Saral SwadhanPlus Plan
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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

Annual

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.

Other Term Insurance Companies

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:

Claim Process

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Contact Us

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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

  • 5% Discount on Premiums
  • OPD Coverage
  • Maternity Cover

SBI Life Arogya Shield (Pros)

  • Mental Illness Cover
  • Pre & Post Hospitalization
  • HIV/AIDS Cover

SBI Life Arogya Shield (Cons)

  • No Loans Allowed
  • No cover for suicide
  • No rider Benefits

SBI Life Arogya Shield (Other Benefits)

  • 141 Day Care Procedures
  • Tax Saving on 80D and 80C (Health & Life Premiums)
  • Multiple Sum Insured (1, 2 & 3L )

SBI Life Arogya Shield (Eligibility Criteria)

  • Entry Age - 90 Days (Health) 18 Years (Life)
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 70 Years
  • Premium Payment Term - Regular Premium (Annually)

SBI Life e-Shield Next

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

  • Online Plan
  • Increasing Cover on Life Stages
  • 100 Years Life Cover

SBI Life e-Shield Next (Pros)

  • 2 Rider Options
  • Better Half Benefit Option
  • Guaranteed Surrender Value

SBI Life e-Shield Next (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • Suicide no covered

SBI Life e-Shield Next (Other Benefits)

  • Life Cover with Future Proofing Benefit
  • Death Benefit Options
  • Terminal Illness Cover on all Variants

SBI Life e-Shield Next (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 85 Years
  • Premium Payment Term - SP/RP/LP

SBI Life Saral Jeevan Bima

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

Unique Features

  • Life Cover with Future Proofing Benefit
  • 100 % Death Benefit
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Spouse Cover
  • Max Sum Assured 25 Lakh

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Easy Claim Settlement Process
  • Avail Tax Benefits
  • Flexible-Premium Payment term

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured-5 L
  • Maximum Maturity Age- NA
  • Premium Payment Term-RP/SP/LP(5&10 Years)

SBI Life Poorna Suraksha

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

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.

SBI Life Smart Shield (Pros)

  • Two Plan Options
  • Accidental Total and Permanent Disability Benefit Rider
  • Accidental Death Benefit Rider

SBI Life Smart Shield (Cons)

  • Premium Loading
  • No Loan Benefit
  • No Survival Benefit

SBI Life Smart Shield (Other Benefits)

  • Covers Suicide
  • Death Benefit
  • Accelerated Critical Illness Benefit

SBI Life Smart Shield (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 80 Years
  • Premium Payment Term - 5 Yeras SP/RP

SBI Life Saral Sawdhan+

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.

SBI Life Grameen Bima (Pros)

  • Easy Enrolment
  • Suicide Cover
  • Fast Processing

SBI Life Grameen Bima (Cons)

  • No Loans Allowed
  • No Maturity Benefit
  • No Rider Benefits

SBI Life Grameen Bima (Other Benefits)

  • Min Single Premium Amount Rs 300
  • Max Sum Assured 50K
  • Tax Benefits

SBI Life Grameen Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 10 K
  • Maximum Maturity Age - NA
  • Premium Payment Term - One-Time Payment at Inception

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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Sneha Nath

Mumbai

March 28, 2024

I would like to inform you that my maturity claims have been settled by SBI Life Insurance on 04.15.2024 and thanks all of you for helping me throughout the claim process.

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Goa

March 18, 2024

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Indore

February 16, 2024

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Gurgaon

January 25, 2024

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Ahmedabad

October 4, 2023

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Guwahati

October 4, 2023

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