The SBI Life Saral Swadhan Plus is a non-linked non-participating term assurance plan with return of premium option. This is an fixed death benefits as well as maturity benefits policy 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.
Entry Age | Minimum – 18 years Maximum – 55 years | |||||||||||||||||||||
Maturity Age |
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Sum Assured |
Sum Assured is calculated as a multiple of annual premium as per:
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Entry Age | 10 years Policy Term | |||||||||||||||||||||
18-30 | 80 | |||||||||||||||||||||
31-35 | 65 | |||||||||||||||||||||
36-40 | 50 | |||||||||||||||||||||
41-45 | 35 | |||||||||||||||||||||
46-50 | 25 | |||||||||||||||||||||
51-55 | 20 | |||||||||||||||||||||
Premium Amount |
Premiums to be chosen in multiples of Rs.500. |
Type | Non Linked Non-Participating Term Assurance |
Coverage | 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:
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.
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Basis | Individual |
Policy term |
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Premium paying term | 10 years (fixed for both policy terms) |
Premium payment frequency | Yearly |
Surrender Value | The policy can be surrendered after at least three policy year’s premiums have been paid.
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. |
Renewability | 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. |
Loans | 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. |
Tax Benefits |
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Riders | NA |
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