SBI Life Saral Maha Anand Policy Introduction
SBI Life Saral Maha Anand Policy is a non-participating unit linked insurance Plan where the premium amount is invested in the capital markets. SBI Life Saral Maha Anand Policy is a simple joining process and no medical examinations are required under this policy. SBI Life Saral Maha Anand Policy provides twin benefit of market linked returns and insurance cover. Additional rider benefits are also available under this SBI Life Saral Maha Anand Policy. However, the risk in SBI Life Saral Maha Anand Policy is borne by the policyholder and not by the insurance company. This SBI Life Saral Maha Anand Policy provides guaranteed Additions of up to 30% of one annual premium for 20 years policy term which is subjected to the Policy being in force till the maturity date.
Guaranteed Addition: Guaranteed addition is given for in force policies on completion of specific durations. The additions are made as a percentage of one annualised premium which is tabulated below.
|Policy year||Guaranteed Addition(% of Annualised Premium)|
Terms and Eligibility Conditions of SBI Life Saral Maha Anand Policy
|Premium paying term||
|Yearly Premium range (multiples of 100)||
|Half-yearly Premium range (multiples of 100)||
|Quarterly Premium range (multiples of 100)||
|Monthly Premium range (multiples of 100)||
|Sum assured range(Age below 45 years)||
|Sum assured range(Age above 45 years)||
SBI Life Saral Maha Anand Policy Key Features
- No Premium Allocation Charges from 11th year on wards, thereby boosting your fund value.
- Liquidity through partial withdrawals are available under this SBI Life Saral Maha Anand Policy
- In this SBI Life Saral Maha Anand Policy to enjoy market related returns 3 fund options are available as per your risk appetite.
Benefits of SBI Life Saral Maha Anand Policy
Maturity Benefits: On survival of the life assured up to the maturity, the Fund value shall be paid in lump sum. Alternatively, the maturity benefit is available in installments under settlement option, which helps you to get periodic installments of your maturity proceeds within 5 years (maximum) from the date of maturity.
Death Benefits: Death Benefits under this policy are higher of the fund value or Sum Assured is payable with a minimum of 105% of total basic premiums paid till the time of death.
SBI Life Saral Maha Anand Policy Accidental Death Benefit Linked Rider: If unfortunate death of policyholder due to an accident then this rider option provides additional death benefits. Eligibility conditions for this type of rider are tabulated below.
|Type of Rider||Entry Age (Years)||Policy term(Years)||Maturity age||Sum assured|
|Accidental Death Benefit Linked Rider||Minimum – 18Maximum – 65||5 years to base cover policy term or 30 years.||70 years||Minimum- Rs. 25,000Maximum -Rs. 50 lakhs|
Riders related documents are attached below
Sales Literature ADB Linked rider
SBI Life Accidental Death Benefit Linked Rider UIN 111A019V02
Income Tax Benefit: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Fund Options of SBI Life Saral Maha Anand Policy
Under this SBI Life Saral Maha Anand Policy 4 Fund options are available. They are
- Index Fund
- Bond Fund
- Balanced Fund
- Equity Fund
SBI Life Saral Maha Anand Policy Buying procedure
Documents needed to apply for SBI Life Saral Maha Anand policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Policy document of SBI Life Saral Maha Anand policy is attached below
Policy Document SBI Life Saral Maha Anand Form 49
Claim Procedure of SBI Life Saral Maha Anand Policy
List of documents to be submitted during claim procedure.
- Duly filled claim form
- Original policy document
- Original death certificates
In detail documents to be submitted for claim procedure are attached below
SBI Life Saral Maha Anand Policy claim form
SBI Life Saral Maha Anand Policy Customer care
If any doubts regarding this SBI Life Saral Maha Anand policy then call toll free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161.
SBI Life Saral Maha Anand Policy Premium Calculator
Details required to calculate the premium for SBI Life Saral Maha Anand policy are
- Premium Frequency mode
- Policy term
- Premium amount
- SAMF (Sum assured multiple factor)
- No.of years elapsed since inception
- Equity Fund(%)
- Bond Fund(%)
- Balanced Fund(%)
- Accidental Death benefit rider Sum Assured
- Accidental Death benefit rider Policy term
Example of SBI Life Saral Maha Anand Policy
Rakesh had decided to take this SBI Life Saral Maha Anand plan, his following details are given below
- Age: 30 years
- Premium Frequency mode: Yearly
- Policy term: 20 Years
- Premium amount: Rs.20,000
- SAMF(Sum assured multiple factor): 15
- No.of years elapsed since inception: 20 years
- Equity Fund(%): 50
- Bond Fund(%):25
- Balanced Fund(%): 25
- Accidental Death benefit rider Sum Assured: Rs.2,00,000
- Accidental Death benefit rider Policy term: 20 years
After filling these details Sum assured by Rakesh is given below
Maturity age : 50 years
Sum assured by Rakesh is Rs. 3,00,000
Allocation of funds chosen
|Equity Fund||50%||1.35% p.a|
|Bond Fund||25%||1% p.a|
|Balanced Fund||25%||1.25% p.a|
Reduction in yield for No.of years elapsed are given below
|No.of years elapsed since inception||Reduction in yield @ 8%|
At maturity reduction in yield in %
|Maturity at||Reduction in yield @ 8%|
Additional Information of SBI Life Saral Maha Anand Policy
NAV Computation: NAV of the fund shall be computed as
(Market Value of Investment held by the fund + Value of Current Assets – Value of Current Liabilities & Provisions (if any)) / Number of Units existing on Valuation Date (before creation/redemption of units)
Surrender Value: You can surrender your policy at any time during the Policy Term. Once the policy is surrendered there will be no option to revive the policy. If surrender is requested during the first 5 Policy Years, then
- The lock-in condition applies.
- Your Fund Value after deduction of applicable discontinuance charge (if any), will be transferred to the ‘Discontinued Policy Fund’.
- Fund Management Charge of Discontinued Policy Fund shall be deducted. No other charge will be deducted.
- The Fund Value will be payable on the 1st working day of the 6th Policy Year.
- If the surrender is requested any time after completion of 5th Policy Year, then the Fund Value will be paid immediately.
Tax Benefits: Tax deduction under Section 80C is available. However, in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.
Free look period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and medical examination(if any).
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then the policy will become null and void. In such cases, as on intimation of death to company the policy account value will be payable on the policy.
FAQ’s of SBI Life Saral Maha Anand Plan
Is any loan facilities available under this policy?
No, there is no loan facilities available under this policy.
Is there any top up facility available under this policy?
Top up facilities are not available under this SBI Life Saral Maha Anand plan
What happens if policyholder stops paying premium before 5 years?
If policyholder stops paying the premium within 5 years, the insurance cover of policyholder will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The proceeds from this Discontinued Policy Fund will be payable to the policyholder after the 5th policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
SBI Life Saral Maha Anand Policy forms and documents
mortality rates for SBI Life Saral Maha Anand v01
SBI Life Saral Maha Anand Brochure ver0002