SBI Life Smart Swadhan Plus
- Return of Premium Feature
- High Sum Assured Discount
- Life Cover Up To 75 Years
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:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 75 years
Minimum term - 10 years Maximum term - 30 years
Basic Sum Assured: ₹5L to No Limit
The policy loan is not available under SBI Life Smart Swadhan Plus Plan.
Single, Yearly, Quarterly, Half-Yearly, and Monthly
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.
Here are the benefits associated with the SBI Life Smart Swadhan Plus
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.
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.
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.
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.
SBI Term Insurance | Best Life Insurance Policy In India
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.
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.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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