SBI Life Smart Swadhan Plus Plan

Overview

SBI Life Smart Swadhan Plus is a return of premium term insurance plan offered by SBI Life. This plan pays the sum assured to the nominee on death and refunds 100% of the premiums paid to the policyholder if they survive the term. The minimum entry age for this policy is 18 years, and the maximum maturity age is 65 years. You can opt for a sum assured from ₹5 Lakh with no upper limit.

Smart Swadhan Plus is an individual, non-linked, non-participating life insurance plan that comes with the return of premium feature. The plan is designed to satisfy the insurance needs of individuals seeking family protection at a nominal cost, with the added benefit of receiving their premiums back on maturity, provided the policy remains in force.

Key Benefits of SBI Life Smart Swadhan Plus Plan

• Return of Premium Benefit
• Multiple Premium Payment Term options
• High Sum Assured Discount
• Tax Benefits as per prevailing laws
• Life Cover up to 75 Years
• Death Benefit

Riders Associated with SBI Smart Swadhan Plus Plan

You can add the following riders to your SBI Smart Swadhan Plus Plan:

SBI Life Accidental Death Benefit Rider

The Accidental Death Benefit Rider provides an additional sum if the policyholder dies within 120 days of an accident.

SBI Life Accidental Total and Permanent Disability Rider

The Accidental Total and Permanent Disability Rider covers the policyholder if an accident leads to their permanent disability.

Features and Benefits

Life Cover Benefit

In case of the policyholder's death, the SBI Smart Swadhan Plus plan provides financial protection by offering life insurance coverage equal to the sum assured to the beneficiary/nominee.

For policies with a Single Premium (SP): The higher of (Basic Sum Assured or 1.25 times Single Premium) is paid.

For policies with a Limited Premium Payment Term (LPPT) or a Regular Premium (RP): The higher of (Basic Sum Assured, 10 times Annualized Premium, or 105% of total premiums received up to the date of death) is paid.

Maturity Benefit (Return of Premium Benefit)

If the life assured survives to the maturity date, 100% of all premiums paid during the policy term will be paid as a lump sum.

Tax Benefits

You may avail of tax benefits as per the Income Tax Act, 1961, subject to conditions specified in those sections.

Premium Payment Options

The plan offers customers the flexibility to choose a premium payment option at their convenience: regular, limited, or single premium payment methods.

Hassle-Free Application Process

SBI Smart Swadhan Plus features a simple and streamlined application process. Customers can enjoy hassle-free enrollment by filling a simplified proposal form.

High Sum Assured Discount

Opting for a higher sum assured in the SBI Smart Swadhan Plus plan offers special discounts and rebates to customers seeking a higher level of protection.

Surrender Benefit

If you choose not to continue your policy, you can exit the plan and receive a surrender value. To be eligible, you must have paid premiums for two consecutive years for the limited premium payment option, or three full years for the regular premium option.

Exclusions

• Death due to a pandemic is not covered.
• Death caused by any type of adventure sports.
• Death due to consumption of drugs and alcohol.
• Death due to any pre-existing disease not declared at the policy's inception.
• If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee.