SBI Life- Smart Swadhan Supreme

Usually, a term plan provides financial security to your loved ones in return for the premium you have paid during the policy term. But once in a while, the thought of outliving your term plan comes to your mind. Such as, 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 so! 

Such a plan is SBI Smart Swadhan Supreme which offers dual benefits of long-term protection along with the return of a premium option if you survive the whole policy term. It is a pure protection plan which offers protection at an affordable cost with the flexibility to choose a term from 10 to 30 years.

SBI Life Smart Swadhan Supreme at a Glance:

5 Reasons to Choose SBI Life- Smart Swadhan Supreme as Your Term Plan

Here are top five reasons why you should choose SBI Life- Smart Swadhan Supreme as your term insurance plan:

1. Flexible policy term

   SBI Smart Swadhan Supreme provides flexibility to choose policy terms from a minimum of 10 years to a maximum of 30 years; by analyzing your responsibilities, you can select a specific policy term to provide financial support to your loved ones after your demise.

2. Premium paying convenience

   SBI Life Smart Swadhan Supreme offers various premium paying options, such as regular or limited (7/10/15 years) premium paying terms

3. Maturity benefit

   The SBI Smart Swadhan Supreme offers an option to get back 100% of the total premium paid for the plan, excluding taxes and charges, which helps you enjoy the pool of funds you receive as a maturity benefit.

4. Tax benefit

   You can enjoy the tax benefit for the premium paid for SBI life- smart Swadhan Supreme up to 1.5 lakh under section 80C of the income tax act and up to 50,000 for any health rider taken up with the plan.

5. Financial support to dependents

   SBI Life smart Swadhan supreme term plan offers financial support to loved ones in your absence, which supports them in not compromising the future cost of living with rising inflation.

Premium illustration of SBI Life Smart Swadhan Supreme term plan

Here is sample premium illustration of 29 year old, non-smoker male looking for a life cover of 1 crore with a policy term of 15 years:

What are the Benefits Available Under SBI life Smart Swadhan Supreme plan?

Here are the list of benefits available under SBI life smart swadhan supreme plan:

1. Death Benefit

   Under the SBI life-smart swadhan supreme death benefit, if the policyholder passes away during the term, a sum assured will be payable to the nominee.

   The death benefit will be paid, among the higher of:

   • Basic sum assured.
   • 11 times the annualized premium.
   • 105% of the total Premiums received up to the date of death.

2. Maturity benefit

   Under the SBI life-smart Swadhan supreme maturity benefit, customers can get back up to 100% of the total premiums paid for the policy term either in a single lump sum or monthly income upon survival of the whole policy term.

   For e.g.: Vaibhav, a software engineer, wants to protect his family financially and is able to maintain their lifestyle even when he is not around. So he opted for SBI Life – Smart Swadhan Supreme for a sum assured of 1 crore and a policy term of 30 years with regular premium payment. His premium for this life cover is 22,096 per year.

   • Scenario 1: If, due to any circumstance, Vaibhav passes during that term, a death benefit of 1 crore will be payable to the nominee so the family can maintain the future lifestyle with raised inflation rates.
   • Scenario 2: If Vaibhav survives the whole policy term, he will receive a survival benefit of up to Rs. 6,62,000, which he can use to enjoy a post-retirement life.

3. House-Wife Term Insurance:

   The SBI Life - Smart Swadhan Supreme plan could also be purchased by house wifes. Housewives between the age of 21- 50 years can opt smart swadhan supreme term plan by showing education documents.

Documents required to purchase SBI Life- Smart Swadhan Supreme plan?

Here is a list of documents required to purchase the SBI Life- Saral Swadhan Supreme term plan:

• Age Proof (Either one)-
  1) Aadhar card
  2) Pan card
  3) Voter ID card
  4) Passport
• Address Proof (Either one)-
  1) Aadhar card
  2) Pan card
  3) Voter ID card
  4) Passport
• ID Proof (Either one)-
  1) Aadhar card
  2) Pan card
  3) Voter ID card
  4) Passport
• Income Proof (either one)-
  1) Last 3-month salary slips.
  2) Bank Statement

How to Buy SBI Life - Smart Swadhan Supreme plan?

Given below is the step-by-step process to purchase the SBI Life- Smart Swadhan Supreme plan from the insurer's website:

• Step 1

  Open the SBI Life Insurance home page.

• Step 2

  Click on the term insurance section and select SBI Life- Smart Swadhan Supreme plan.

• Step 3

  Fill in your details like date of birth, and e-mail address, and select smoker/non-smoker.

• Step 4

  Fill out your name, email address, city, country code, and mobile number and click continue.

• Step 5

  Select the suitable option for the premium paying term, sum assured or choose a considerable rider if required.

• Step 6

  Make payment and fill out the proposal form by entering all the necessary details of you and the nominee.