Overview
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 the SBI Life Saral Maha Anand Plan is a smart financial decision.
Key Benefits of SBI Life Saral Maha Anand Plan
- Guaranteed Additions of up to 30%
- Requires no medical examination
- Flexibility to choose from 3 fund options
- Tax Benefits
- Rider benefits are also available
- Premium allocation charge from the 11th year onwards
Benefits of the SBI Saral Maha Anand Plan
There are various benefits to buying the SBI Saral Maha Anand Plan. Let’s understand each of them in detail:
Multiple Fund Options
The plan comes with three different investment fund options, allowing you to allocate your investment as per your risk appetite. An insured person has the choice to invest in any one or a combination of fund options (in multiples of 1%).
- Equity Fund
- Balanced Fund
- Bond Fund
Maturity Benefit
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.
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, 105% of total basic premiums must be paid till the date of death.
Switching Option
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.
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, you can return it.
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.
How to Buy SBI Life Saral Maha Anand Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Hover on the ‘Life Insurance’ tab.
- Choose the ULIP plan you want to buy.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
How to Buy SBI Life Saral Maha Anand Plan on SBI Life Insurance Website
- Visit the official website of SBI Life Insurance.
- Hover over 'Products' from the top menu.
- Click on 'Individual Life Insurance' and choose SBI Life Saral Maha Anand.
- Click on ‘Buy Now’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, then no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy SBI Saral Maha Anand Plan
Here is the list of documents required to buy the SBI Saral Maha Anand Plan:
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Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Age Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
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Medical Records
Medical Records of the policyholder if requested.
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Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| 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 |
In a Nutshell
If you are looking for a ULIP plan that allows you to manage your policy with your own strategy and choice of funds, then you must choose the 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.
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