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.
Eligibility Criteria of SBI Smart Swadhan Plus
The eligibility criteria of this traditional plan can be mentioned as follows -
- Age at Entry –
- Minimum – 18 years
- Maximum – 65 years
- Age at Maturity – 75 years
All ages mentioned are as per the last birthday.
Features of SBI Smart Swadhan Plus
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 –
- Term of Policy –
- Minimum – 10 years
- Maximum – 30 years
- Premium payment term – Premiums can be paid either in a single pay mode, for limited duration of 5 years, 10 years or 15 years or for the entire duration of the policy under regular pay option
- Premium payment frequency – Premiums can be paid annually, semi-annually, quarterly and monthly
- Sum assured –
- Minimum – INR 500000
- Maximum – There are no limits for the maximum amount of Sum Assured
General Features –
- Affordable term insurance with high sum assured
- One of the most lucid policies to understand and avail
- Flexible premium payment terms and tenure
- Premium rates might include various charges like service tax and cess
- Easy plan to avail
Benefits of SBI Smart Swadhan Plus
The benefits of this SBI term insurance plan are listed as below –
- Death Benefit – Sum Assured subject to the maximum applicable limit will be paid to the nominee upon the demise of the life insured
- Maturity Benefit – The total premiums paid will be returned to the policyholder after the completion of the policy
- Tax Benefit – Premiums paid can avail tax benefit under Section 80C and the maturity benefits as well as the death benefits can avail tax exemptions and/or rebates under Section 10(10D)
Example of SBI Smart Swadhan Plus
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.
Frequently Asked Questions about SBI Smart Swadhan Plus
- Does this plan have maturity benefits?
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.
- What is the minimum sum assured under the policy?
The minimum sum assured should be INR 500000.
- What is the minimum policy term?
The minimum term of the policy is 10 years and thereon after, the policy term can go up to 30 years.
- What are the exclusions to the policy?
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
- Are there any deductions or charges that have to be considered?
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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GST of 18% is applicable on life insurance effective from the 1st of July, 2017