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.
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.
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.
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 method.
This plan provides policyholders with the flexibility to select the policy term and premium payment frequency as per their requirements and convenience.
The availability of the policy term as per the selected premium payment option is given in the table below.
|Policy Term Available||Premium Payment Option|
|10 - 30 years||Single premium|
|10 - 30 years||Regular premium|
|10 - 30 years||Limited Premium Payment Term (LPPT)- 5|
|15 - 30 years||LPPT-10|
|20 - 30 years||LPPT-15|
Given below are the details of the percentage of discount offered.
|Premium paying term||Single premium policy||LPPT/ Regular premium policy|
|2nd year onwards||Not applicable||5%|
The table given below highlights the eligibility criteria for the SBI Life Smart Swadhan Plus plan.
|Age of entry||18 years||65 years|
|Age at maturity||Not mentioned||75 years|
|Sum Insured Amount||Rs. 5,00,000||Rs. 25,00,00,000|
|Policy term||10 years||30 years|
|Premium Payment Mode||Single-Premium, Limited Premium (5 and 10 years) and Regular Premium|
|Premium Payment Term||Single/yearly/half-yearly/quarterly/monthly|
Paying a higher premium amount can become financially distressful for you in future. That is why it is suggested that before buying a plan, you should always get an idea about the premium rates that you'll be paying in future.
For your convenience, we've illustrated the sample premium amounts of the SBI Life Smart Swadhan Plus plan in a tabular form as well as a graphical representation. Note that the premium data in this graph is calculated for different age groups, taking a regular premium plan with a fixed sum assured of Rs. 10,00,000, and for the policy and premium payment term of 10 Years.
|Age||Monthly Premium Amount* (in Rs.)|
Premium rates of SBI Life Smart Swadhan Plus for different age groups
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.
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.
Yes, with Smart Swadhan Plus you have the benefit of surrendering the policy. In the case of a single premium, the policy can be surrendered at any time during the policy term. However, for LPPT and RP policies, the surrender value will be paid only if the premium has been paid for at least 2 consecutive years.
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 Smart Swadhan Plus plan does not provide any riders or add on benefits.
Yes, you have the option to cancel the policy within a stipulated amount of time known as the Free Look Period of 30 days. This means that you have 30 days to review all the terms and conditions of the plan and convey your decision to the company by submitting a letter stating a genuine reason for cancellation.
In case you cancel your 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.
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Last updated on 08-04-2021
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