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.
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 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.
In policies that are not in-force: Higher of the below is payable as a death benefit
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.
For 10-year policy term
For 15-year policy term
|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.)|
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.
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.
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.
There are scenarios in case premium payment is discontinued
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.
SBI Life’s Smart Scholar plan offers no loan facility
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.
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.
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.