Being a responsible person you would choose an insurance plan that can give you some return at the end of the policy. The amount you invested can give your family a financial protection your family needs at the time of your untimely demise. SBI Life Smart Swadhan Plus is an individual, non-participation, non-linked term assurance with return of premium plan, to meet your need for insurance with an advantage of getting your money back after maturity. This plan offers a twin benefit of life insurance along with 100% return of investment i.e. 10% return of premium paid till date in a lump sum amount.
Benefit
Maturity benefit
SBI Life Smart Swadhan Plus Plan comes with maturity benefits provided to the policyholder at the time of maturity of the policy. All the premium amount during the policy tenure will be paid in the lump sum amount on the survival of the policyholder.
Death benefit
In the event of unfortunate demise of the policyholder, the Basic Sum Assured will be payable to the beneficiary provided by the policyholder. The Basic Sum Assured will be calculated as follows-
Basic Sum Assured
For Single Premium Policy
Higher of Basic Sum assured or 1.25 times of single premium or maturity benefit will be provided for the Single Premium Policy.
For Limited Payment Paying Term (LPPT)/ Regular Premium (RP) Policies
Higher of Basic Sum assured or maturity benefit or 10 times annualized premium or 105% of all annual paid premiums till the date of death will be provided
Rebates
| Basic Sum Assured | Rebate on tabular per basic sum assured | ||||
|---|---|---|---|---|---|
| SP Plan | LPPT-5 Plan | LPPT-10 Plan | LPPT-15 Plan | RP Plan | |
| >=750,000<10,00,000 | 2.00 | 0.45 | 0.40 | 0.30 | 0.30 |
| >=10,00,000<15,00,000 | 4.00 | 1.10 | 0.80 | 0.60 | 0.60 |
| >=15,00,000<25,00,000 | 6.00 | 1.75 | 1.20 | 1.00 | 0.90 |
| >=25,00,000<35,00,000 | 7.50 | 2.20 | 1.50 | 1.25 | 1.20 |
| >=35,00,000<50,00,000 | 8.25 | 2.40 | 1.70 | 1.40 | 1.30 |
| >=50,00,000 | 8.90 | 2.60 | 1.85 | 1.50 | 1.40 |
Eligibility
| Age limit | Minimum: 18 years | Maximum: 65 years | ||
| Maturity age | 75 years | |||
| Sum assured | Minimum: 5,00,000 | Maximum: No Limit | ||
| Policy term | Minimum: 10 years | Maximum: 30 years | ||
| Payment paying term | Single payment, 5, 10, 15, same as policy term | |||
| Payment paying option | 5 plan types:- Single premium Regular premium Limited premium payment term (LPPT)-5 Limited premium payment term (LPPT)-10 Limited premium payment term (LPPT)-15 |
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| Premium frequency | Single, Yearly, Half-Yearly, Quarterly, Monthly | |||
| Premium frequency loading | Half-Yearly: 52.00% of annualized premium Quarterly:26.50% of annualized premium Monthly: 8.90% of annualized premium |
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| Premium | Frequency | Minimum | Maximum | |
| Single Yearly Half-Yearly Quarterly Monthly |
21,000 2,300 1,200 650 250 |
No limit No limit No limit No limit No limit |
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| Policy term | Payment Paying Option | Policy Term Available | ||
| SP | 10-30 years | |||
| RP | 10-30 years | |||
| LPPT-5 | 10-30 years | |||
| LPPT-10 | 15-30 years | |||
| LPPT-15 | 20-30 years | |||
Surrender value
Single premium term can be surrendered at any time of the policy. For LPPT and RP the policy can be surrender after 2 years of premium paid for LPPT-5 and for LPPT-10&15 and RP plans at least 3 years.
| Policy years | Percentage of premium paid | ||||
|---|---|---|---|---|---|
| SP Plan | LPPT-5 Plan | LPPT-10 Plan | LPPT-15 Plan | RP Plan | |
| 1 year | 70% | 0% | 0% | 0% | 0% |
| 2 year | 70% | 30% | 0% | 0% | 0% |
| 3 year | 70% | 40% | 35% | 35% | 30% |
| 4-6 years | 90% | 60% | 55% | 53% | 50% |
| 7 year | 90% | 65% | 60% | 58% | 55% |
| 8th policy year to 3rd last policy year | 90% | 75% | 70% | 68% | 65% |
| Last two policy year | 90% | 90% | 85% | 83% | 78% |
Tax
The policy provides tax benefit as well under the income tax law. The policy provides tax exemption under 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
A lapsed policy can be revived within 2 years from the day of first unpaid premium provided that all the premium due till date will be paid.
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.
