• SBI Life CSC Saral Sanchay

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    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    SBI Life CSC Saral Sanchay is an individual, non-linked, non-participating purely life insurance plan that aims to help you achieve your financial goals as well as provides protection from unforeseen events to your family. The plan is a savings cum insurance scheme which is easy to avail and benefit from. The most unique feature of this SBI life insurance plan is that a guaranteed rate of interest of 1% per annum is payable to the policyholder throughout the policy period.

    Eligibility Criteria for SBI Life CSC Saral Sanchay:

    Listed below are the minimum and maximum entry age for the plan

    Policy Term - 10 Years

    Policy Term - 15 Years

    Age at entry

    Minimum Age - 18 years

    Maximum Age - 60 years

    Minimum Age - 18 years

    Maximum Age - 55 years

    Nationality

    Indian

    Indian

    Key features of SBI Life CSC Saral Sanchay

    The table below depicts the key features of the plan.

    Plan type

    Non-Participating Non-unit-linked insurance plan.

    Plan basis

    Individual

    Premium paying terms

    Regular Pay

    Policy term

    10 years and 15 years

    Premium payment Mode

    Monthly, quarterly, half-yearly and yearly

    Grace period

    30 days from the expected date of payment of premium

    Free Look Period

    15 days from the date of availing the policy

    Policy revival

    SBI Life - CSC Saral Sanchay Plan can be revived with full benefits, within 2 years from the date of the first unpaid premium.

    Nomination

    Nomination facility is available under section 39 of the Insurance Act, 1938

    Sum Assured

    For Regular premium:

    For Age at entry less than 45 years: 10 times of Annualized Premium

    For Age at entry 45 years and above: 7 times of Annualized Premium

    For Top-up premium:

    For Age less than 45 years: 125% of top-up premium

    For Age 45 years and above: 110% of top-up premium

    Note - Age is that at the time of payment of top-up

    Policy coverage

    Death benefits and maturity benefits.

    Death Benefits: In case of death of policyholder, highest of four options A,B, c or D is payable to the policyholder

    A. Sum assured payable

    B. 105% of total premiums paid

    C. Total premiums paid including top-up premiums paid till the date of death compounded at 1.00% p.a.

    D. Balance in the IPA

    Maturity Benefits: Either of the below option A or B will be payable at the time of maturity

    1. Total premiums paid including top-up premiums paid till maturity compounded at 1.00% interest rate per annum less partial withdrawals made, if any.

    B. Balance in the IPA as on the maturity date

    Partial withdrawal

    Partial withdrawals can be made after completion of 5 policy years

    Top-up premiums

    Top-up premiums are allowed if all regular premiums are paid up-to-date

    Premium Discontinuation

    In case of premium discontinuation two cases arise:

    1. Premium discontinuation within 5 years of policy

    Life cover will cease immediately, policy continues without life cover. Policyholder has the option of reviving the policy within 2 years of discontinuation of premium

    1. Premium discontinuation after 5 years of policy

    Life cover continues till the end of revival period of 2 years and in case of death higher of sum assured or balance in IPA is paid.

    Policy Charges

    Premium Allocation Charge - During the first policy year, 20% from regular premium is deducted before crediting the balance to the IPA. Second year onwards, no deductions are made

    Mortality Charge - A nominal mortality charge will be deducted at the start of each policy month

    Benefits/advantages

    Listed below are some of the most prominent benefits and advantages offered by SBI Life CSC Saral Sanchay.

    • Tax benefits: Policyholders get to avail tax benefits under section 80C of the Income Tax Act for all premiums paid for this insurance policy.
    • Policy loan: Loans are not offered against the SBI Life CSC Saral Sanchay insurance scheme
    • Partial Withdrawal: After 5 years of policy, policyholders are free to partially withdraw from their deposited policy amount

    How does the SBI Life CSC Saral Sanchay work

    SBI Saral Sanchay is a standard savings cum insurance policy. The policy gives you the flexibility to choose your premium amount and the premium payment frequency. Depending upon the premium paid and the age of the life insurance policyholder at entry, the sum assured is calculated. The premiums accumulate into your Individual Policy Account after policy premium allocation charges are deducted. The policy lets you earn a standard interest rate of 1% per annum per policy year. The sum assured under the SBI Life CSC Saral Sanchay is limited to Rs.2,00,000 and individuals are free to avail more than one policy against their name.

    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

    SBI Life CSC Saral Sanchay Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have take life insurance from Sbi life . Am satisfied with the premium amount . This policy covers accidental coverage and critical illness . Every 3 month i had to pay through cheque. They gave the tenure period of 13 years with 55years of policy coverage. Their customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
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