The Saral Maha Anand life insurance plan offered by SBI Life is a unit linked plan that provides policyholder with the dual benefits of being able to invest in a plan that invests your money in an instrument where growth is a strong possibility and comes coupled with the traditional benefits of a life insurance policy. It also offers the option to enhance the cover provided by the policy using various riders. Some other benefits of the policy are that it comes with flexible premium payment options and options even for the tenure of the policy along with maturity and death benefits.
Key features of SBI Life Saral Maha Anand life insurance
The features of this ULIP range from long term investments to flexible payment plans.
- The sum assured under this policy can range from 7 to 20 times the annual premium that you pay based on the age at which you take this plan.
- You have 3 options to choose from when it comes to policy durations. They are 10 years, 15 years and 20 years.
- The premium can either be paid monthly, quarterly, half-yearly or annually.
- The minimum and maximum premium amounts depend on the payment frequency you have chosen.
- The minimum monthly premium will be Rs. 2,000 and the maximum will be Rs. 2,400.
- In case of quarterly premiums the minimum will be Rs. 5,500 and the maximum Rs. 7,200.
- For half-yearly payments the minimum and maximum premiums will be Rs. 9,500 and Rs. 14,500 respectively.
- The minimum and maximum annual premiums will be Rs. 15,000 and Rs. 20,000 respectively.
- If there are no alarm bells set off by your declarations in the application form, you will not be required to undergo any medical tests prior to taking the policy.
- The plan offers the chance to invest in 3 different funds depending on how much risk you wish to take with your investment.
- Once the policy has been in force for at least 5 years, you can make partial withdrawals when you need a bit of extra cash.
- The life insurance cover offered by this policy can be enhanced using Accidental Death Benefit rider.
Benefits of SBI Life Saral Maha Anand insurance plan
Death and maturity benefits are just two of the benefits that this policy offers.
- The maturity benefit paid out at the end of the policy tenure is the value of the funds at the time the policy matures.
- The death benefits will be the sum assured or the value of the funds, whichever is higher. The lowest this amount can come to will be 105% of the basic premiums paid so far.
- In case you have taken the Accidental Death Benefit rider then the payout from that too will be added to the death benefits.
- The premiums paid towards the policy and the maturity/death benefits received are covered by sections 80C and 10(10D) of the IT Act, respectively. However if the premiums exceed 10% of the sum assured then tax benefit will only be applicable on the part of the premium that is equal to that 10%.
- If the policy term is 20 years then you can expect to receive a guaranteed addition of 30% of one annual premium added to the policy.
The eligibility criteria for the Saral Maha Anand life insurance plan is as follows.
- The minimum age for entry into this plan is 18 years.
- The maximum age at which you can take this plan is 55 years.
- The maximum age at maturity for the plan is set to 65 years.
The plan offers the perfect blend of investment, growth and life insurance protection which make it one of the ideal investment options for those who want to put something aside for the future.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017