SBI Saving Plans Reviews, Types, Features, Benefits

About SBI Saving Plans

SBI Life Insurance is a most trusted Private life insurance company which provides various life insurance covers for customer needs and provides protection to insured family even after death of policyholder. SBI awarded as Most Coveted Outlook money awards 2014 for “Best Private Life Insurance Provider“.

SBI Saving Plan had launched a traditional Saving plan that offers tax-free regular income at guaranteed rate of returns with added advantage of life cover and regular cash inflow at the time the policyholder need. These Saving plans helps an individual to plan expenses such as child’s education, purchase of household requirements, property or any other such financial requirement as an individual can receive money payouts at regular interval of time. This Saving insurance provides Maturity benefits and Death benefits. SBI Saving account provides Additional death benefit rider cover options.

If the life assured commits suicide within one year from the risk commencement date then the policy will be void and no death benefit will be payable. However an amount equal to 80% of the premiums paid will be payable to the nominee in case of suicide within one year from the risk commencement date.

Benefits of SBI Saving Plans

• SBI Saving Plan provides Insurance Cover and Regular Income
• Provides Additional Accidental death benefit riders
• Tax Benefits are also available under Section 80C. For more information regarding Tax Benefits, visit www.taxqueries.in.
• Provides Maturity Benefit and Death Benefit
• Secures both children and parents life
• At the time of maturity, Vested bonuses + Terminal bonus(if any) will be paid as lump sum at the end of the policy term.
• After maturity, Guaranteed annual payouts of Basic Sum Assured or Paid up Sum Assured over some period.
• Provides Rebates on large Sum assured
• Survival Benefits of Sum Assured will be paid till maturity
• Provides Saving cover at low cost
• Provides flexibility to increase or decrease your chosen Sum assured
• Also has a flexibility to increase your chosen policy term.

SBI Saving Plans Example

Suppose a person aged 40 years had opted for SBI Saving account option for policy term of 15 years and the person buys a Saving insurance plan for Rs. 10,00,000. This SBI Saving plan provides both Maturity benefts and death benefits.

Maturity Benefits: The policyholder will receive yearly payouts equal to 11% of basic sum assured after maturity. The policyholder will receive the vested bonuses + terminal bonus (if any) on survival at the end of the policy term.

Death Benefits: Nominee will receive higher amount as death benefit is Sum Assured on death + Vested simple bonuses + terminal bonus(if any) and 105% of all the premiums paid till the date of death.

 SBI Saving Plans

Various types of SBI Saving plans are available which are briefly explained below