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Home > Savings Plans > SBI Life - Smart Swadhan Plus

SBI Life - Smart Swadhan Plus
(UIN : 111N104V01)

(Product Code : 1Z)
 Brochure | Policy Document | Customized Benefit Illustrator | Email | Ask for a Visit | For NRIs
 
Introduction
Key Features
Product Snapshot
Benefits
 
 
Introduction

As a responsible person you have always desired to fulfill the future financial requirements of your family in case of any unfortunate eventuality by choosing to insure yourself at an affordable cost. However, if life continues as per your plan, you would also wish that the insurance plan you have invested in would return you back the amount you actually invested. We at SBI Life help you fulfil both these desires of giving you the assurance of protecting your family financial need in case of any unfortunate incident and also rewarding you by returning the premium amount on your survival, offering you both affordable protection and refund of premiums paid.

SBI Life introduces - Smart Swadhan Plus, an Individual Non-linked Non-participating Term Assurance with Return of Premium Plan, to meet your need of insurance, with the added advantage of getting your total basic premiums^ paid back on Maturity, provided the policy is in-force.

What’s more, you can also choose the premium payment option, according to your needs.
 
 
Key Features
   
Twin benefits:-
  Protection - Life insurance coverage against any eventuality
  100% Return of Premiums - In case of survival till maturity, returns Total Basic Premiums^ Paid under the Policy.
 
Option to pay premiums through a single payment or for a limited period (5, 10, 15 years) or throughout the policy term.
 
Flexibility to choose the period for which you want protection. You can choose from policy term 10 years to 30 years.
 
High Sum Assured Rebate - Get Discount on premium rates, for customers opting for higher level of protection
 
Get Section 80C benefit on your premiums paid, as well as Section 10(10D) benefit on the maturity amount, subject to conditions^^.
 
^ Basic Premium is the premium excluding Service Tax, any underwriting extra etc.
   
 
Product Snapshot

 
Age* at Entry Min: 18  years Max: 65 years
Maximum Age at Maturity 75 years
Sum Assured (in multiples of Rs. 1000) Min: Rs.5,00,000 Max: No Limit, subject to underwriting the proposal
Policy Term Min: 10 years Max: 30 years
Premium Payment Options 5 Plan Types: Single Premium (SP), Limited Premium Payment Term (LPPT) -5, LPPT-10, LPPT-15 and Regular Premium (RP)
Premium Paying Term (PPT) Single payment, 5 years, 10 years, 15 years and Same as policy term
Availability of Policy Term for Any Chosen Premium Payment Option Premium Payment Option Policy Term Available
SP 10 - 30 years
LPPT-5 10 - 30 years
LPPT-10 15 - 30 years
LPPT-15 20 - 30 years
RP 10 - 30 years
Premium Frequency Single, Yearly, Half-Yearly, Quarterly and Monthly**
Premium Frequency Loading Half-Yearly: 52.00% of annual premium
Quarterly: 26.50% of annual premium
Monthly: 8.90% of annual premium
Premium Premium Frequency Minimum Maximum
Single Rs. 21,000 No Limit
Yearly Rs. 2,300
Half-yearly Rs. 1,200
Quarterly Rs. 650
Monthly Rs. 250
* Age mentioned in this document is age last birthday on the date of proposal

**For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card).

For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.
 
 
Benefits
 
Maturity Benefit (For In-force policies): On survival of the Life Assured up to maturity, the total basic premiums paid during the policy tenure, will be paid.
 
Death Benefit (For In-force policies): In the unfortunate event of death of the Life Assured, Sum Assured on Death will be payable to the beneficiary.

Sum Assured on death:

For Single Premium (SP) Policies:
Higher of (Basic Sum Assured# or 1.25 times of Single Premium (Basic) or Maturity Benefit)

For Limited Premium Paying Term (LPPT) / Regular Premium (RP) Policies:
Higher of (Basic Sum Assured# or 10 times of Annualized Premium## or Maturity Benefit or 105% of all premiums paid, till the date of death)

#Where, Basic Sum Assured is the absolute amount assured to be paid on death.
##Where, Annualised Premium is the premium payable in a policy year, excluding service tax, cess, extra premiums and loadings for modal premiums, if any.
 
^^Tax Benefits:
You are eligible for Income Tax benefits/exemptions 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: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
 
1Z.ver.01-08/15 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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