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Home > Savings Plans > SBI Life - Saral Swadhan+

SBI Life - Saral Swadhan+
(UIN : 111N092V02)

(Product Code : 1J)
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Key Features
Product Snapshot

SBI Life - Saral Swadhan+ is an Individual, non-linked, non-participating, term assurance product with return of premium. This product gives you a fixed life cover throughout the policy term along with a guaranteed maturity benefit, provided at least 3 annual premiums have been paid.

Key Features:
Protection at affordable cost.
Value for money.
Easy enrollment through simplified proposal form.
Product Snapshot:
Age^ at Entry Minimum: 18 years Maximum: 55 years
Age^ at Maturity Minimum: 28 years Maximum: 70 years
Policy Term 10 / 15 years
Sum Assured
Minimum: Rs. 30,000 Maximum: Rs. 4,75,000

Sum Assured is defined as a multiple of annual premium paid as per the policy term chosen and age at entry, as given below:

Age at Entry (years) Policy term
10 years 15 years
18-30 80 95
31-35 65 70
36-40 50 55
41-45 35 40
46-50 25 30
51-55 20 20
Minimum: Rs. 1,500 Maximum: Rs. 5,000
Premiums are in multiple of Rs. 500.
Service Tax./ Cess/ GST (currently only in case of J&K residents) and/ or any other statutory levy/ duty/ surcharge on your premiums, as notified by the Central and/or State Government from time to time as per the provisions of the prevalent tax laws will be borne by us.
Premium Payment term 10 years (Fixed for both the Policy terms)
Premium Frequency Yearly
^ All references to age are age as on last birthday.
Maturity Benefit:
On survival till the end of the policy term you may get,
  Policy Term 10 years - 100% of the total premiums paid
  Policy Term 15 years - 115% of the total premiums paid
  Maturity benefit will be payable provided at least 3 annual premiums have been paid.
Death Benefit:
In case of death of life assured during the policy term, the nominee will receive Sum Assured.
Paid up Value:
Any time during the policy term if the premiums are not paid within grace period, the policy shall lapse. A lapsed policy will acquire paid-up only if at least three year’s premiums have been paid.

A lapsed policy gives you the reduced benefits:
Paid-up Maturity Benefit:
100% and 115% of Total Premium Paid for policy term 10 years and 15 years respectively.
Paid-up Death Benefit:
The benefit will be reduced to the same proportion as the ratio of the number of premiums paid to the total number of premiums actually payable. The sum assured so reduced will be called paid-up sum assured. The policy can remain in-force for the reduced coverage.

Tax Benefit:

  Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.

Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: Please consult your tax advisor for details.
These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
1J.ver.01-09/16 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS.IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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CIN: U99999MH2000PLC129113
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