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.
|Entry age||18 years to 55 years|
|Maturity age||65 years|
|Plan type||Regular premium|
|Policy tenure||10 years/15 years/20 years|
|Premium payment term||Same as the policy term|
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%).
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.
|Policy Year||Charges for Premium Allocation|
|Name of the Fund||Charges of Fund Management|
|Equity Fund||1.35% p.a.|
|Balanced Fund||1.25% p.a.|
|Bond Fund||1.00% p.a.|
|Discontinued Policy Fund||0.50% 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.
|Year of discontinuance||For annual premium up to Rs.25000||For annual premium above Rs.25000|
|1||Lower of 20% x (AP or FV) subject to a maximum of Rs.3000||Lower of 6% x (AP or FV) subject to a maximum of Rs.6000|
|2||Lower of 15% x (AP or FV) subject to a maximum of Rs.2000||Lower of 4% x (AP or FV) subject to a maximum of Rs.5000|
|3||Lower of 10% x (AP or FV) subject to a maximum of Rs.1500||Lower of 3% x (AP or FV) subject to a maximum of Rs.4000|
|4||Lower of 5% x (AP or FV) subject to a maximum of Rs.1000||Lower of 2% x (AP or FV) subject to a maximum of Rs.2000|
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.
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.
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.
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)
SBI Saral Maha Anand plan has a lock-in period of 5 years.
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.
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.
SBI Saral Maha Anand Plan is not liable to receive any bonuses as it is a non-participating life insurance plan.
Yes. In case you want to change the nominee details, you are allowed to do the same 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