SBI Life Saral Swadhan Plus
  • Death benefit
  • Maturity Benefit
  • Survival benefit
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SBI Life Saral Swadhan Plus

SBI Saral Swadhan Plus 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 families at a nominal cost, with the added benefit of saving funds for their future goals.

SBI Life Saral Swadhan+ Plan offers you a range of benefits including:

why-choose
  • Return of Premium Benefit
  • Add-on Riders
  • Tax Benefits As Per Laws
  • Surrender Benefit
  • Death Benefit
  • Multiple Premium Payment Term Cover

Eligibility Criteria for SBI Life Saral Swadhan Plus

Your Occupation

Entry age

Minimum Age - 18 years Maximum Age - 55 years

Mukhyamantri Amrutam Yojana

Maturity age

Maximum Maturity Age - 70 years

Your Gender

Policy term

Minimum term - 10 years Maximum term - 15 years

Maternity Benefit Rider

Sum assured

Basic Sum Assured: ₹30K to ₹4.75L

Dr YSR Aarogyasri Trust

Policy loan

The policy loan is not available under SBI Life Saral Swadhan+ Plan.

Maternity Benefit Rider

Payment modes

Yearly

How Does SBI Life Saral Swadhan+ Plan Work?

Let's understand how the SBI Life Saral Swadhan Plus Plan works with a simple premium illustration.

Why Buy Term Insurance Online?

Problem

Mr. Kumar, aged 25 years, is looking for a protection plan that offers easy enrollment to protect his family.

Solution

His financial advisor advised him to buy the SBI Life Saral Swadhan+ Plan Work. He visited PolicyX.com.

Let's understand how the SBI Life Saral Swadhan+ Plan works for him with an example.

Age of policyholder Monthly Premiums Annual Premiums Policy Tenure Total premiums paid Sum assured
25 years ₹124/month ₹1,488/year 30 years ₹37,200 ₹2 Lakhs

Key Takeaways: If Kumar survives till the end of the policy term, then he will get the maturity benefit. In the unfortunate event of Mr. Kumar's demise during the policy term, the Nominee or beneficiary will get the death benefit.

Benefits of SBI Life Saral Swadhan Plus

Here are the benefits associated with the SBI Life Saral Swadhan Plus

Maternity Benefit Rider

Death Benefit

The beneficiary will receive the sum assured in the unfortunate case of a life-assured death during the policy term. The sum assured payable to the beneficiary will be higher than the basic sum assured or 10 times the annualized premium or & 105% of the total premiums received up to the date of death.

Maternity Benefit Rider

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 for PT 10 years: 100% of the Total Premiums paid and PT 15 years: 115% of the Total Premiums paid.

Maternity Benefit Rider

Surrender Benefit

The policyholder can surrender the in-force policy or paid-up policy at any time during the policy term after payment of at least one full policy year's premium.

Maternity Benefit Rider

Add-on Riders

With this plan, customers have the option to customize their coverage by choosing from a wide range of additional benefits including accidental death benefit rider and accidental total and permanent disability benefit rider.

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Riders Associated with SBI Life Saral Swadhan Plus Plan

You can add the following riders to your SBI Life Saral Swadhan+ Plan:

SBI Life Accidental Death Benefit Rider

Accidental Death Benefits Riders provide an additional sum if the policyholder dies within 120 days of the accident.

SBI Life Accidental Total and Permanent Disability Rider

Accidental Total and Permanent Disability Rider covers the policyholder if any accident occurs that leads to the permanent disability of the policyholder.

Features of SBI Life Saral Swadhan Plus

Life Cover

SBI Life Saral Swadhan Plus term plan offers you protection up to 65 years of age, to take care of your family after your demise.

Easy Enrolment

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

Flexibility

Each consumer has their requirements, so by taking care of them SBI Life Saral Swadhan Plus offers flexibility to choose policy terms from 10 years to 15 years.

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 of SBI Life Saral Swadhan+ Plan

Here is the list of exclusions associated with the plan:

  • Death occurred due to a pandemic is not covered by the company.
  • Death caused due to any type of adventure sports.
  • Death by consumption of any type of drugs and alcohol.
  • Death due to any pre-existing disease that isn't mentioned during the start of the policy.
  • If a policyholder commits suicide within first 12 months of purchasing the policy, then no death benefits are paid to their nominee.

Conclusion

SBI Life Saral Swadhan+ is a simple term insurance plan that offers dual protection with a life cover of up to 70 years and a return of premium option. The plan provides fixed life cover throughout the policy term, along with a guaranteed maturity benefit. If you want to know more about the plan or compare different plans, you can easily contact us through the website policyx.com or call us at 1800-4200-269.

Explore more about SBI Term Insurance Company

Explore other SBI Term Insurance

SBI Term Insurance offers one of the best term insurance plans to cater to the unique needs of every customer. You can buy their term plans with high life cover at pocket-friendly costs. Get a 5% discount for online purchases and 100% claim assistance with SBI Term Insurance plans. Below is the list of term plans offered by SBI Term.

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SBI Life Sampoorna Suraksha Plan
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SBI Life Sampoorna Suraksha Plan (Cons)

SBI Life Sampoorna Suraksha Plan
  • No Policy Loan
  • No Surrender Benefit
  • No Maturity Benefit

SBI Life Sampoorna Suraksha Plan (Other Benefits)

SBI Life Sampoorna Suraksha Plan
  • Second Medical Opinion
  • In built Premium Waiver Benefit
  • Tax Benefits

SBI Life Sampoorna Suraksha Plan (Eligibility Criteria)

SBI Life Sampoorna Suraksha Plan
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹10L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP

SBI Life Arogya Shield is a health-plus life combination plan from SBI General Insurance and SBI Life Insurance that offers health and pure term life ...

Unique Features

  • Combination Plan
  • Hospitalization Cover
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SBI Life Arogya Shield Plan (Pros)

SBI Life Arogya Shield Plan
  • Health Cover
  • Pure Term Life Cover
  • Cashless Claims

SBI Life Arogya Shield Plan (Cons)

SBI Life Arogya Shield Plan
  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

SBI Life Arogya Shield Plan (Other Benefits)

SBI Life Arogya Shield Plan
  • Large Sum Assured Discounts
  • Death Benefit
  • Hospitalization Cover

SBI Life Arogya Shield Plan (Eligibility Criteria)

SBI Life Arogya Shield Plan
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹5L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP

Usually, a term plan provides financial security to your loved ones in return for the premium you have paid during the policy term. But once in a whil...

Unique Features

  • Maturity benefits
  • Flexible policy term
  • Tax benefits under section 80C

SBI Smart Swadhan Supreme (Pros)

SBI Smart Swadhan Supreme
  • Maturity benefits
  • Flexible policy term
  • Tax benefits under section 80C

SBI Smart Swadhan Supreme (Cons)

SBI Smart Swadhan Supreme
  • No Policy Loan
  • Suicidal Clause
  • Death Due to Adventure Sports

SBI Smart Swadhan Supreme (Other Benefits)

SBI Smart Swadhan Supreme
  • Get Maturity Benefit
  • Multiple Premium Payment Term
  • Life Cover Up To 75 years

SBI Smart Swadhan Supreme (Eligibility Criteria)

SBI Smart Swadhan Supreme
  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - ₹25L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP/LP

"A plan which returns all the paid premiums back upon completion of the policy term" Several term insurance plans provide insurance coverage for the p...

Unique Features

  • Affordable plan
  • Return of premium option
  • Tax benefit

SBI Life Saral Swadhan Supreme (Pros)

SBI Life Saral Swadhan Supreme
  • Maturity Benefit
  • Add-on Riders
  • Tax Benefits

SBI Life Saral Swadhan Supreme (Cons)

SBI Life Saral Swadhan Supreme
  • Suicidal Clause
  • Waiting Period
  • No Policy Loan

SBI Life Saral Swadhan Supreme (Other Benefits)

SBI Life Saral Swadhan Supreme
  • Flexible Policy/ Premium Payment Term
  • Death Benefit
  • Surrender Benefit

SBI Life Saral Swadhan Supreme (Eligibility Criteria)

SBI Life Saral Swadhan Supreme
  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - ₹25L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - LP/RP

As we grow older our responsibilities grow. Are you worried that your term plan might not be enough as your life will move forward? Fret not! SBI Life...

Unique Features

  • Two Plan options
  • 30% Premium discount
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SBI Life Smart Shield (Pros)

SBI Life Smart Shield
  • Choice of Plan Options
  • Online Discount
  • Earn Rewards for Healthy Lifestyle

SBI Life Smart Shield (Cons)

SBI Life Smart Shield
  • No Policy Loan
  • No Surrender Value
  • No Maturity Benefit

SBI Life Smart Shield (Other Benefits)

SBI Life Smart Shield
  • High Sum Assured Discount
  • Optional Riders
  • Tax Benefits

SBI Life Smart Shield (Eligibility Criteria)

SBI Life Smart Shield
  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - ₹25L
  • Maximum Maturity Age - 80 Yrs
  • Premium Payment Term - SP/RP

We can never know about what the future holds for us. And when you've the responsibility of supporting the family on your shoulders, then it becomes v...

Unique Features

  • Choose your sum assured
  • Terminal illness cover
  • Non-smoker discounts

SBI Life eShield Plan (Pros)

SBI Life eShield Plan
  • Terminal Illness Benefit
  • Discounts for Non-Smoker
  • Level Cover

SBI Life eShield Plan (Cons)

SBI Life eShield Plan
  • No Policy Loan
  • No Surrender Value
  • No Maturity Benefit

SBI Life eShield Plan (Other Benefits)

SBI Life eShield Plan
  • Choice of Life Cover
  • Medical Second Opinion Service
  • Tax Benefits

SBI Life eShield Plan (Eligibility Criteria)

SBI Life eShield Plan
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹35L
  • Maximum Maturity Age - 80 Yrs
  • Premium Payment Term - RP

SBI Life eShield Next, launched by SBI Life is a new age term insurance plan that enables you to take care of your current requirements and your chang...

Unique Features

  • Better Half Benefit
  • 3 Plan options
  • Terminal Illness Benefit

SBI eShield Next Plan (Pros)

SBI eShield Next Plan
  • Whole Life Cover
  • Terminal Illness Benefit
  • Choice of Plan Options

SBI eShield Next Plan (Cons)

SBI eShield Next Plan
  • No Policy Loan
  • No Surrender Value
  • No Maturity Benefit

SBI eShield Next Plan (Other Benefits)

SBI eShield Next Plan
  • Increasing Cover Benefit
  • Future Proofing Benefit
  • Optional Riders

SBI eShield Next Plan (Eligibility Criteria)

SBI eShield Next Plan
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹50L
  • Maximum Maturity Age - 100 Yrs
  • Premium Payment Term - RP/SP/LP

According to IRDAI, a medical examination test is necessary for purchasing any Yojana. However, sometimes, a delay in a report or minor health issues ...

Unique Features

  • Instant Processing
  • Easy Enrollment
  • Single Premium

SBI Life Grameen Bima Yojana (Pros)

SBI Life Grameen Bima Yojana
  • Instant Processing
  • Easy Enrollment
  • Single Premium

SBI Life Grameen Bima Yojana (Cons)

SBI Life Grameen Bima Yojana
  • No Policy Loan
  • No Surrender Benefit
  • No Maturity Benefit

SBI Life Grameen Bima Yojana (Other Benefits)

SBI Life Grameen Bima Yojana
  • Death Benefit
  • Short Term Cover
  • Tax Benefit

SBI Life Grameen Bima Yojana (Eligibility Criteria)

SBI Life Grameen Bima Yojana
  • Entry Age -18 Years
  • Max Entry Age- 50 Years
  • Minimum Sum Assured - ₹10 K
  • Maximum Maturity Age - 60 Yrs
  • Premium Payment Term - SP

SBI Life - Poorna Suraksha is an Individual, Non-Linked, Non-Participating Life Insurance, Pure Risk Premium Product with in-built Critical Illness co...

Unique Features

  • Cover 36 Critical Illness
  • Avail Premium Waiver
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SBI Life Poorna Suraksha (Pros)

SBI Life Poorna Suraksha
  • In-built Premium Waiver
  • Critical Illness Cover
  • Life-Stage Rebalancing

SBI Life Poorna Suraksha (Cons)

SBI Life Poorna Suraksha
  • No Policy Loan
  • No Surrender Value
  • No Maturity Benefit

SBI Life Poorna Suraksha (Other Benefits)

SBI Life Poorna Suraksha
  • Fixed Premium
  • High Life Cover
  • High Sum Assured Discounts

SBI Life Poorna Suraksha (Eligibility Criteria)

SBI Life Poorna Suraksha
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹5L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP

SBI Term Insurance company offers a comprehensive term insurance plan called SBI Life Smart Swadhan Plus policy, which aims at fulfilling the future f...

Unique Features

  • Return of Premium Feature
  • High Sum Assured Discount
  • Life Cover Up To 75 Years

SBI Life Smart Swadhan Plus (Pros)

SBI Life Smart Swadhan Plus
  • Choice of Plan Options
  • Multiple Premium Payment Term
  • High Sum Assured Discount

SBI Life Smart Swadhan Plus (Cons)

SBI Life Smart Swadhan Plus
  • No Surrender Benefit
  • Suicide Clause
  • No Policy Loan

SBI Life Smart Swadhan Plus (Other Benefits)

SBI Life Smart Swadhan Plus
  • Return of Premium Feature
  • Life Cover Benefit
  • Life Cover Up To 75 Years

SBI Life Smart Swadhan Plus (Eligibility Criteria)

SBI Life Smart Swadhan Plus
  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - ₹5L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - RP/SP/LP

Security for your loved ones is available with the SBI Life Saral Jeevan Bima Plan at a reasonable cost. It is a straightforward policy that offers th...

Unique Features

  • Standard plan
  • Affordable premiums
  • Tax benefits

SBI Saral Jeevan Bima (Pros)

SBI Saral Jeevan Bima
  • Simple Term Plan
  • Affordable Premiums
  • Tax Benefits

SBI Saral Jeevan Bima (Cons)

SBI Saral Jeevan Bima
  • No Surrender Benefit
  • No Maturity Benefit
  • No Policy Loan

SBI Saral Jeevan Bima (Other Benefits)

SBI Saral Jeevan Bima
  • Instant Issuance
  • Life Cover Up To 70 Years
  • High Life Cover

SBI Saral Jeevan Bima (Eligibility Criteria)

SBI Saral Jeevan Bima
  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - ₹5L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - RP/SP/LP

SBI Saral Swadhan Plus is an individual, non-linked, non-participating, life insurance plan that gives you a fixed life cover throughout the policy te...

Unique Features

  • Death benefit
  • Maturity Benefit
  • Survival benefit

SBI Life Saral Swadhan Plus (Pros)

SBI Life Saral Swadhan Plus
  • Death Benefit
  • Maturity Benefit
  • Surrender Benefit

SBI Life Saral Swadhan Plus (Cons)

SBI Life Saral Swadhan Plus
  • No Policy Loan
  • Suicide Clause
  • Waiting Period

SBI Life Saral Swadhan Plus (Other Benefits)

SBI Life Saral Swadhan Plus
  • Paid Up Value
  • Easy Enrolment
  • Value for Money

SBI Life Saral Swadhan Plus (Eligibility Criteria)

SBI Life Saral Swadhan Plus
  • Entry Age -18 Years
  • Max Entry Age- 55 Years
  • Minimum Sum Assured - ₹30K
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - RP/LP

SBI Life Saral Swadhan Plus Plan: 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 riders are available for the SBI Life Saral Swadhan+ plan?

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

4. Can I get a refund of the insurance premium 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.

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Himanshu Kumar

Written By: Naval Goel

Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.