Minimum: 18years, Maximum: 55years
Maximum Maturity Age 70 years
Policy Term Regular Premium: 10 years, Limited Premium: 15years
Premium Payment Term Regular Premium: Same as Policy Term, Limited Premium: 10years
Premium Amounts (Multiples of Rs. 500) Minimum: Rs. 1,500, Maximum: Rs. 5,000 (Applicable Taxes and/ or any other statutory levy /duty/surcharge, levied on premium as per the provision of the prevalent tax laws notified by the Central Government, State Government/ Union Territories of India from time to time shall be borne by the company.)
Premium Frequency Annual
Basic Sum Assured Minimum: Rs. 30,000, Maximum: Rs. 4,75,000 (subject to Board Approved Underwriting Policy)

SBI Life Saral Swadhan Plus Customer Care Number

Call their toll-free number 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at info@sbilife.co.in

Conclusion

SBI Life Saral Swadhan Plus is one of the best plans to ensure that you have a great future with your family. Make sure to read all the policy-related documents.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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