SBI Life CSC Saral Sanchay

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

• 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:

• Premium discontinuation within 5 years of policy

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

• 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