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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:
Minimum Age - 18 years Maximum Age - 55 years
Maximum Maturity Age - 70 years
Minimum term - 10 years Maximum term - 15 years
Basic Sum Assured: ₹30K to ₹4.75L
The policy loan is not available under SBI Life Saral Swadhan+ Plan.
Yearly
Let's understand how the SBI Life Saral Swadhan Plus Plan works with a simple premium illustration.
Mr. Kumar, aged 25 years, is looking for a protection plan that offers easy enrollment to protect his family.
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.
Here are the benefits associated with the SBI Life Saral Swadhan Plus
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.
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.
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.
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.
You can add the following riders to your SBI Life Saral Swadhan+ Plan:
Accidental Death Benefits Riders provide an additional sum if the policyholder dies within 120 days of the accident.
Accidental Total and Permanent Disability Rider covers the policyholder if any accident occurs that leads to the permanent disability of the policyholder.
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.
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.
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.
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.
Here is the list of exclusions associated with the plan:
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.
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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.
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.
SBI Life Saral Swadhan+ Policy does not provide any riders or add on benefits.
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.
No, the plan does not offer any discounts.
No, loans are not allowed under SBI Saral Swadhan+ policy.
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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.
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