SBI Life Smart Swadhan Plus Plan (UIN: 111N104V01)

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.

SBI Smart Swadhan Plus

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
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
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
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.

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