SBI Life Saral Maha Anand
SBI Life Saral Maha Anand
  • Life Insurance Coverage
  • Multiple Funds Options
  • Tax Benefits Under 80C
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SBI Life Saral Maha Anand

SBI Life Saral Maha Anand is a unit-linked non-participating life insurance product. It offers growth opportunities with the help of capital market participation and takes care of your future needs. The plan offers the dual benefits under which you will be able to invest your hard-earned money and can receive the benefits of a traditional life insurance plan. The plan comes out with the flexibility under which you are free to check market-linked returns and can choose the life insurance cover as per your convenience. It even has the option to enhance the cover.

SBI Life Saral Maha Anand: Eligibility

Entry age18 years to 55 years
Maturity age65 years
Plan typeRegular premium
Policy tenure10 years/15 years/20 years
Premium payment termSame as the policy term

Key Features

Multiple Funds Options: The plan comes out with three different investment funds options and allows you to allocate your investment as per your risk appetite. You have the choice to invest in any one or combination of fund options (in multiple of 1%).

  • Equity Fund
  • Balanced Fund
  • Bond Fund

Maturity Benefit: On reaching the maturity date, the insured will receive the fund value as a maturity benefit. The fund value will be the total value of units held across all unit-linked funds.

Death Benefit: If the insured dies during the policy tenure, the plan will pay the higher of the sum assured or fund value in the form of the death benefit to the nominee. For the same, it is important that 105% of total basic premiums are paid till the date of death.

Free Look Period: Once you receive the policy documents, you have a period of 15 days to check the terms and conditions of the plan. If you find anything wrong that does not suit your needs and want to cancel the plan, then you can freely do the same and claim a refund.

Grace Period: If you fail to make the premium payment on time, you will get a grace period of 30 days to make the payment without any interest. If you do not make premium payment during the grace period as well, the policy will get lapsed.

Switching Option: Under the plan, you get the option to change the allocation of investments among the 3 funds options as per your convenience. You are allowed to make 2 free switches in a year. Minimum switch amount is Rs.5,000. You have to pay Rs.100 for additional switches.

Discontinuance of Premium: The insured can revive the plan within 2 years. During the same, the plan will get reduced Paid-Up status. The plan will share a notice with the insured within 15 days, once the grace period ends. You will get a tenure of 30 days to revert to the insurer. During this tenure, your life insurance will remain active, funds will be invested and charges will get deducted. If you do not revert to the company, the plan will get treated as complete withdrawal or surrender.

Surrender: If you surrender the policy before completing 5th policy year, the Fund Value will get transferred to the discontinued policy fund after deducting discontinuance charge. The fund will receive a minimum guaranteed interest rate of 4% p.a. The discontinued and fund management charges will get deducted. Life cover will not be payable. On the 1st working day of the 6th policy year, the fund value will be paid. The policy will cease once the fund value is paid. In case you surrender the policy after the completion of the 5th policy year, then the insured will receive the fund value immediately.

Tax Benefits: Premium that you paid under the plan will be liable to receive tax benefits under section 80C of the Income Tax Act, 1961.

Guaranteed Addition: SBI Life Saral Maha Anand offers guaranteed additions to the insured. It is there for all policy tenure irrespective of the premium frequencies.

Partial Withdrawals: The plan allowed for partial withdrawals from the 6th year of the plan. The minimum partial withdrawal amount should be around Rs. 2,000 and the maximum allowed limit is up to 15% of the fund value as per the withdrawal request date.

Accidental Death Benefit Linked Rider: At the time of commencement of the insurance plan, you have the option to add Accidental Death Benefit Linked Rider. Under the same, the nominee will get the rider sum assured in case of the death of the life assured due to an accident.

Charges That You Need To Pay Under SBI Life Saral Maha Anand Plan

Premium Allocation Charges:

Policy YearCharges for Premium Allocation
1st6.25%
2nd3.75%
3rd3.75%
4th3.75%
5th3.75%
6th3.00%
7th3.00%
8th3.00%
9th3.00%
10th3.00%
11th0.00%

Fund Management Charges:

Name of the FundCharges of Fund Management
Equity Fund1.35% p.a.
Balanced Fund1.25% p.a.
Bond Fund1.00% p.a.
Discontinued Policy Fund0.50% p.a.

Mortality Charge: On the first working day of every month during the policy tenure, the mortality charge will get deducted from the fund value. The same would be calculated according to your age and sum at risk at the time of deduction.

Partial Withdrawal Charge: To make an additional partial withdrawal, the insured has to pay a fee (after 1 free partial withdrawal during the same policy tenure).

Miscellaneous Charges: You have to pay Rs. 100 for issuance of the duplicate copy of the yearly fund statement.

Policy Administration Charges: On the first working day of every month during the policy tenure, the insured has to pay Rs.33.33 per month by way of cancelling the right number of units.

Discontinuance Charge:

Year of discontinuanceFor annual premium up to Rs.25000For annual premium above Rs.25000
1Lower of 20% x (AP or FV) subject to a maximum of Rs.3000Lower of 6% x (AP or FV) subject to a maximum of Rs.6000
2Lower of 15% x (AP or FV) subject to a maximum of Rs.2000Lower of 4% x (AP or FV) subject to a maximum of Rs.5000
3Lower of 10% x (AP or FV) subject to a maximum of Rs.1500Lower of 3% x (AP or FV) subject to a maximum of Rs.4000
4Lower of 5% x (AP or FV) subject to a maximum of Rs.1000Lower of 2% x (AP or FV) subject to a maximum of Rs.2000
5NILNIL

Why You Must Invest In SBI Life Saral Maha Anand Plan?

SBI Life Saral Maha Anand Plan is one of the best investment plans that help the insured to manage investments keeping risk appetite in mind. A person with a low income can also go for it as it has multiple investment fund options. Moreover, with the dual benefit of protection and investment, it comes out as a great plan for a secure future.

How Does The Plan Work?

Mr. Shrijan (35 years old), is living a happy life with wife Sukanya and daughter Kanya. With his decent income, he was searching for a plan to build a corpus amount, so that he can attain the required financial goal which includes Kenya's education, marriage, etc. He was searching for a plan that can offer financial security to his family in case of any eventuality. He searched and decided to invest in SBI Life - Saral Maha Anand. He opts for a policy term of 10 years with sum assured Rs 2,50,000 and annual premium payment of Rs 25,000.

  • Case 1- Maturity Benefit: If the insured survives until the maturity date of the plan, he will get the fund value in a lump sum. He can opt to take the maturity benefit in instalments with the help of the settlement option. He will also receive guaranteed addition at specific durations through the entire policy tenure.
  • Case 2- Death Benefit: In case of demise of the insured during the policy tenure, the higher of the fund value, the sum assured, or 105% of the total paid basic premiums will be payable to the beneficiary.

What SBI Saral Maha Anand Doesn't Cover?

In case of demise of the policyholder (because of suicide) during the initial 1 year of the policy from the date of inception or revival of the plan, the beneficiary (as per stated in the document) will be liable to receive fund value, as available on the date of death and the plan shall be terminated.

Documents Required To Buy SBI Saral Maha Anand

  • Proposal/application form.
  • KYC details which includes proof of ID and address.
  • Proof of age.
  • Proof of income such as bank account statement.
  • SIP/SI Mandate Form/Auto Debit.
  • Medical check-up/report if required.

FAQs

1. What are the different premium payment channels under SBI Saral Maha Anand?

  • National Automated Clearing House
  • Cheque by post or courier
  • Cash deposit at the branch
  • Auto-Debit Arrangement
  • Direct debit
  • Point of Sales (POS) terminals at the company's branch
  • State Bank Group ATMs
  • Online payment on SBI Life website
  • VISA pay
  • E-wallets
  • Easy Access Mobile App

2. Is it allowed to file a claim under SBI Saral Maha Anand through the mail?

Yes, you can file a claim through an email as well. You have to mail the duly filled claim form along with the supporting documents to SBI Life Insurance Co. Ltd. (8th Level, Tower 2, Plot no.R-1,Seawoods Grand Central, Sector 40, Nerul node, Navi Mumbai- 400706)

3. What is the lock-in period under SBI Saral Maha Anand plan?

SBI Saral Maha Anand plan has a lock-in period of 5 years.

4. Does the plan offer the top-up premium facility?

No, you are not allowed to get the top-up premium under SBI Saral Maha Anand plan. To enhance the basic cover, you can add additional riders.

5. What will happen if you stop paying the premium after the lock-in period?

If the insured stops paying the premium after the lock-in period of 5 years, the policyholder will get the accumulated policy fund amount till the date of discontinuance and the policy will get terminated immediately.

6. Is there any bonus under SBI Saral Maha Anand Plan?

SBI Saral Maha Anand Plan is not liable to receive any bonuses as it is a non-participating life insurance plan.

7. Can I change the nominee under SBI Saral Maha Anand Plan?

Yes. In case you want to change the nominee details, you are allowed to do the same under SBI Saral Maha Anand Plan.

8. Does the medical examination required under SBI Saral Maha Anand Plan?

No, it doesn't ask for medical examination under SBI Saral Maha Anand Plan.

Last updated on 09-02-2021