SBI life insurance company, headquartered in Mumbai is a well-known player in the Indian Insurance market. It was started as a joint venture company by State Bank of India, India’s largest multinational bank and BNP Paribas Cardif, insurance wing of global banking giant BNP Paribas bank. SBI Life Insurance Company’s 62.1% of total share capital is held by the State Bank of India and 22% of capital is being held by BNP Paribas Cardif. SBI Life insurance company offers a diverse range of insurance products starting from a pure protection plan to market-linked products for investment needs. With the product diversity and quality services, the company has consistently been recognised and awarded.
Term insurance or term assurance plans are the simplest and most basic form of insurance that is meant to provide life protection. Term insurance plans are the products that provide larger sum assured at a relatively lesser amount of premium in order to provide financial assistance to insured’s family in the event of his/her untimely demise during the policy period. The basic term insurance plans only pay death benefits and nothing in return on maturity for surviving the policy term. However, there are variants of term insurance plans that offer a return of premium on maturity, if the insured survives the policy period. SBI Life Smart Swadhan Plus plan is also one such variant that offers return of premium on maturity.
SBI Life’s Smart Swadhan Plus is a non-linked, non-participating term assurance plan with return of premium benefit. This plan helps you protect your family financially against the uncertainties of life. The policy helps you meet your insurance needs at an affordable cost. The policy also rewards you by returning the premium on maturity for surviving the policy term. With various attractive features, SBI Lie’s Smart Swadhan Plus promises to provide comprehensive financial protection during eventualities.
|Entry age||18 years||65 years|
|Maturity age||-||75 years|
|Plan types||Single premium, regular premium, limited premium|
|Policy term||10 years||30 years|
|Premium paying term |
Single premium plan
Limited premium plan
Regular premium plan
5 years, 10 years and 15 years
Same as the policy term
|Premium payment frequency||Single/Yearly/Half-yearly/Quarterly/Monthly (for the monthly mode of |
premium payment, three months premium needs to be paid in
advance. Renewal premium can be paid only through electronic
clearing system and standing instructions
|Premium frequency loading||Half-yearly : 52% of annual premium |
Quarterly : 26.5% of annual premium
Monthly : 8.9% of annual premium
|Premium range |
|Sum assured range (in multiples of Rs. 1000)||Rs. 5,00,000||No limit|
Availability of policy term for chosen premium payment option
|Premium payment option||Policy term available|
|Single premium||10-30 years|
|Limited premium payment term – 5 years||10-30 years|
|Limited premium payment term – 10 years||15-30 years|
|Limited premium payment term – 15 years||20-30 years|
|Regular premium||10-30 years|
Below are the indicative premium rates for 30 year old individual depending on the plan option.
Sum assured : Rs. 50,00,000
Policy term : 30 years
|Plan option||Premium (in Rs.)|
|Limited premium payment term – 5 years||78,150|
|Limited premium payment term – 10 years||43,750|
|Limited premium payment term – 15 years||34,350|
SBI Life’s Smart Swadhan Plus plan suitable for any individual seeking complete financial protection for family against future uncertainties. If you are looking for a plan that pays back whatever you have paid at the end of maturity for surviving the term.
SBI Life’s Smart Swadhan Plus plan can be bought anytime from 18 years of age to 65 years. However, it’s always recommended to buy term insurance cover when you are young and healthy to get the maximum possible coverage at an affordable cost.
The policy can be surrendered at anytime surrendered anytime during the policy term. For Limited premium and regular premium policies: The policy will acquire paid-upacquire a paid-up value or surrender value only after paying two years of the premium for limited premium payment term -5 years. The policy will acquire paid-up value after three years full premium payment for limited premium payment term  – 10 years and 15 years and also for Regular premium policies. If the surrender is made after policy attaining paid-up value, the reduced sum assured or paid-up sum assured will be paid on death. Likewise, reduced benefits will be paid on maturity.
When you surrender in-force/paid-up policies, the higher of the guaranteed surrender value (GSV) or Special surrender value (SSV) will be paid. GSV will be equal to premiums paid multiplied by GSV factors.
GSV factors for various plans and policy period is given below :
|Policy year||% of premiums paid|
|Single premium||Limited premium-5 years||Limited premium-10 years||Limited premium-15 years||Regular premium|
|8th years to 3rd last policy year||90%||75%||70%||68%||65%|
|Last two policy years||90%||90%||85%||83%||78%|
No loan facility is offered under SBI Life’s Smart Swadhan Plus plan
Suicide Exclusion : If the life assured, whether sane or insane, commits suicide within one year of policy commencement or within a year from the date of policy revival, then no benefits under the plan will be payable as policy is considered void. However, for in-force policies, 80% of the total premium paid will be paid to the nominee.
SBI Life’s Smart Swadhan Plus plan is a term insurance plan with return of premium option on maturity that offers coverage at a reasonable cost. With many premium payment options, flexibility and rebates on large sum assured SBI Life’s Smart Swadhan Plus plan can be a good option to financially secure your family’s future.
If you have not paid the premium within the premium payment due date, then you are given 30 days grace period from the date of premium due date. The policy will stay in force during the grace period. If you do not pay a premium even within the grace period, then the policy will get lapsed. However, a lapsed policy can be revived within two years from the date of first unpaid premium. Revival will be subjected to satisfactory proof of insurability.
Once the policy acquires paid-up value status, death benefits and maturity benefits are reduced proportionately. Here are the benefits paid out for paid-up value policies.
Death benefit : Paid-up sum assured on death = Basic sum assured X number of premiums paid/total number of premiums payable
Maturity benefit : 100% of total premiums paid
Yes. Below are the rebate offered on availing large sum assured.
|Basic sum assured (in Rs.)||Rebates on premium per thousand sum assured|
|Single premium||Limited premium term – 5 years||Limited premium term -10 years||Limited premium term -15 years||Regular premium|
|≥ 7.5 lakhs < 10 lakhs||2.00||0.45||0.40||0.30||0.30|
|≥ 10 lakhs < 15 lakhs||4.00||1.10||0.80||0.60||0.60|
|≥ 15 lakhs < 25 lakhs||6.00||1.75||1.20||1.00||0.90|
|≥ 25 lakhs < 35 lakhs||7.50||2.20||1.50||1.25||1.20|
|≥ 35 lakhs < 50 lakhs||8.25||2.40||1.70||1.40||1.30|
|≥ 50 lakhs||8.90||2.60||1.85||1.50||1.40|
Other SBI Life Protection (Term) Insurance & Health Insurance Plans