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Overview
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 a guaranteed maturity benefit. The plan is designed to satisfy the insurance needs of people interested in protecting their families at a nominal cost, with the added benefit of saving funds for their future goals.
SBI Saral Swadhan Plus offers a range of benefits, including:
- Return of Premium Benefit
- Add-on Riders
- Tax Benefits As Per Laws
- Surrender Benefit
- Death Benefit
- Multiple Premium Payment Term Cover
Exclusions
- Death due to a pandemic is not covered by the company.
- Death due to adventure sports.
- Death due to consumption of drugs or alcohol.
- Death due to any pre-existing disease not declared at policy inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefit is paid to the nominee.
Death Benefits
If the Life Assured passes away during the policy term, the nominee receives the highest of the Basic Sum Assured, 11 times the Annualized Premium, or 105% of Total Premiums Paid as a death benefit.
Maturity Benefits
If the Life Assured survives the policy term, 100% of the Total Premiums Paid is returned as a lump-sum maturity benefit, helping meet future financial goals.
Tax Benefits
You can avail of tax benefits on the premium paid for your policy under the Income Tax Act, 1961. A tax rebate of up to ₹1.5 lakhs is provided during a particular financial year.
