SBI Life Saral Swadhan Plus Plan

SBI Life ‘Saral Swadhan Plus’ is a non-linked, non-participating term plan that provides options of premium return, where the premiums paid are returned on the maturity of the policy. Therefore, the plan guarantees the protection of the capital invested as well as provides comprehensive coverage at competitive rate.

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7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

Investment Plans

Guaranteed Tax Savings^Under sec 80C & 10(10D)
Under sec 80C & 10(10D)Invest ₹10k Per Month*
Zero LTCG Tax^

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Get Guaranteed returns along with life cover

invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*

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7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

SBI Life Saral Swadhan Plus - Key Features

Non-participating term plan with a fixed premium paying term of 10 years.
Sum Assured is calculated as the multiple of annual premium and depends on the term chosen and age at entry.
The plan provides life cover at affordable premium based on entry age and policy term.
It is easy to purchase the policy online.
The plan offers tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

SBI Life Saral Swadhan Plus - Benefits

On maturity, 100% or 115% of the premiums paid is returned. The percent depends on the policy term of 10 or 15 years respectively.
On death, the nominees are paid the sum assured amount as per the plan.
Policyholders are eligible to receive tax benefits under Indian Income Tax Act on all the premiums paid and the claim amounts as per section 80C and 10(10D).

SBI Life Saral Swadhan Plus - Product Specification

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	55 years
Maturity Age (Last Birthday)	-	70 years
Policy Term (PT) in years	10 or 15
Premium Paying Term (PPT) in years	10
Premium Paying Frequency	Annual
Yearly Premium	1500	5000
Sum Assured	30,000	475,000

SBI Life Saral Swadhan Plus - Premium Details

Annual premium (Rupees) and the Sum Assured for a male aged 30 years:

Premium	Sum Assured for 10 years term	Sum Assured for 15 years term
3000	240,000	285,000
4000	320,000	380,000
5000	400,000	475,000

SBI Life Saral Swadhan Plus - Policy Details

Grace Period: On failure of the premium payments on the premium due date, the policyholder is provided with a 30 days grace period within which he/she can pay his /her premiums. If the policyholder fails to pay his premiums even within the grace period, then the SBI life insurance policy is subject to lapse.

Policy Termination or Surrender Benefit: Policyholders can surrender the policy, only if premium has been paid for 3 full years. Typically, the Surrender Value is higher of the Special Surrender Value or the Guaranteed Surrender Value.

Free Look Period: After receiving the policy documents, if the policyholder feels that he/she is not satisfied with the coverage provided or the terms & conditions of the policy; then, he/she is free to cancel his/her plan within the time period of 15 days of receiving the policy documents, if no claims have been done yet.

Exclusions

In the event of suicide committed by the insured within the first 12 months of the inception of the policy, only 80% of the total premiums paid are refunded to the nominee. In case of suicide within the first 12 months of policy renewal, higher of 80% of premiums paid or acquired Surrender Value is paid.

Documents Required

In order to purchase this policy, the policyholder has to submit an insurance application form / proposal form with correct address proof and proper medical health history with other KYC documents. The policyholder has to submit his Income proof as per the age of the insured and the sum assured chosen.

You may also compare: SBI Life Investment Plans

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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