SBI Term Insurance
SBI Term Insurance company offers a comprehensive term insurance plan ...Read More
A quick read on what this SBI Term Insurance term plan covers and why it might be a fit for you.
SBI Term 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 the 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 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.
SBI Life Smart Swadhan Plus Plan offers you a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
SBI Life Insurance Term plans are a very reliable choice and are designed to provide financial security to a policyholder’s family in the face of the unfortunate event of their demise. The term plans from SBI Life offer additional riders that offer extra coverage in case of accidental death benefits.
Eligibility criteria pulled straight from the policy wording.
Let's understand how the SBI Life Smart Swadhan Plus Plan works with a simple premium illustration.
Mr Vikas, a healthy 30-year-old, is looking for a term plan that offers high life cover with the return of premium option at affordable premiums.
His financial advisor advised him to buy the SBI Life Smart Swadhan Plus Plan Work. He visited PolicyX.com.
Let's understand how the SBI Life Smart Swadhan Plus Plan works for him with an example.
| Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
| 30 years | ₹1,253/month | ₹15,036/year | 25 years | ₹4,51,080 | ₹1 Crore |
Key Takeaways: If Mr Vikas passes away during the policy term, a sum assured equal to ₹1 Crore will be paid to the nominee. In case Mr Vikas outlives the policy term, you will get back all the premiums paid towards the term plan as a maturity benefit.
You can add the following riders to your SBI Smart Swadhan Plus Plan:
Accidental Death Benefits Riders provide an additional sum if the policyholder dies within 120 days of the accident.
Accidental Total and Permanent Disability Riders cover the policyholder if any accident occurs that leads to the permanent disability of the policyholder.
Key features that make SBI Life Smart Swadhan Plus stand out.
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.
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.
Tax Benefits
You may avail of tax benefits as per the Income Tax Act, 1961 subject to conditions as specified in those sections.
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.
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.
Here are the key benefits of the 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.
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.
High Sum AssuredDiscount
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.
Surrender Benefit
If you don't feel like continuing your policy, you can exit your plan and get a surrender value. To do so, you must pay a premium for two consecutive years for the limited premium payment option and three full years’ premiums for the regular premium option.
Here is the list of exclusions associated with the plan:
SBI Life Smart Swadhan Plus is a comprehensive term insurance plan that offers double protection with a life cover option and a return of premium option. In this plan, you can get complete protection up to the age of 75 years and secure your family's financial future in case of your untimely demise. 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.
The 14 most-asked questions about SBI Life Smart Swadhan Plus, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
Select a company and plan for each side to see a detailed side-by-side comparison.
Rated by 926 customers
Select Your Rating
Let us know about your experience or any feedback that might help us serve you better in future.
Do you have any thoughts you'd like to share?
5-min consultation · No spam · No pushy sales
ChatGPT
Claude
Perplexity