SBI Life – Saral Swadhan+ is an individual, non-linked, non-participating term insurance product with the return of the premium paid. Saral Swadhan gives fixed life cover throughout the policy term along with a guaranteed maturity benefit.
Benefit
Maturity benefit
This insurance plan comes with the maturity benefit and depends on the policy term period.
- For 10-year policy term, the maturity benefit payable will be 100% of the premium paid
- For 15-year policy term, the maturity benefit payable will be 115% of the premium paid
Death benefit
In the unfortunate event of death to the policyholder, the amount payable to the nominee will be the sum assured for the policy.
Eligibility
| Age Limit | Minimum: 18 Years | Maximum: 55 Years | |
| Maturity Age | 70 Years | ||
| Premium Paying Term | 10 Years(Fixed for Both Premium Paying Terms ) | ||
| Premium Amount (In Rs.) | Minimum: 1,500 | Maximum: 5,000 | |
| Premium Frequency | Annual | ||
| Sum Assured (In Rs.) | Minimum: 30,000 | Maximum: 4,75,000 | |
| Entry Age | Term 10 Years | Term 15 Years | |
| 18-30 31-35 36-40 41-45 46-50 51-55 |
80 65 50 35 25 20 |
95 70 55 40 30 20 |
|
Surrender value
The policy can be surrender at any time provided that the premium is paid for the first three years. The amount payable at the time of surrender will be Guarantee Surrender Value or Non-Guarantee (Special) Surrender Value.
Guaranteed Surrender Value (GSV) factor is as follows-
| Surrender year | Policy term- 10 years | Policy term- 15 years |
|---|---|---|
| 1 & 2 | Nil | Nil |
| 3 | 30.00% | 30.00% |
| 4 to 7 | 50.00% | 50.00% |
| 8 to 10 | 60.00% | 60.00% |
| 11 onwards | Nil | 65.00% |
Tax Benefit
The policy provides tax benefit as well under the income tax law. The policy provides tax exemption under the section 10 D of the income tax law.
Free lookup period
You will get a free lookup period of 15-30 days will be provided. If you are not satisfied with the policy, you can return the policy and your full money will be refunded by deducting the documentation charges.
Revival
There is a revival period of 2 years from the date of discontinuance. The premium in full till date has to be paid and after the payment, the policy will come into force again.
Exclusion
If the life assurer commits suicide within one year from the date of commencement of risk, 80% of premium paid is payable. If the life assured commits suicide within one year from the date of revival of the policy, 80% of premium paid is payable to the nominee.
