SBI Life – Saral Swadhan+


The SBI Life Saral Swadhan Plus is a non-linked non-participating term assurance plan with return of premium option. This is an with fixed death benefits as well as maturity benefits. Offered by SBI Life, one of the largest life insurers in the country, the Saral Swadhan+ scheme is aimed at the regular life insurer looking at life cover and maturity benefits.

Eligibility Conditions of SBI Life – Saral Swadhan+

Entry Age

Minimum – 18 years

Maximum – 55 years

Maturity Age

  • Minimum – 28 years

  • Maximum – 70 years

Sum Assured

  • Minimum – Rs.30,000

  • Maximum – Rs.4.75 lakhs

Sum Assured is calculated as a multiple of annual premium as per:

Entry Age

10 years Policy Term

15 years policy Term



















Premium Amount

  • Minimum – Rs.1,500

  • Maximum – Rs.5,000

Premiums to be chosen in multiples of Rs.500.

Key Features of SBI Life – Saral Swadhan+


Non Linked Non-Participating Term Assurance


Death Benefit – In the unfortunate event of death of life insured during policy term, respective beneficiaries will receive the Sum Assured as per policy documents.

Maturity Benefit – On completion of policy term, the following benefits are applicable:

  • 100% of overall premiums paid (10 years maturity)
  • 115% of overall premiums paid (15 years maturity)

Maturity benefits are applicable only after completion of 3 annual premium payments.

Paid up value – In case the policyholder has paid at least 3 annual premiums and has allowed the policy to lapse before maturity, the policy will acquire paid-up status with reduced benefits.

  • Paid-up death benefit: This will be calculated as per the ratio of number of premiums paid to the total number of premium applicable till maturity. The policy will stay in force with a reduced Sum Assured.
  • Paid-up maturity benefit: This is 100% or 115% of total premiums paid for 10 years or 15 years policy terms respectively.



Policy term

  • 10 years and 15 years (fixed)

Premium paying term

10 years (fixed for both policy terms)

Premium payment frequency


Surrender Value

The policy can be surrendered after at least three policy year’s premiums have been paid.

  • Guaranteed Surrender Value of 30% of all premiums paid in case the policy is surrendered in the third policy year.
  • Guaranteed Surrender Value of 40% of all premiums paid in case the policy is surrendered between 4th and 7th policy year (both included)
  • Guaranteed Surrender Value of 60% of all premiums paid in case the policy is surrendered between 8th and 10th policy year (both included)
  • Guaranteed Surrender Value of 65% of all premiums paid thereafter.

A Special Surrender Value is also provided which is the best estimate of the value of the policy at the time of surrender, calculated periodically as per likely financial/other circumstances.


Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as extra premium, rider premiums and a written request along with Good Health Declaration.


Not available with this product.

Grace period

30 days grace period at the end of which the policy lapses and paid-up benefits come into force.

Free Look Period

15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. 30 days free look period is offered if the policy has been purchased through distance marketing channels. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

Advantages of SBI Life – Saral Swadhan+

Tax Benefits

  • Tax deduction u/s 80C. If premium paid exceeds 10% of Sum Assured in one financial year, benefit will be limited to 10% of Sum Assured.
  • Tax exemption u/s 10 (10D). On maturity/surrender of product, exemptions are available if premium does not exceed 10% of Sum Assured in any of the policy years. Death benefits are completely exempt.
  • Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details.



Benefits of SBI Life – Saral Swadhan+

  • Simple enrolment process.
  • Affordable plan.
  • Good value for money.

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

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