SBI Life - Smart Swadhan Plus

SBI Life Insurance Company offers a comprehensive term insurance plan called SBI Life Smart Swadhan Plus policy, which aims at fulfilling the future financial requirements of the family of the insured, in case any unfortunate event happens with the policyholder in future.

Smart Swadhan Plus is an individual, non-linked, non-participating, life insurance plan that comes with the return of a premium feature. 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 getting their premiums back on maturity, provided that the policy is in force.

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

Key Features of SBI Life Smart Swadhan Plus

1. Life cover

   In case of an eventuality like the death of the policyholder, the SBI Smart Swadhan Plus plan provides financial protection by offering life insurance coverage equal to the amount of sum assured to the beneficiary/nominee of the insured person.

2. Return of premium

   If the policyholder survives up to date of maturity, they enjoy the benefit of getting 100% of the total premiums paid back, in the form of a lump sum payment.

3. Premium payment options

   The plan provides customers with the ease of selecting a premium payment option at their convenience. You can either go for regular, limited, or single premiums payment methods.

4. Hassle-free Application process

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

The availability of the policy term as per the selected premium payment option is given in the table below.

Given below are the details of the percentage of discount offered.

Benefits of SBI Life Smart Swadhan Plus

• Life Cover Benefit: For policies with a single premium (SP): (Basic Sum Assured or 1.25 times Single Premium) whichever is higher is paid.
  For policies with a Limited Premium Payment Term (LPPT) or a Regular Premium (RP): (Basic Sum Assured or 10 times Annualized Premium or 105 percent of total premiums received up to the date of death), whichever is higher is paid.
  The Basic Sum Assured is the total amount of benefit selected by the policyholder at the policy's beginning. And, Annualized Premium is the premium amount payable in the policyholder's chosen year, excluding taxes, underwriting additional premiums, and modal premium loadings, if any.
• Maturity Benefit: If the life assured lives to maturity, 100 percent of all premiums paid during the policy term will be paid in one lump sum amount.
• Death Benefit: In the unfortunate case of the life assured's death, the beneficiary will receive the Sum Assured.
• High Sum Assured Discount: Opting for a higher sum assured amount in SBI Smart Swadhan Plus plan proves to be a benefit as the plan provides special discounts and rebates to customers opting for a higher level of protection.
• 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

Eligibility Criteria of SBI Life Smart Swadhan Plus

The table given below highlights the eligibility criteria for the SBI Life Smart Swadhan Plus plan.

Premium Illustration of SBI Life Smart Swadhan Plus Plan

Given below is a tabular representation of the premium amount of SBI Life Smart Swadhan Plus Plan for different ages of the policyholder. Refer to this sample illustration to get an idea about how age affects the premium rate in an SBI Smart Swadhan Plus Plan.

Data in the table is calculated for a non-smoker male, taking a policy worth Rs. 25,00,000 sum assured for a policy term of 20 years, wherein the premium payment frequency is Yearly.

For Regular Premium

For Limited Premium

For Single Premium

Exclusions in SBI Life Smart Swadhan Plus Plan

There are certain exclusions within the SBI Smart Swadhan Plus 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 Smart Swadhan Plus 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).

Note- The policy contract will end immediately once the benefit is paid to the nominee.

How to buy SBI Life Smart Swadhan Plus Plan?

Unlike the other term insurance plans by SBI Life Insurance Company, the Smart Swadhan Plus plan does not have an online buying option. Customers can buy this plan either by visiting their nearest SBI branch or with the help of third-party agencies.

Supporting Documents Required while buying SBI Smart Swadhan Plus Plan

• Age Proof
• Identity Proof
• Address Proof
• Passport Size Photograph
• Medical Reports