SBI Smart Swadhan Supreme

Overview

Usually, a term plan provides financial security to your loved ones in return for the premium you have paid during the policy term. However, the thought of outliving your term insurance plan often comes to mind. What will happen if I survive the whole policy term? What will happen to my paid premiums? Will I get those back? Fortunately, Term Return of Premium plans do!

SBI Smart Swadhan Supreme is one such plan, offering dual benefits of long-term protection along with the return of premium option if you survive the entire policy term. It is a pure protection plan offering coverage at an affordable cost with the flexibility to choose a term from 10 to 30 years.

Key Features and Benefits of SBI Smart Swadhan Supreme Plan

• Return of Premium Benefit: Get back the total premiums paid (excluding taxes and charges) if you survive the policy term.
• Flexible Policy Term: Choose a policy term from a minimum of 10 years to a maximum of 30 years, allowing you to align it with your responsibilities.
• Multiple Premium Payment Options: The plan offers various premium payment options, including regular pay or limited pay terms (7, 10, or 15 years).
• Life Cover up to 75 Years: Provides comprehensive life cover up to 75 years of age.
• Death Benefit: If the policyholder passes away during the policy term, a sum assured will be payable to the nominee. The death benefit will be the higher of the Basic Sum Assured, 11 times the annualized premium, or 105% of the total premiums received up to the date of death.
• Tax Benefits: Enjoy tax benefits on premiums paid for SBI Life Smart Swadhan Supreme up to ₹1.5 lakh under Section 80C of the Income Tax Act. Additionally, you can claim up to ₹50,000 for any health rider taken with the plan.
• Financial Support to Dependents: The plan offers crucial financial support to your loved ones in your absence, helping them maintain their future cost of living amidst rising inflation.
• Housewife Term Insurance: Housewives between 21-50 years of age can also purchase the Smart Swadhan Supreme term plan by providing educational documents.
• Surrender Benefit: If you choose to discontinue your policy, you can receive a surrender value. To avail this, at least one full policy year's premium must have been paid. The higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) is payable as the Surrender Value.

Riders Associated with SBI Smart Swadhan Supreme Plan

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

SBI Life Accidental Death Benefit Rider

This rider provides an additional sum if the policyholder dies within 120 days of an accident.

SBI Life Accidental Total and Permanent Disability Rider

This rider covers the policyholder if an accident leads to total and permanent disability.

Exclusions

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