SBI Life Smart Swadhan Plus
SBI Life Smart Swadhan Plus
SBI Life Smart Swadhan Plus
SBI Term Insurance company offers a comprehensive term insurance plan called SBI Life Smart Swadhan Plus policy, which aims at fulfilling the future financial requirements of the family of the insured, in case any unfortunate event happens with the policyholder in the future.
Smart Swadhan Plus is an individual, non-linked, non-participating, life insurance plan that comes with the return of a premium feature. The plan is designed to satisfy the insurance needs of people who are interested in getting protection for their family at a nominal cost, with the added benefit of getting their premiums back on maturity, provided that the policy is in force.
SBI Life Smart Swadhan Plus Plan offers you a range of benefits including:
- Return of Premium Benefit
- Multiple Premium Payment Term
- High Sum Assured Discount
- Tax Benefits As Per Laws
- Life Cover Up To 75 Years
- Death Benefit
Eligibility Criteria for SBI Life Smart Swadhan Plus
Entry age
Minimum Age - 18 years Maximum Age - 65 years
Maturity age
Maximum Maturity Age - 75 years
Policy term
Minimum term - 10 years Maximum term - 30 years
Sum assured
Basic Sum Assured: ₹5L to No Limit
Policy loan
The policy loan is not available under SBI Life Smart Swadhan Plus Plan.
Payment modes
Single, Yearly, Quarterly, Half-Yearly, and Monthly
How Does SBI Life Smart Swadhan Plus Plan Work?
Let's understand how the SBI Life Smart Swadhan Plus Plan works with a simple premium illustration.
Problem
Mr Vikas, a healthy 30-year-old, is looking for a term plan that offers high life cover with the return of premium option at affordable premiums.
Solution
His financial advisor advised him to buy the SBI Life Smart Swadhan Plus Plan Work. He visited PolicyX.com.
Let's understand how the SBI Life Smart Swadhan Plus Plan works for him with an example.
| Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
|---|---|---|---|---|---|
| 30 years | ₹1,253/month | ₹15,036/year | 25 years | ₹4,51,080 | ₹1 Crore |
Key Takeaways: If Mr Vikas passes away during the policy term, a sum assured equal to ₹1 Crore will be paid to the nominee. In case Mr Vikas outlives the policy term, you will get back all the premiums paid towards the term plan as a maturity benefit.
Benefits of SBI Life Smart Swadhan Plus
Here are the benefits associated with the SBI Life Smart Swadhan Plus
Life Cover Benefit
For policies with a single premium (SP): (Basic Sum Assured or 1.25 times Single Premium) whichever is higher is paid. For policies with a Limited Premium Payment Term (LPPT) or a Regular Premium (RP): (Basic Sum Assured or 10 times Annualized Premium or 105 percent of total premiums received up to the date of death), whichever is higher is paid.
Maturity Benefit
If the life assured lives to maturity, 100 percent of all premiums paid during the policy term will be paid in one lump sum amount.
High Sum Assured
Discount
Opting for a higher sum assured amount in SBI Smart Swadhan Plus plan proves to be a benefit as the plan provides special discounts and rebates to customers opting for a higher level of protection.
Surrender Benefit
If you don't feel like continuing your policy, you can exit your plan and get a surrender value. To do so, you must pay a premium for two consecutive years for the limited premium payment option and three full years’ premiums for the regular premium option.
