SBI ULIP Plans
SBI Life Saral Maha Anand is a unit-linked, non-participating life ins ...Read More
A quick read on what this SBI ULIP Plans term plan covers and why it might be a fit for you.
SBI Life Saral Maha Anand is a unit-linked, non-participating life insurance product that offers growth opportunities through capital market participation, taking care of your future needs. The plan provides dual benefits under which you can invest your hard-earned money and receive the benefits of a traditional life insurance plan.
The plan offers flexibility to check market-linked returns and choose the life insurance cover at your convenience. It also provides the option to enhance the insurance cover. With affordable premiums and no medical examinations, buying SBI Life Saral Maha Anand Plan is a smart financial decision.
SBI Life Saral Maha Anand Plan offers you a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Eligibility criteria pulled straight from the policy wording.
Let's understand how the SBI Saral Maha Anand Plan works with a simple premium illustration.
Mr. Verma is looking for a ULIP plan that helps him create a lump sum amount to fulfill his financial needs.
His financial advisor advised him to buy the SBI Saral Maha Anand Plan. He visited PolicyX.com
Let's understand how the SBI Saral Maha Anand Plan works for him with a premium illustration table.
| Age of policyholder | Annual Premiums | Sum Assured | Policy tenure | Premium Payment Tenure | Maturity Benefits |
| 30 years | Rs 20,000 | Rs 2,40,000 | 15 years | 15 years | Rs 4,08,675 |
Key Takeaways: At the end of the policy tenure, maturity benefits of Rs 4,08,675 are paid to the policyholder.
There are various benefits to buying the SBI Saral Maha Anand Plan. Let’s understand each of them in detail:
1. Equity Fund
2. Balanced Fund
3. Bond Fund
On survival of the life assured up to the maturity date, the insured will receive the fund value in a lump sum amount as a maturity benefit. The fund value will be the total value of units held across all unit-linked funds.
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, 105% of total basic premiums must be paid till the date of death.
The plan provides the option to change the allocation of investments among the 3 fund options as per your convenience. You are allowed to make 2 free switches in a year. The minimum switch amount is Rs.2,000. You have to pay Rs.100 for additional switches.
Key features that make SBI Saral Maha Anand stand out.
Free Look Period
Once you receive the policy documents, the policyholder has a period of 15 days to check the terms and conditions of the plan in case of dissatisfaction or if the policy does not suit your requirements.
Grace Period
In case you fail to make the premium payment on time, a grace period of 30 days is allowed to make payment without any interest. If the premium payment is not done during the grace period, then the policy will lapse.
Surrender
In case of surrendering the policy before the completion of the 5th policy year, the Fund Value will get transferred to the discontinued policy fund.
Partial Withdrawals
The plan allows 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.
Keep these documents handy when applying for SBI Saral Maha Anand.
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
You can buy the SBI Life Saral Maha Anand Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
Here are the key features of the SBI Saral Maha Anand.
| What’s Good Here | What’s Missing |
| Guaranteed Additions | Premium Offset |
| No Medical Exams Required | Premium continuance |
| Maturity Benefit | Auto cover continuance |
| Choice of Fund Options | Top-up premium |
If you are looking for a ULIP plan that offers you to manage your policy with your own strategy and choice of funds then you must choose SBI Saral Maha Anand Plan.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
The 4 most-asked questions about SBI Saral Maha Anand, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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