Saral means easy and Sanchay means to accumulate, SBI Life combines these two terms in a very innovative way. SBI Life CSC Saral Sanchay is an individual, variable, non-linked, non-participating life insurance plan. This plan is a savings plan that covers insurance for the policyholder as well. The dual benefits of protecting your family’s future and building your savings under one plan are the best plan for those who want a good investment return with protection.
Benefit of CSC SARAL SANCHAY
Maturity benefit
On the survival of the policyholder, the total premiums will be compounded at 1.00% p.a. less partial withdrawals made if any or Balance in your IPA as on date of maturity amount will be given as a maturity benefit.
Death benefit
In the event of untimely death of the policyholder then the amount payable will be sum assured compounded at 1% p.a. or Balance in your IPA or 105% of total premiums paid including top-up premiums paid till the date of death
Eligibility for CSC SARAL SANCHAY
| Policy Term 10 Years | Policy Terms 15 Years | |||
|---|---|---|---|---|
| Age limit | Minimum: 18
Maximum:60 |
Minimum: 18
Maximum:55 |
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| Maturity age | 70 | |||
| Policy term | 10 | 15 | ||
| Top-up facility | Available minimum top-up premium should be 500. Top-up facility Further top-up premium will be allowed in multiples of 100 | |||
| Premiums and payment frequency | Minimum | Maximum | ||
| Monthly Quarterly Half-Yearly Yearly |
200 600 1,200 2,400 |
1,600 5,000 10,000 20,000 |
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| Sum assured | For Regular premium: For Age at entry less than 45 years: 10 times of Annualized Premium For Age at entry 45 years and above: 7 times of Annualized Premium Sum Assured For Top-up premium: For Age less than 45 years: 125% of the top-up premium For Age 45 years and above: 110% of the top-up premium |
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Tax benefit of CSC SARAL SANCHAY
There is also a tax benefit provided under this policy, the tax redemption will be subject to the income tax law under section 80C.
Free lookup period
You have an option to return the policy before 15 days of the receipt of the policy day. In case you disagree with the policy terms and condition then you can return the policy and the full payment of the installment paid will be returned after deducting the documentation charges.
Revival
This plan offers you a revival period of 2 years from the date of first unpaid premium. You can revive your policy, during this period, by paying all due and unpaid premiums without any interest or fee or charge on date of revival. On revival, life cover 5 shall be restored
Exclusion
If the policyholder commits suicide within one year from the date of the inception of the policy. The beneficiary will get 80% of the all the premium paid. The policy becomes void and no death benefit is payable.
