SBI Life Saral Swadhan Plus policy Introduction
SBI Life Saral Swadhan plus policy is a traditional non-participating term insurance plan of SBI Life with Return of Premium on maturity. SBI Life Saral Swadhan plus policy provides fixed life cover throughout the policy term along with the guaranteed maturity benefit. SBI Life Saral Swadhan plus policy provides protection at an affordable cost. At the time of maturity, the policyholder gets guaranteed benefit of 100% or 115% of total premiums paid depending on the policy term of 10 or 15 years respectively. SBI Life Saral Swadhan plus policy provides easy enrollment through simplified proposal form. Thus in this SBI Life Saral Swadhan plus policy if the Life Insured dies within the policy term, the nominee would receive the Sum Assured. If the life insured lives through the policy term, then he would receive his entire premium back on maturity of the policy.
Terms and Eligibility Conditions of SBI Life Saral Swadhan Plus policy
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| Minimum maturity age |
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| Maximum maturity age |
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| Policy term |
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| Sum Assured |
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| Premium payment term |
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| Premium amounts (Multiples of 500) |
Service tax (including cess) & J & K – GST will be borne by us, hence no additional amount will be charged from you. |
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| Grace Period |
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Sum assured is defined as a multiple of annual premium paid as per the policy term chosen and age at entry, as given below.
| Age at Entry (years) | Policy term 10 years | Policy term 15 years |
| 18-30 | 80 | 95 |
| 31-35 | 65 | 70 |
| 36-40 | 50 | 55 |
| 41-45 | 35 | 40 |
| 46-50 | 25 | 30 |
| 51-55 | 20 | 20 |
Benefits of SBI Life Saral Swadhan Plus policy
Maturity benefits: If policyholder survives till the end of policy term then the following maturity benefits will be payable to policyholder.
Policy term 10 years : 100% of the total premiums paid
Policy term 15 years : 115% of the total premiums paid.
Death benefits: In case of unfortunate death of the policy holder, the nominee gets the entire sum assured in lump sum provided the policy is in force.
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.
SBI Life Saral Swadhan Plus Policy Buying procedure
Documents needed to apply for an SBI Life Saral Swadhan plus plan are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Policy documents of SBI Life Saral Swadhan plus Policy are attached below
SBI Life Saral Swadhan Plus Policy Document Form 36 uploaded
Claim Procedure of SBI Life Saral Swadhan Plus 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 Swadhan Plus policy claim form
SBI Life Saral Swadhan Plus Policy Customer care
If any doubts regarding this SBI Life Saral Swadhan plus policy then call toll-free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to info@sbilife.co.in.
SBI Life Saral Swadhan Plus Policy Premium calculator
Details required for calculating premium under SBI Life Saral Swadhan Plus plan are
Age :
Policy term :
Premium Frequency :
Premium amount :
SBI Life Saral Swadhan Plus Policy Example
Vamsi decided to take SBI Life Saral Swadhan Plus policy, his following details are given below
Age : 30 years
Policy term : 10 years
Premium Frequency : Annual
Premium amount : Rs.5000
Sum assured : Rs.4,00,000
Premium paying term : 10 years
Benefit Payable on death : If policyholder dies within the policy term, then the nominee will receive a sum assured of Rs.4 lakhs
Benefit Payable on maturity: For 10 years policy term 100% of total premiums paid. The policyholder will receive Rs.50,000
Additional Information of SBI Life Saral Swadhan Plus Policy
Loan facilities: Loan facilities are not available under this SBI Life Saral Swadhan plus plan.
Policy Revival: You may reinstate your lapsed policy within 2 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Paid up value: Any time during the policy term if the premiums are not paid within grace period, the policy shall lapse. A lapsed policy will acquire paid-up only if at least three year’s premiums have been paid
A lapsed policy gives you the reduced benefits:
- Paid-up death benefit: Paid up death benefits will be reduced to the same proportion as the ratio of the number of premiums paid to the total number of premiums actually payable. The sum assured so reduced will be called paid-up sum assured. The policy can remain in-force for the reduced coverage.
- Paid-up maturity benefit: will be 100% and 115% of Total Premium Paid for policy term 10 years and 15 years respectively.
Surrender value: The policy will acquire a surrender value only if the premiums have been paid for at least 3 full years. Higher of Guaranteed surrender value or Special Surrender value. Surrender value depends on the policy term and year of premium payment.
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).
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.
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 and no claim will be paid. However, 80% of premium for what the policyholder had paid will returned to his/her assignees or nominees.
FAQ’s of SBI Life Saral Swadhan plus policy
Is any loan facilities are available under this policy?
No, loan facilities are not available under this SBI Life Saral Swadhan plus Plan.
What happens if policyholder stops paying premium?
If the policyholder stops paying the premium, then the policy would lapse after the grace period ends. If the first 3 years’ premiums have been paid, then the policy will go in paid up value which is a reduced value in proportion to the number of premiums paid.
Is Rider Benefits are available in this policy?
No, Rider benefits are not available under this SBI Life Saral Swadhan Plus policy
SBI Life Saral Swadhan Plus Policy forms and documents
SBI Life saral swadhan plus brochure v01