SBI Life Insurance Company is a well-established player in the Indian insurance market. The company was formed by coming together of the two biggest financial services companies, State Bank of India and BNP Paribas Cardif. SBI Life Insurance Company gets its excellency and global expertise from these two market experts. The company offers a wide array of insurance plans that not just provide financial protection and assistance but also helps its customers to build wealth for a better future. With its efficient processes, innovative products and high-quality services, SBI Life Insurance Company has emerged as one of the strongest leaders in the insurance market.
Term life insurance is a life insurance product that provides life cover for a defined period of time. For the premium that you pay, an agreed amount of sum assured (lump sum benefit) would be paid to the policyholder’s family in case of his/her untimely demise during the policy term. If the policyholder survives the policy term, nothing would be paid in return on the maturity of the policy. However, there are many variants of the term insurance plan available today. There is a type of term insurance that pays back the total premium paid on maturity if the policyholder survives the term. This is called ‘’return of premium term insurance plans’’.
SBI Life’s Saral Swadhan Plus is a non-participating, non-linked term assurance plan with return of premium offered for individuals. This term plan offers a fixed amount of coverage throughout the policy term along with the facility of return of premium on maturity. This plan is affordable and easy to understand. In case of untimely demise of the policyholder, lump sum, sum assured agreed at the time of taking policy would be paid out to the beneficiary. In case the policyholder survives the policy term, premiums paid by him would be returned to him on maturity.
|Policy term (in years)||Maturity benefit||Death benefit|
|10||100% of total premiums paid||Sum assured X number of premiums paid/total number of premiums payable|
|15||115% of total premiums paid||Sum assured X number of premiums paid/total number of premiums payable|
|Entry age||18 years||55 years|
|Maturity age||–||70 years|
|Policy term||10 years||15 years|
|Premium paying term||10 years|
|Premium payment frequency||Annual|
|Premium range (in multiples of Rs.500)||Rs. 1,500||Rs. 5,000|
|Sum Assured||Rs. 30,000||Rs. 4,75,000|
Under this plan sum assured is defined as a multiple of annual premium paid depending on age and policy term.
|Entry age (in years)||Sum assured multiples|
|10 years term||15 years term|
SBI Life’s Saral Swadhan Plus plan is suitable for individuals seeking life protection for shorter tenure of 10 to 15 years with return of premium benefit on maturity. This is also suitable for individuals seeking lesser amount of insurance coverage.
SBI Life’s Saral Swadhan Plus policy can be surrendered during the policy term. When you surrender, higher of guaranteed surrender value (GSV) or non-guaranteed surrender value (realistic value at the time of surrender) will be payable. Please find below the GSV factor applicable.
|Surrender year||Policy term|
|10 years||15 years|
|4 to 7||50%||50%|
|8 to 10||60%||60%|
There is no loan facility available under SBI Life’s Saral Swadhan Plus plan.
Suicide exclusion: If the life assured, sane or insane, commits suicide, within one year from the date of commencement of risk or within one year from the date of revival/reinstatement of the policy, the policy is treated void and the benefits will cease. However, 80% of the premium paid will be given back to the beneficiary or nominee.
SBI Life’s Saral Swadhan Plus plan is a simple term insurance plan with return of premium on maturity feature. With lesser sum assured cap, shorter term coverage and special rates for women makes SBI Life’s Saral Swadhan Plus plan a competent product among return of premium term insurance plans.
Yes. The policy can be revived within a period of two years from the date of the first unpaid premium. You need to make payment of arrears of premium with applicable interest. The interest rate applicable will be decided by SBI Life Insurance Company from time to time.
If you forget to make premium payment within the premium payment due date, the policy will not get lapsed with an immediate effect. There will be a grace period of 30 days given from the premium due date for making a missed premium payment. If you fail to make premium payment even within the grace period provided, then the policy will get lapsed.
Yes. You can terminate the policy within the free look period of 15 days (policies bought offline) and 30 days (for policies bought through distance marketing channels). You have to state the reason for termination.
Other SBI Life Protection (Term) Insurance & Health Insurance Plans