SBI Life – Smart Swadhan Plus

SBI Life smart swadhan plus is a non linked non participating term insurance plan. Which offers premium refund along with maturity of sum assured. It is a individual plan that is proposed to fulfil the needs of the family of the policy holder in case of any unexpected event such as death or accident. It comes with single premium as well as Limited premium paying option.

Features of SBI Life Smart swadhan Plus

  • It is a non participating traditional endowment plan that means, it is free from market risk.
  • It is a single premium as well as Limited premium paying 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 monthly installments.

SBI Life – Smart Swadhan Plus

Benefits provided under SBI Life smart 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.
  • Maturity benefit
    If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount.
  • Discount on premium
    There is discount on premium allotted for the higher sum assured to the premium.
  • 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 smart swadhan Plus

Minimum age to buy the policy 18 years (age as on last birthday)
Maximum age to buy the policy 65 years
Maximum age at vesting (maturity) 75 years

 

Type of plan Non-linked, non-participating, traditional term assurance plan offering guaranteed benefits in terms of protection and premium refund
Minimum sum assured Rs 500,000 (in multiples of Rs 1000)
Maximum sum assured No limit
Minimum term for policy 10 years
Maximum term for policy 30 years
Term for Premium Payment Single pay, 5 years, 10 years, 15 years, or equal to policy term
Frequency of premium Monthly, Quarterly, Half-yearly, Annually; Single
Loading frequency of premium Monthly: 8.90% of annual premium Quarterly: 26.50% of annual premium Semi-annually: 52% of annual premium

Policy Term Available Premium Payment Option
10 – 30 years Single premium
10 – 30 years Regular premium
10 – 30 years LPPT 5
15 – 30 years LPPT 10
20 – 30 years LPPT 15

 

Premium Frequency Minimum Amount Maximum Amount
Single Rs 21,000 No limit
Monthly Rs 250
Quarterly Rs 650
Semi-annually Rs 1,200
Annually Rs 2,300

 

Documents required for SBI life 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 Smart swadhan plus

  • Riders
    SBI Life smart swadhan plan does not provide any additional benefit riders.
  • 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 for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.
  • 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
    Policy can be surrendered or terminated after the completion of 2 or 3years of the policy term. Only after 2 or 3 years the policy will be able to get a surrender value.
  • Loan benefit
    There is facility of loan available according to this policy plan as per the terms and condition of the corporation.