Smart SwadhanPlus Plan
  • Features of SBI Smart Swadhan Plus
  • Find Out the Sample Premium Rates
  • Check the Eligibility Criteria of the Plan
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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.

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
1st year 2% 5%
2nd year onwards Not applicable 5%

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.

Parameters Minimum Maximum
Age of entry 18 years Max: 65 years
Age at maturity NA 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
Availability of Policy Term as per the selected premium payment 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

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

Age of the Policyholder 20 Years 30 Years 40 Years
Premium Amount (in Rs.) 11,500 15,950 30,050

For Limited Premium

Age of the Policyholder 20 Years 30 Years 40 Years
Premium Amount (in Rs.) 21,750 31,300 61,700

For Single Premium

Age of the Policyholder 20 Years 30 Years 40 Years
Premium Amount (in Rs.) 85,725 1,24,275 2,47,745

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

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Smart Swadhan Plus: FAQs

1. Can I surrender my policy if I am not satisfied with it?

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.

2. What will happen if I fail to make the premium payment?

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.

3. What are the riders available in this plan?

SBI Smart Swadhan Plus plan does not provide any riders or add on benefits.

4. Is it possible to cancel the policy after buying it?

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.

5. Do we get a refund of the premiums paid during the free look period?

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.

6. Does SBI Smart Swadhan Plus offer any discounts other than staff disocunts?

Yes, SBI Life Smart Swadhan Plus Plan offers one more discount, that is discounts for choosing Large Sum Assured. Below mentioned are the slabs on which the discounts are determined:

Basic Sum AssuredRebates on tabular premium per thousand Basic Sum Assured
SPLPPT-5LPPT-10LPPT-15RP
=7.5L < 10L2.000.450.400.300.30
=10L < 15L4.001.100.800.600.60
=15L < 25L6.001.751.201.000.90
=25L < 35L7.502.201.501.251.20
=35L < 50L8.252.401.701.401.30
=50L8.902.601.851.501.40

7. Am I eligible to avail loan against SBI Life Smart Swadhan Plus Plan?

No, Loans are not allowed under SBI Smart Swadhan Plus.

8. Is it possible to revive my lapsed SBI Life - Saral Swadhan Plus Plan?

Within 5 years following the first unpaid premium, revival is allowed. The policyholder needs to pay the outstanding payment as well as any interest earned by the insurer in order to have his insurance reinstated.

9. My husband is a staff member of SBI Life Insurance company. Am I eligible for any sort of discounts?

Yes, as a spouse of a staff member you are eligible for the special discounts offered to the employees, retired employees, VRS holders, minor children, and spouses of employees of SBI Life Insurance Co. Ltd, State Bank of India, RRBs sponsored by State Bank of India, and subsidiaries of State Bank group.

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

Premium paying term Single premium policy LPPT/ Regular premium policy
1st year 2% 5%
2nd year onwards Not applicable 5%

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (27 Total Rating)

October 4, 2021

Munmum Pathak

Pune

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti

Allahabad

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

Guni Das

Chandigarh

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

September 28, 2021

Himanta Biswa

Mysore

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A

Bengaluru

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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