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SBI Life Smart Swadhan Plus Plan

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State Bank of India, one of the largest banks in the country has collaborated with

BNP Paribas Assurance to create the joint venture - SBI Life Insurance Company. Among the many insurance products that SBI Life offers, the Smart Swadhan Plus is an attractive plan as it also offers premium refunds, along with maturity sum assured. It is an individual, non-participating, non-linked term assurance plan to secure the family’s financial future, in case of the life insured’s untimely death. This plan not only meets the insurance needs of a policyholder but also comes with the added advantage of providing maturity sum assured and refunds of basic premiums paid, till the policy’s maturity.


Eligibility Criteria for SBI Life Smart Swadhan Plus Plan

To purchase a plan from SBI Life, the prospective policyholder will have to fulfill certain eligibility criteria, put down by the life insurance company. Here are a some of the criteria:

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

Key Features of the SBI Life Smart Swadhan Plus Plan

The SBI Life Smart Swadhan Plus is a non-participating term assurance that is loaded with attractive features. A few of the key features have been listed as under:

Type of plan Non-linked, non-participating, traditional term assurance plan offering guaranteed benefits in terms of protection and premium refund
Policy basis Individual policy
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

Details of the premium and payment option are mentioned below:

Payment Option

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

*LPPT - Limited Premium Paying Term

Premium

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

Benefits of SBI Life Smart Swadhan Plus Plan

The Smart Swadhan Plus Plan offered by SBI Life has a number of key advantages, in comparison to similar products, offered by other insurance providers in the market. A few of the competitive benefits of this policy are mentioned as under:

  • The policyholder has the flexibility to choose term ranging from 10 to 30 years.
  • This insurance plan comes with dual benefits of life cover against any eventuality and guaranteed return of premiums, in case the life insured survives till the policy’s maturity.
  • Policyholders choosing higher level of life cover can enjoy discounts on premium rates along with high sum assured rebate.
  • For policies in force, the maturity benefit (where the policyholder survives the term), which consists of the basic premiums during the policy’s tenure is paid.
  • The policy also has death benefit, wherein the sum assured is paid to the beneficiary in the event of the life insured’s untimely death.
  • Premiums paid for this plan are eligible for tax deductions under Section 80C, while tax benefits under Section 10(10D) can be availed on the maturity amount.

How does the SBI Life Smart Swadhan Plus Plan Work?

Mr. Raghav, aged 30 years purchases the SBI Life Smart Swadhan Plus Plan for a sum assured of Rs 5,00,000. He buys the saving policy from sbi life for a tenure of 20 years, by paying the premium during the term. 17 years into the policy, Mr. Raghav suffers a fatal injury at his office’s construction site and passes away a week after the accident. Owing to his untimely death, while the policy was still in force, the organization pays his nominee the entire basic sum assured, along with the maturity benefit and high sum assured rebate.

Premium Payment

The life insured can choose the frequency to pay the premiums. They can be paid through a single payment, throughout the term of the policy, or limited period such as 5, 10, and 15 years.

Riders

The SBI Life Smart Swadhan Plus plan has no additional rider benefits.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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