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SBI Life Term Insurance with Return of Premium

Term life insurance is a source to assist your family with an adequate income in case of your sudden demise. It is a type of life insurance plan that secures your loved one’s future affordably. Higher coverage with lesser premium is what makes SBI Life Term plans a suitable option for an Indian consumer. SBI life insurance provides various term plans for the utmost security of your family’s financial position with a 95.03% claim settlement ratio.

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Not only will you get rider and death benefits, but you can also indulge in an added advantage with SBI Life Term Insurance with Return of Premium.SBI Life Term plans offer two variants with the return of premium features, namely SBI Life - Smart Swadhan Plus and SBI Life - Saral Swadhan Plus.

Salient Features of SBI Life Term Insurance with Return of Premium

Some of the features of SBI life term plans are:

  • These policies are committed to financially securing the insured's family in case of untimely death during the coverage period 
  • The policies have an added maturity benefit along with the death benefit. The premium amount is returned to the insured in case they outlive the policy period.
  • SBI Life Term Insurance with the Return of Premiumplans offers flexibility by allowing the insured to choose between various policy terms as well as multiple premium payment options
  • An individual can easily enrol in any SBI term plans, as the purchase option is available through online and offline modes.

SBI Life - Saral Swadhan Plus

SBI Life - Saral Swadhan Plus is a non-linked and non-participating life insurance term plan that provides fixed life cover throughout the policy period and guaranteed returns at maturity for paid-up and in-force policies. 

Features of SBI Life Saral Swadhan Plus

Features of this plan listed below:

  • Flexibility - Based on the policy terms and age of entry, an individual can choose an individual has the flexibility to choose their premium and life cover.
  • Higher Coverage - An individual can choose their term period for 10 to 15 years. Hence, offering a higher life coverage at a reasonable cost.
  • Affordable Premiums - An individual can also choose the premium amount they wish to pay. This makes the plan even more attractive as it is light in their pockets.
  • Guaranteed Return of Premium - SBI offers a maturity benefit of 100% or 115% of the total premium paid for a term period of 10 or 15 years, respectively.
  • Convenient Purchasing Option - Enrollments are done by filling in a simplified proposal form, and easy purchasing options are available in both offline and online mode.
  • Tax Benefits - Tax deductions can be availed for this policy under Section 80C and 10(10D) of the Income Tax Act of India. 

“Tax benefit is subject to changes in tax laws.”

Eligibility Criteriaof SBI Life TROP Plans

The following criteria have to be met to be eligible to purchase the SBI Life Term Insurance with the return of premiumplan:

  • The minimum age at entry cannot be below 18 years old.
  • The maximum age at entry cannot be above 65 years old.
  • The age at maturity is fixed at 70 years old.

Elements of the Plan

The following elements of the plan should be taken into consideration:

  • Policy Term: The regular premium term is ten years, and the limited premium term is 15 years.
  • Premium Payment Term (PPT): The premium payment term for both regular and limited terms is fixed at ten years.
  • Premium Frequency: The frequency of premium payment is yearly
  • Basic Sum Assured: The Sum Assured ranges from Rs 30,000 to Rs 4.75 lakhs

* You can calculate the premiums payable for desired life cover using a term insurance premium calculator.

What does the Plan Offer?

The best term insurance policy in India offers death and maturity benefits within the same plan

  1. Maturity Benefit

    In the event of the insured outliving their term period, the plan offers a guaranteed return of premium, depending on the policy's term period. If the term period is of 10 years, then the maturity benefit received will be 100% of the total premium paid. If the term period is of 15 years, then the maturity benefit received will be 115% of the total premium paid. The term "total premium paid" can be defined as the Sum of the entire premium received, subtracting the applicable taxes and extra premium paid if any. To avail of this benefit, the insured has to fully pay the premium amount for a minimum of two consecutive policy years. 

  2. Death Benefit

    In the event of the insured's sudden demise, the beneficiary shall be paid the Sum assured, provided the policy term period is still ongoing.

SBI Life - Smart Swadhan Plus

Before we take a look at what is SBI Smart Swadhan Plus you need to understand what is term insurance. SBI Life - Smart Swadhan Plus aims at securing your happiness and providing protection at a reasonable cost. It is a life insurance plan, which is an individual, non-participating, and non-linked saving product with an additional benefit of the return of premiums at maturity. This plan's major attraction is that it provides the much-needed coverage at an affordable cost and maturity. The insured is liable to receive back the premium paid. It is a traditional term insurance plan in which bonuses are not declared.

Features of SBI Life Smart Swadhan Plus Plan

Features of this plan listed below:

  • Security - An individual can secure their family’s financial needs in case of any unforeseen eventuality. The plan offers live coverage to the individual’s family.
  • Higher Coverage Period- An individual can choose their term period for 10 to 30 years. Hence, offering higher life coverage at an affordable cost.
  • Reliability - SBI Life Term Insurance with the Return of Premiumplan assures a return of 100% of the total premium paid at maturity.
  • Flexibility - An individual has the freedom to decide between the various premium payment options offered, namely Regular premium option (same as the policy duration), Limited period, or Single premium option (amount can be paid at once together).
  • Death Benefit - In the event of the sudden demise of the policyholder, the Sum assured shall be paid out to the beneficiary.
  • Convenient Purchasing Option - Enrollments are done by filling in a simplified proposal form, and easy purchasing options are available in both offline and online mode.
  • Tax benefits - Tax deductions can be availed for this policy under Section 80C and 10(10D) of the Income Tax Act of India. 

Eligibility Criteria of the Plan

The following criteria have to be met to be eligible to purchase the SBI Life Term Insurance with the Return of Premiumplan:-

  • The minimum age at entry cannot be below 18 years old.
  • The maximum age at entry cannot be above 65 years old.
  • The age at maturity is fixed at 75 years old.

Elements of the Plan

The following elements of the plan should be taken into consideration:

  • Policy Term: The policy term period ranges from 10 to 30 years.
  • Premium Payment Option: There are five types of plans offered to an individual, namely Single Premium (SP), Limited Premium Payment Term (LPPT) - 5 years, LPPT - 10 years, LPPT - 15 years, and Regular Premium (RP)
  • Premium Payment Term (PPT): The premium payment term is a single payment (amount can be paid at once together), 5 years payment, 10 years payment, 15 years payment, and same as policy duration.
  • Premium Frequency: The frequency of premium payment is single, yearly, half-yearly, quarterly, and monthly.
  • Availability of Policy Term for PPT: For single, regular, and LPPT - 5 years, the policy term available ranges from 10 to 30 years. For LPPT - 10 years, the policy term is 15 to 30 years, and for LPPT - 15 years, the policy term is 20 to 30 years.
  • Basic Sum Assured: The minimum Sum assured received by the beneficiary will be Rs 5,00,000. There is no limit to the maximum amount of Sum assured.
  • Premium Frequency Loading: For the half-yearly option, it is 52% of the annual premium. It is 26.50% of the annual premium for the quarterly option, and for the monthly option, it is 8.90% of the annual premium.
  • The minimum amount to be paidbased on their frequency are Single - Rs. 21,000, yearly - Rs. 2,300, half-yearly - Rs. 1,200, quarterly - Rs. 650 and monthly - Rs. 250.

You can choose to buy a 1 Crore term insurance at an affordable premium for your family's financial protection.

What does the Plan Offer?

Following is the list of term insurance benefits offered by this plan:

  1. Maturity Benefit

    If the policyholder survives up to the maturity of the plan, he/she is liable to receive 100% of the total premium in a lump sum.

  2. Death Benefit

    In the case of the policyholder's death, the Sum assured on death will be paid to the beneficiary. Two basic terms to understand to calculate Sum Assured on Death.

    • Basic Sum Assured (BSA): the absolute amount of Sum chosen by the policyholder at the commencement of the policy
    • Annualized Premium (AP): the amount that is calculated when applicable taxes along with extra underwriting premiums and modal amount, if any, is deducted from the yearly premium amount payable by the policyholder

    For SP policies, higher of (BSA or 1.25 times of SP) and for LPPT or RP policies, higher of (BSA or 10 times of AP or 105% of the premiums received till death)

Key Exclusions 

Suicide: In the event of death of the insured due to suicide, from the first date of the policy or from the revival date of the policy, whichever is applicable, the beneficiary will be paid 80% of the total premium amount paid.

FAQ's

  • Q1. Can an individual surrender the policy?

    A1. An individual can surrender the policy for a sum called the Surrender Value. To surrender, the insured has to fully pay the premium amount for a minimum of two consecutive policy years. Special Surrender Value is evaluated by SBI from a time to time basis and can be changed with prior approval by IRDAI. 

  • Q2. What happens if a person fails to pay the premium? 

     A2. If the individual fails to pay the premium on time, a grace period shall be given. In case the premium is not paid even during the grace period, the policy shall be withheld. The lapsed policy can be renewed only if the premium is fully paid for a minimum of two consecutive policy years. The lapsed policy reduces the death benefit for the insured. The reduction of Sum assured will be equal to the ratio of the total number of times the premium has been paid to the total number of times the premium was actually payable. The final reduced amount will be called paid-up Sum assured. For example, if the policy term period is 10 years, but the paid-up value amounts for only 6 years, the death benefit = (6/10) * Sum Assured on Death.

  • Q3. What is the Grace Period for such policies?

    A3. In the event of failure of payment of the premium amount by the policyholder, a grace period of 30 days from the due date is given. The policy remains active during this grace period. The policy shall lapse if any premium is still unpaid by the end of the grace period. In this case, the policy benefit shall have no value except that which is mentioned under Surrender and Paid-up value options.

  • Q4. Can a person revive the said policy?

    A4. A policy that is lapsed can be revived within a term of 5 consecutive years from the date of the first overdue premium's payment. The insured can opt for a revival offer by submitting evidence of health issues, which is satisfactory according to SBI. The insured also has to agree on payment of arrears along with interest. The interest rate is decided by SBI periodically. SBI has the right to accept or decline the revival offer. In case SBI accepts the offer, a written confirmation of the same will be provided to the policyholder

  • Q5. Is a person liable for tax benefits?

    A5. Premiums paid up to Rs 1.5 Lakh are eligible for tax deductions each year under Section 80C. Under Section 10(10D), tax exemption can be availed on the premium received at maturity/surrender.

  • Q6. Is there a refund option?

    A6. In case the policyholder is not satisfied with the terms and conditions of the policy, a refund option is available. IRDA has created a provision for such cases known as the free look period. Under this provision, if an individual has bought a term insurance policy and they are not happy with the terms and conditions attached to the same, they can unquestionably return the plan to the respective insurer within a specified duration mentioning their reason to do so along with the original term insurance policy documents and then are subject to a refund. Within 15 days from the date mentioned in the receipt of the policy documents, a person can opt for a refund. In the case of distance marketing, the specified duration increases by an additional 15 days, making the free look period a total of 30 days from the date mentioned in the receipt of the policy documents.

  • Q7. What is the paid-up value for the policy?

    A7. In circumstances when the policyholder is not in a situation to continue making premium payments toward this plan,the policy does not terminate. Under the paid-up policy provisions, it is reduced until the end of the policy term, on the condition that the policyholder has paid the premiums for a specific number of years, as per the policy document.
Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

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. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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