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Home > Savings Plans > SBI Life - CSC Saral Sanchay

SBI Life - CSC Saral Sanchay
(UIN : 111N099V01)

 
SBI Life - CSC Saral Sanchay
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This plan does not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/ withdraw the money invested in this plan completely or partially till the end of the 5th policy year.
 
 
Introduction
Key Highlights

Plan at a Glance
Benefits
 
 
Introduction:
 
SBI Life - CSC Saral Sanchay is an individual, non-linked, non-participating, variable insurance product. This plan can be purchased by any individual aged between 18 - 60 years from an authorised Common Service Centre under the National e-Governance Plan (NeGP) of Government of India.
 
 
Key Highlights:
   
Life Insurance cum Savings plan with simple and easy enrolment.
 
Minimum Floor rate of 1.00% p.a. will be payable throughout the policy term.
 
Partial Withdrawal - flexibility to withdraw a portion of your policy account from 6th year onwards to cater to your liquidity needs.
 

Plan at a Glance
 
  Policy Term: 10 Years Policy Term: 15 Years
Age* at the time of applying for the plan Minimum: 18 years Minimum: 18 years
Maximum: 60 years Maximum: 55 years  
Maximum age* at maturity 70 years    
Policy Term 10 years 15 years
Top-up facility Available; minimum top-up premium should be Rs. 500. Further top-up premium will be allowed in multiples of Rs. 100.
Premiums and Payment Frequencies
  Minimum Maximum
Monthly Rs. 200 Rs.1,600
Quarterly Rs. 600 Rs. 5,000
Half-yearly Rs. 1,200 Rs. 10,000
Yearly Rs. 2,400 Rs. 20,000
In case of monthly mode, we will collect 3 months premium at inception
Sum Assured For Regular premium:
For Age at entry less than 45 years: 10 times of Annualized Premium
For Age at entry 45 years and above: 7 times of Annualized Premium

For Top-up premium:
For Age** less than 45 years: 125% of top-up premium
For Age** 45 years and above: 110% of top-up premium

**Age as at the time of payment of top-up
* All references to age are age as on last birthday.
 
 
Benefits:
 
Death Benefit
In the event of death of the life assured during the policy term, we will pay highest of A, B, C and D as defined below, provided the policy is in-force:
A. Sum assured
 
B. 105% of total premiums paid including top-up premiums paid till the date of death.
 
B. Total premiums paid including top-up premiums paid till the date of death compounded at 1.00% p.a.
 
D. Balance in your IPA
 
Maturity Benefit
On survival of the life assured till the end of the policy term, we will pay the higher of A or B, where,
A. Total premiums paid including top-up premiums paid till the date of maturity compounded at 1.00% p.a. less partial withdrawals made, if any.
 
B. Balance in your IPA as on date of maturity.
 
Benefit, as stated above, would be payable only in case your policy is in-force at the end of the term.

Note: In case of death or maturity benefit, the balance in the IPA shall be reduced by the interest credited in advance for the remaining part of the quarter.

Tax Benefits
Tax deduction in respect of the premium paid is available under Section 80C of Income Tax Act, 1961. However in case the premium paid during the financial year exceeds 10% of the actual capital sum assured, the tax benefit will be limited up to 10% of the sum assured.
 
Tax exemption under Section 10(10D) of Income Tax Act, 1961 is available, subject to the premium payable not exceeding 10% of the actual capital sum assured in any of the years during the term of the policy.
 
Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
 
For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
 
1T.ver.01-03/15 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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