SBI Life – CSC Saral Sanchay Plan

SBI Life Insurance Company, a leading public sector insurance company that is headquartered in Mumbai is founded in the year 2001. SBI Life Insurance Company is jointly formed by Indian multinational public sector bank, State Bank of India and International insurance company, BNP Paribas Cardif. SBI Life Insurance Company is known for providing great customer services and a wide range of products to customers. There is a product for every insurance need and also an investment product to meet long-term needs like children education, retirement and for dream vacation etc.

What is Variable Life Insurance?

Variable life insurance plans are the products that take its structure from unit-linked insurance plans (ULIPs) but follows the investment pattern of traditional endowment plans. Just like ULIP, these plans allow you to participate in various investment options like bonds and equities. But, the returns are not market-driven and are decided by the company. A part of the premium goes towards buying life protection and another part is invested. Life cover and the savings element can be reviewed and altered during the policy term. Variable life insurance plans can be participating or non-participating plans. Top-ups are allowed in this type of insurance policies.

SBI Life’s CSC Saral Sanchay Plan

SBI Life’s CSC Saral Sanchay is a non-linked, non-participating, variable insurance product. This policy not only protects the insured’s family in the event of untimely death but also helps the policyholder to save systematically for the long future. However, the plan does not offer any liquidity during the first five years of the policy. There are multiple features offered by the policy which makes it more flexible for the policyholder.

Features of SBI Life’s CSC Saral Sanchay Plan

  • Risk cover plus savings
  • Flexibility to choose the premium pay
  • The guaranteed interest rate of 1% p.a will be payable throughout the policy term
  • Partial withdrawal facility from 6th year onwards to meet unexpected liquidity needs.

Benefits of SBI Life’s CSC Saral Sanchay Plan

  • Death benefit: In the event of policyholder’s demise during the policy term, based on the status of the policy below benefits are paid to nominee/beneficiary.
    In In-force policies: Highest of the below is paid as a death benefit :
    • Sum assured, including sum assured increased due to the top-up premium payment
    • 105% of total premium paid including top-up premiums paid till the date of death
    • Total premiums paid including top-up premiums paid till the date of death compounded at 1% p.a.
    • Balance in your individual policy account

    In policies that are not in-force: Higher of the below is payable as a death benefit

    • Sum assured, including sum assured increased due to the top-up premium payment
    • 105% of total premium paid including top-up premiums paid till the date of death
  • Maturity benefit: If the policyholder survives the policy period, the higher of the below is paid as maturity benefit.
    • Total premiums paid including top-up premiums paid till the date of death compounded at 1% p.a. less partial withdrawals, if any.
    • Balance in your individual policy account on the date of maturity

    In case, the policy is not in force at the end of maturity, only balance in the individual policy account will be payable on maturity.

    • Partial withdrawal benefit: From 6th year onwards, partial withdrawal up to a maximum of 25% of the value in your individual policy account is allowed in a policy year. This facility is made available to meet any unexpected expenses.
    • Top-up facility: Top-up premium can be paid for all the in-force policies. However, top-up premiums paid should not exceed the total regular premium paid.
    • Tax benefit: Tax deduction and tax exemption as available under Section 80C and Section 10 (10D) of the Income Tax Act, 1961 can be availed by the policyholder.

Eligibility Criteria for SBI Life’s CSC Saral Sanchay Plan

Eligibility conditions Minimum Maximum
Entry age
For 10-year policy term
For 15-year policy term

18 years
60 years

18 years
55 years
Maturity age - 70 years
Policy Term 10 years 15 years
Top-up facility Available; minimum top-up premium should be Rs. 150 and further premiums are allowed in multiples of Rs. 100
Premium payment frequency Yearly/half-yearly/quarterly/monthly (three months premium needs to be paid in advance in monthly payment mode)

Premium range depending on the premium payment frequency

Premium paying frequency Premium range (in. Rs.)
Minimum Maximum
Yearly 2,400 20,000
Half-yearly 1,200 10,000
Quarterly 600 5,000
Monthly 200 1,600

Sum assured range depending on age and premium type

Premium type Age at entry Sum assured range (in. Rs)
Regular premium < 45 years 10 times of the annualized premium
≥ 45 years 7 times of the annualized premium
Top-up premium < 45 years 125% of the top-up premium
≥ 45 years 110% of the top-up premium

Please note: SBI Life’s CSC Saral Sanchay plan can be purchased from an authorised common service centre under the National e-government plan (NeGP) of the Government of India. Policy issuance will be made on the basis of information provided on your Aadhaar card and other enrolment details.

Who should buy SBI Life’s CSC Saral Sanchay plan?

SBI Life’s CSC Saral Sanchay plan is an ideal choice for investors looking for flexible and hassle-free investment options to save for rainy days along with the benefits of life protection.

When should you buy SBI Life’s CSC Saral Sanchay plan?

Investment into SBI Life’s CSC Saral Sanchay plan can be done anytime from 18 years of age to 60 years depending on your goal and time horizon to achieve it. Top-up can also be done depending on the change in needs.

Documents required for buying SBI Life’s CSC Saral Sanchay plan

  • PAN Card
  • Age proof: School certificate/birth certificate/Passport etc.
  • Income proof: employer certificate/ income tax return
  • Proof of identity: PAN card/driving license/Aadhaar card/Passport etc.
  • Proof of residence: Passport/municipal tax receipt/ bank account statement/ utility bill

Discontinuance of premium in SBI Life’s CSC Saral Sanchay plan

There are scenarios in case premium payment is discontinued

  • Discontinuance of premium within the first five years :
    Life cover offered by the policy will cease immediately and policy will continue till the end of the 5th year without cover. Revival can be done within two years from the date of discontinuance. If revival is not done, the balance held in individual policy account (IPA) as on 1st business day of 6th policy year will be paid and the policy will be terminated.
  • Discontinuance of premium after five years of policy :
    Life cover will continue till the end of revival period of two years from the date of discontinuance of policy. If the revival is not done, the policy will be converted as paid-up policy with proportionately reduced sum assured. On maturity balance in IPA will be paid. In case of death, higher of IPA or paid-up sum assured will be paid.

Surrender of SBI Life’s CSC Saral Sanchay plan

If surrender is requested before completion of five years of the policy, the life cover will cease immediately. Balance in IPA as on that will be paid on the 1st working day of 6th policy year. If the surrender is requested after five years of the policy, balance in IPA will be paid immediately.

Loan facility in SBI Life’s CSC Saral Sanchay plan

SBI Life’s Smart Scholar plan offers no loan facility

Exclusions in SBI Life’s CSC Saral Sanchay plan

If the life assured commits suicide within a year from policy inception or from date of revival, the policy shall be void. However, balance in IPA as on date of death intimation will be payable to the beneficiary.

Conclusion

SBI Life’s CSC Saral Sanchay plan helps you do systematic savings to achieve your future financial goals along with protecting your family in the eventualities. With multiple flexible features and facility to top-up, SBI Life’s CSC Saral Sanchay plan is a reliable choice for both protection and savings need.


FAQs

Yes. SBI life’s CSC Saral Sanchay plan can be cancelled after buying! However, the cancellation can be made with the reason stated within the free look-up period i.e. 15 days from the date of issuance. If you are not satisfied with the terms and conditions of the policy after buying it, you can state the objections and reasons to exit from the policy within that stipulated period. On cancellation, the premium paid by you including top-ups, if any will be paid back to you after deducting mortality charges and stamp duty.


If you miss the premium due date, you can make a payment within 30 days of grace period given from the premium due date.


Yes. The policy can be revived within two years of revival period from the date of discontinuation of the policy.


Non-linked plans refer to insurance plans that do not derive their returns from the market. Which means returns are declared by the insurance company for such plans. Non-participating plans refer to insurance plans that do not pay out any bonus or add-ons in the form of dividend declared by the insurance company. That means such plans does not participate in the company’s business.