SBI Life Saral Swadhan Plus Plan

SBI Life ‘Saral Swadhan Plus’ is a non-linked, non-participating term plan that provides options of premium return, where the premiums paid are returned on the maturity of the policy. Therefore, the plan guarantees the protection of the capital invested as well as provides comprehensive coverage at competitive rate.

SBI Life Saral Swadhan Plus  - Key Features

  • Non-participating term plan with a fixed premium paying term of 10 years.
  • Sum Assured is calculated as the multiple of annual premium and depends on the term chosen and age at entry.
  • The plan provides life cover at affordable premium based on entry age and policy term.
  • It is easy to purchase the policy online.
  • The plan offers tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

SBI Life Saral Swadhan Plus -  Benefits 

  • On maturity, 100% or 115% of the premiums paid is returned. The percent depends on the policy term of 10 or 15 years respectively.
  • On death, the nominees are paid the sum assured amount as per the plan.
  • Policyholders are eligible to receive tax benefits under Indian Income Tax Act on all the premiums paid and the claim amounts as per section 80C and 10(10D). 

SBI Life Saral Swadhan Plus -  Product Specification




Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)


70 years

Policy Term (PT) in years

10 or 15

Premium Paying Term (PPT) in years


Premium Paying Frequency


Yearly Premium



Sum Assured



SBI Life Saral Swadhan Plus -  Premium Details

Annual premium (Rupees) and the Sum Assured for a male aged 30 years:


Sum Assured for 10 years term

Sum Assured for 15 years term










SBI Life Saral Swadhan Plus -  Policy Details

  • Grace Period: On failure of the premium payments on the premium due date, the policyholder is provided with a 30 days grace period within which he/she can pay his /her premiums. If the policyholder fails to pay his premiums even within the grace period, then the policy is subject to lapse. 
  • Policy Termination or Surrender Benefit: Policyholders can surrender the policy, only if premium has been paid for 3 full years. Typically, the Surrender Value is higher of the Special Surrender Value or the Guaranteed Surrender Value. 
  • Free Look Period: After receiving the policy documents, if the policyholder feels that he/she is not satisfied with the coverage provided or the terms & conditions of the policy; then, he/she is free to cancel his/her plan within the time period of 15 days of receiving the policy documents, if no claims have been done yet. 


In the event of suicide committed by the insured within the first 12 months of the inception of the policy, only 80% of the total premiums paid are refunded to the nominee. In case of suicide within the first 12 months of policy renewal, higher of 80% of premiums paid or acquired Surrender Value is paid.

Documents Required

In order to purchase this policy, the policyholder has to submit an insurance application form / proposal form with correct address proof and proper medical health history with other KYC documents. The policyholder has to submit his Income proof as per the age of the insured and the sum assured chosen.

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