Smart Swadhan Plus from SBI Life is a term assurance policy custom-tailored to offer benefits of a pure insurance product along with return of premium if the case may so be. This is a traditional non-linked, non-participating policy for individuals aiming to have a strong financial backup for their families. Apart from providing cover for life, the plan also offers maturity benefits.
The eligibility criteria of this traditional plan can be mentioned as follows -
All ages mentioned are as per the last birthday.
SBI Smart Swadhan Plus offers life protection along with return of premium and the following can be mentioned as the normal features of the plan -
Policy Conditions -
General Features -
The benefits of this SBI term insurance plan are listed as below -
Under Smart Swadhan Plus, Mrinal pays an annual premium of INR 10000 for the entire policy term of 30 years. Upon his unfortunate death, his nominee is entitled to receive a death benefit that is equal to or more than INR 315000.
Upon survival till the completion of the policy term, Mrinal's policy will have a maturity benefit that is more or less equal to the sum of all the premiums paid.
Please note that the rates and figures mentioned are for illustrative purposes only. The insurer will be responsible for any changes in the same.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
As a term insurance that offers return of premium, this plan's maturity benefit includes the payment of all the premiums collected to the policyholder.
The minimum sum assured should be INR 500000.
The minimum term of the policy is 10 years and thereon after, the policy term can go up to 30 years.
If the insured commits suicide within the first 12 policy months, the insurer will pay 80% of the premiums paid or Surrender Value (whichever is higher) to the nominee
Basic charges and taxes might be applied but mostly, SBI might include the cess and service charges in the premium amounts.
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