Saral SwadhanPlus Plan
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  • Check the eligibility Criteria
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SBI Life Saral Swadhan +

SBI Saral Swadhan+ is an individual, non-linked, non-participating, life insurance plan that gives you a fixed life cover throughout the policy term along with the guaranteed maturity benefit. The plan is designed to satisfy the insurance needs of the people who are interested in getting protection for their family at a nominal cost, with the added benefit of saving funds for their future goals.

To get a better understanding of this plan, let's study more about its benefits, and eligibility criteria in detail.

Eligibility Criteria of SBI Life Saral Swadhan+

The table given below highlights the eligibility criteria for the SBI Life Saral Swadhan+ plan.

Age of Entry

Min: 18 years
Max: 55 years

Age at Maturity

For POS and CSC Channel: 65 years, For Other Channels: 70 years

Sum Insured Amount

Min: Rs. 30,000
Max: Rs. 4,75,000 (Subject to board approved underwriting policy)

Policy Term

Regular Premium Payment Term: 10 years, Limited Premium Payment Term: 15 years

Premium Payment Frequency


Benefits of SBI Life Saral Swadhan+

Maturity Benefit

If the policyholder survives till

Death Benefit

In the unfortunate case of the life assured's

Hassle-free Application process

SBI Saral Swadhan+ has a simple and

Tax Benefits

With this plan, policyholders can avail

Maturity Benefit

If the policyholder survives till the end of the policy term he/she will be liable to avail maturity benefits. The maturity benefits paid to the policyholder would be:

  • Policy term 10 years: 100% of the Total Premiums paid.
  • Policy term 15 years: 115% of the Total Premiums paid.
Death Benefit

In the unfortunate case of the life assured's death during the policy term, the beneficiary will receive the sum assured. The sum assured payable to the beneficiary well be higher of:

Basic Sum Assured (SA) or 10 times of annualized premium or & 105% of the total premiums received up to the date of death.

Hassle-free Application process

SBI Saral Swadhan+ has a simple and shorter application process. Customers can enjoy a hassle-free enrolment process by filling a simplified proposal form.

Tax Benefits

With this plan, policyholders can avail the benefit of the tax deduction on the premium amount as per the prevailing rules under the Income Tax Act of 1961.

Exclusions in SBI Life Saral Swadhan+ Plan

There are certain exclusions within the SBI Life Smart Swadhan+ policy, on the occurrence of which the insurance company will provide a limited or no death benefit to the nominee of the policyholder. Therefore, it is important to have complete information about the plan's exclusions before you decide on buying it.

Exclusions for the SBI Life Smart Swadhan+ plan includes death due to suicide. This means that, if the policyholder commits suicide within a year of policy issuance then only 80% of the premiums paid would be returned and no death benefit would be payable. However, if suicide is committed within a year of policy revival, a higher of 80% of the premiums paid till death or the Surrender Value acquired would be paid (given that the policy is in force).

Explore SBI Term Insurance

Know more about SBI Term Insurance, its claim process, buying process, and contact details by clicking on the sections below:

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Explore Other SBI Term Insurance Plans

You can find other term policies offered by the SBI Term Insurance company in the section below:

SBI Life Arogya Shield

SBI Life Arogya shield is a dual protection plan that covers health along with the life insurance cover. The plan comes with affordable premiums and offers discounts also.

Unique Features

  • Dual Benefit under a single plan.
  • Cashless cover for health claims.
  • Death benefit under life cover.

A protection plan offering 3 plan options to choose from along with a Terminal Illness Benefit that allows you to enhance your protection with Riders.

Unique Features

  • Terminal illness benefits.
  • Choice of 3 plan options.
  • Life cover up to 100 years.

An Individual, Non-linked Pure Risk premium product, that offers complete protection to the family members.

Unique Features

  • Affordable premiums.
  • Flexibility in Prewmium Paying Terms.
  • Avail tax benefits.

Offers Critical illness cover and coverage for 36 Critical Illnesses with premium waiver benefit on the diagnosis of any of the covered Critical Illnesses.

Unique Features

  • 'LifeStage Re-balancing' feature.
  • Avail Critical Illness Benefits.
  • Premium Waiver Benefit.

SBI Life Smart Shield is a pure term plan that offers two options – Level Term Assurance and Increasing Term Assurance and offers additional riders for enhanced protection.

Unique Features

  • Coverage at an affordable cost.
  • Lower premiums for non-smokers.
  • Discount on larger sum assured.

A Life insurance, saving product with a return of premium. This plan provides fixed life cover throughout the term along with maturity benefits.

Unique Features

  • Maturity benefit.
  • Death benefit.
  • Flexible premium amount.

SBI Life Grameen Bima

A Life Insurance Pure Risk Premium Product. It provides a life cover with a one-time premium payment. It is an affordable plan with surrender benefits.

Unique Features

  • Death benefit available.
  • Surrender allowed after 1st year.
  • No medical examination required.

Term Insurance Articles

SBI Life Saral Swadhan +: FAQs

1. Can I surrender my SBI Life Saral Swadhan+ policy if I am not satisfied with it?

Yes, with SBI Life Saral Swadhan+ you can surrender your policy. To surrender your policy, do note that the surrender value will be paid only if the premium has been paid for at least 2 consecutive years.

2. What will happen if I fail to make the premium payment for my SBI Life Saral Swadhan+ policy?

In such a case, the company provides a 30 days grace period from the premium due date where the mode of payment of premium is yearly, half-yearly, or quarterly and 15 days in case of monthly for the payment of each renewal premium. If the policyholder fails to make the premium payment before the expiry of the days of grace, then the policy will lapse.

3. What are the riders available in this plan?

SBI Life Saral Swadhan+ Policy does not provide any riders or add on benefits.

4. Do we get a refund of the premiums paid during the free look period?

In case you cancel your Saral Swadhan+ policy within the free look period, SBI Life company will refund the premiums paid at the inception of the policy after making a few deductions of stamp duty and medical expenses fee occurred during the period.

5. Does SBI Life Saral Swadhan Plus Policy offer any discounts other than staff discounts?

No, the plan does not offer any discounts.

6. Am I eligible to avail loan against SBI Life Saral Swadhan+ policy?

No, loans are not allowed under SBI Saral Swadhan+ policy.

SBI Term Insurance Reviews

Read what our customers have to say about SBI term insurance company

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Munmum Pathak


October 4, 2021

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

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Rahul Kakoti


September 30, 2021

SBI has been my go-to for almost every finance a decent cover through policyx this time! they have extensive knowlege and im happy

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Guni Das


September 28, 2021

amaaaaaazing team at! super helpful and ready to give any aid as and when asked! thankssss y all

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Himanta Biswa


September 28, 2021

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

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Salman A


September 27, 2021

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

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September 22, 2021

the reputation of the company got me to approach SBI ...I bought a life plan and added riders etc pretty sure its good enough coverage

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Krutika Kalra


September 21, 2021

buyed my 1st plan from sbi ...took help from policyx who guide me to this ! so so pleased !very happy

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Girish Saikia


September 20, 2021

very healthy discussion I did with only wanted to buy SBI life plan so when I told them they helped me customize a good policy that I hope will be helpful