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 the affordable premiums and no medical examinations, buying SBI Life Saral Maha Anand Plan is a smart financial decision.
Let's understand better with the help of an example.
Sunakshi (35 years) is a single mother of a 9-year old girl Kanya. She earns a decent income and wants to build a corpus simultaneously to manage risks during uncertainties. Sunakshi aims at securing her daughter's future needs such as higher studies, marriage, and other potential expenses. She analysed multiple investment plans and decided to invest in SBI Life - Saral Maha Anand. She opted for a policy term of 10 years with a sum assured of Rs 2,50,000 and an annual premium payment of Rs 25,000.
SBI Life Saral Maha Anand offers market-linked returns and security of life insurance cover for your family. The plan has come out with multiple benefits for your post-retirement years. Let's explore them in detail.
The plan comes out with three different investment funds options, allowing you to allocate your investment as per your risk appetite. An insured person has the choice to invest in any one or combination of fund options (in multiple of 1%).
On survival of the life assured up to 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.
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 and you want to cancel the plan, you can freely do the same and claim a refund.
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.
Plan provides 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. The minimum switch amount is Rs.2,000. You have to pay Rs.100 for additional switches.
The insured can revive the plan within 2 years. 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 a complete withdrawal or 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. The fund will receive a minimum guaranteed interest rate of 4% p.a.
Get the tax benefits on the paid premium under section 80C of the Income Tax Act, 1961.
SBI Life Saral Maha Anand offers guaranteed additions to the insured for all policy tenure irrespective of the premium frequencies.
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 as per the withdrawal request date.
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.
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Premium Allocation Charges
The allocation of these charges is made after the deduction of the charge from the premium received.
|Policy Year||Premium Allocation Charges|
Fund Management Charges
|Fund Name||Fund Management Charges|
|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.|
The mortality charge gets deducted from the fund value on the starting day of every month during the policy tenure. These charges are calculated based on the age and sum at risk at the time of deduction.
Partial Withdrawal Charge
The insured needs to pay a charge of Rs. 100 on each partial withdrawal after 1 free partial withdrawal during the same policy tenure.
Pay Rs. 100 for issuance of the duplicate copy of the yearly fund statement.
Policy Administration Charges
Pay Rs. 33.33 per month on the first day of every month during the policy tenure.
It is the percentage of an annualized premium or fund value in the policy year on which the date of discontinuation falls.
Note: Refer to the SBI Life - Saral Maha Anand policy brochure for more information.
Accidental Death Benefit Linked Rider: The sum assured amount of the rider is payable in case of death of the life assured due to an accident.
|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|
|Premium Range||Premium Frequency||Minimum (in Rs.)||Maximum (in Rs.)|
This graph illustrates the premium payable by a healthy male of 30 and 40 years of age under SBI Life - Saral Maha Anand for a policy term of 15 years, Sum Assured - 2,40,000, and Premium of Rs. 2,000. Assuming the Equity fund to be 100%.
Maturity Value of SBI Life- Saral Maha Anand Plan
If the life assured commits suicide within 1 year from the commencement date or revival date of the policy, then the policy shall be null and void. In these cases, the fund value shall be payable till the date of intimation of death and all benefits under the policy will be ceased.
1. What happens if the policyholder does not pay the premium of SBI Life Saral Maha Anand after 5 years?
If the policyholder does not pay the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance will be paid to the policyholder and the policy will immediately terminate.
2. Are any loan facilities available under SBI Saral Maha Anand?
No, SBI Saral Maha Anand does not offer any loan facilities.
3. Does SBI Saral Life Saral Maha Anand policy offer any top-up facility?
No, top-up facilities are not available under this SBI Life Saral Maha Anand plan.
4. Is there any additional rider benefit available under this Plan?
Accidental Death Benefit Linked Rider is available under this plan and you can opt for this rider by paying an additional rider premium.
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