SBI life insurance is one of the leading players in an Indian insurance market. It is a joint venture between India’s largest bank, State Bank of India and BNP Paribas Cardif, a global insurance expert. SBI life offers a comprehensive range of insurance as well as savings products for various customer segments. Starting from a pure protection plan to unit-linked insurance products and wealth creation plans, products offered by SBI life insurance Company for individual customer segments are versatile.
As the name suggests unit-linked insurance plans are the hybrid product that provides for risk cover and opportunity to invest in the market. A portion of the premium paid will be invested in funds (a combination of equity and debt) chosen by you depending on your risk profile and long-term goal. As funds are managed by professional experts, there is no hassle of tracking the investment. Basically, ULIP is a long-term investment product with the dual benefit of life cover and wealth creation.
Saral Maha Anand is a non-participating unit linked insurance plan that offers both life cover and capital appreciation. Like any other unit-linked insurance plan, Saral Maha Anand also comes with a five year lock-in period before which withdrawal or surrender of policy is not allowed.
SBI’s Saral Maha Anand is suitable for every type of long-term investor seeking some risk cover as well as capital appreciation by earning some market-driven returns. As there are three different funds to choose from, you can invest according to your risk profile.
|Entry age||18 years||55 years|
|Maturity age||-||65 years|
|Policy Term||10 years/15 years/20 years|
|Premium payment frequency||Yearly/half-yearly/quarterly/monthly (only through electronic clearing system or standing instruction mode|
|Premium paying term||Same as the policy term|
Premium range depending on payment frequency
|Payment frequency||Premium range (in Rs.)|
Sum assured range depending on the age of the policyholder
|Age||Sum assured range (in Rs.)|
|< 45 years||10 times annualised premium||7 times annualised premium|
|≥ 45 years||20 times annualised premium||20 times annualised premium|
Please note: Total sum assured for SBI’s Saral Maha Anand, Maha Anand II and Maha Anand is restricted to INR. 7,50,000.
|Fund type||Allocation in assets||Risk profile|
|Equity and equity related instruments||Debt instruments||Money market instruments|
If the life assured commits suicide, within one year of the date of commencement of policy or from the date of revival, the fund value as on the date of intimation of death will be paid out and all the other benefits offered in the policy will cease.
You can surrender your policy anytime during the policy term. However, if you surrender within five years of the lock-in period, lock-in condition would get applicable. You fund value after deduction of discontinuation charges if any will be transferred to the ‘discontinued policy fund’ which will earn a minimum 4% p.a. interest rate. And the fund value will be paid out on completion of the 5th policy year. Life cover and rider cover if any in the policy will cease to apply. If you surrender your policy after completion of five years, the fund value will be paid out immediately.
If you discontinue premium payment, you will have three options :
There are two scenarios to be taken into consideration while making a choice.
These charges are expressed as a percentage of annualised premium or fund value.
|Year of discontinuance||For annual premium up to INR. 25,000||For annual premium above INR. 25,000|
|1st year||Lower of 20% * (annualised premium or fund value) subject to a maximum of INR. 3,000||Lower of 6% * (annualised premium or fund value) subject to a maximum of INR. 6,000|
|2nd year||Lower of 15% * (annualised premium or fund value) subject to a maximum of INR. 2,000||Lower of 4% * (annualised premium or fund value) subject to a maximum of INR. 5,000|
|3rd year||Lower of 10% * (annualised premium or fund value) subject to a maximum of INR. 1,500||Lower of 3% * (annualised premium or fund value) subject to a maximum of INR. 4,000|
|4th year||Lower of 5% * (annualised premium or fund value) subject to a maximum of INR. 1,000||Lower of 2% * (annualised premium or fund value) subject to a maximum of INR. 2,000|
There is no loan facility available on SBI Life’s Saral Maha Anand Plan.
SBI Life’s Saral Maha Anand is a simple unit-linked insurance product that helps in building wealth for long-term future along with providing life protection during the policy term. With simple joining process, excellent plan features and guaranteed additions, SBI life’s Saral Maha Anand plan offers convenience and flexibility along with financial security and protection.
Yes. There is a ‘free look period’ of 15 days for policies bought offline and 30 days for policies bought online or distance marketing mode. Within the free look period, you can cancel your policy in case you are not satisfied with the terms and conditions of the policy. However, it’s important to state the reason for cancellation.
Two switches are free in the policy term. When the number of switches exceeds, INR.100 will be charged per switch.
Premium allocation charges are levied as a percentage of the regular premium. Once these charges are deducted, the allocation of fund units is made. Details of premium allocation charges are mentioned below for SBI life’s Saral Maha Anand plan.
|Policy year||Premium allocation charges|
|11 th year onwards||0%|
Other SBI Life ULIP Plans