SBI Life Saral swadhan Plus is a non – linked, non – participating term insurance plan which provides life coverage as well as guaranteed return of premium to the policy holder after the maturity to meet the financial needs of the family and itself. It is a fixed premium paying term insurance plan.
Features of SBI Life Saral Swadhan Plus
- It is a non participating non linked traditional endowment plan that means it is not going to effect by the ups and downs of market
- It is a limited premium paying policy plan that means the policyholder will not have to pay the premium to the whole policy term
- The policy can be taken online therefore it is easier to purchase the policy
- In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
- In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
- There is discount on premium available on higher sum assured plans.
- The claim is provided as a lump sum or through the installment as per the requirement of the policy holder
Benefits provided under SBI Life Saral swadhan Plus
- Death benefit
If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit. The death benefit provided is sum assured on death + simple reversionary bonus plus additional bonus if any.
- Maturity benefit
If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity sum amount is 100% or 115% of the premium paid the percentage is depended upon the choice of term 10 years or 15 years.
- Tax benefit
According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.
Eligibility condition for the SBI Life Saral Swadhan Plus
- The minimum entry age for this plan is 18 years and the maximum age for entry of this plan is 55 years
- The maturity age for this plan is 70 years.
- The policy can be taken for the term of 10 years or 15 years as per the convenience of policyholder
- 4.The premium paying term is 10 years for any policy terms.
- 5. The premium can be paid only annually.
- 6. Minimum yearly premium can be 1,500 and the maximum yearly premium can be 5,000.
- 7. Minimum sum that can be assured is rupees 30,000 and the maximum sum that can be assured is 4,75,000/-
Documents required for SBI life Saral swadhan Plus
- Offline/Online filled application form.
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
Terms related to SBI Life Saral Swadhan Plus
- Free look period
If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.
- Grace period
There is a provision of grace period of 30 days to pay the premium within this 30 days is the premium will not be paid then the policy will be lapsed.
- Revival of policy
If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.
- Surrender of policy
The policy gets a surrender value after completion of certain year of policy paying term after that the policy gets eligible for surrender or termination.