SBI Life Saral Maha Anand Plan

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Introduction/Overview

SBI Life Saral Maha Anand is a non-participating Unit Linked plan providing growth opportunities through capital market participation and taking care of the future needs

Key Features

  • It is a unit linked plan with regular premium payment option which can be availed easily without any medical examinations
  • There is a feature of Guaranteed Additions of up to 30% of Annual Premium
  • The following 3 funds are available for investment:
  1. Equity Fund
  2. Balanced Fund
  3. Bond Fund

Benefits

  • The insured will get the total Fund Value on Maturity
  • On death, higher of the basic SA net of any partial withdrawals already made from the Fund Value or Fund Value or 105% of the premiums paid till death is paid to the nominee
  • The policyholder can choose to receive the Maturity Benefit in instalments after the policy term in 5 years. This is called the Settlement Option.
  • Guaranteed Additions are paid from the end of the 10th policy year @ 5% and increase every 5 years by 5%
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

55 years

Maturity Age (Last Birthday)

-

65 years

Policy Term (PT) in years

10

20

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly, monthly

Premium (in Rs.)

Yearly –  15,000

Half-yearly – 9500

Quarterly – 5500

Monthly - 2000

Yearly – 29,000

Half-yearly – 14,500

Quarterly – 7200

Monthly - 2400

Sum Assured

10* Annual Premium for ages <45 years

&

7* Annual Premium for ages >45 years.

20*Annual Premium

Details About Premium

Illustration for a policy term of 15 years

Age

30 years

40 years

Premium

20,000

20,000

Sum Assured

200,000

200,000

Fund Value @ 4%

346,834

344,751

Fund Value @ 8%

480,809

478,063

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • One free partial withdrawal is allowed from the 6th  year which should be a minimum of Rs.2000 and maximum of 15% of the Fund Value as on the date of withdrawal
  • Premium redirection is available from the 2nd policy year
  • 2 free switches are allowed per policy year

Additional Features or Riders

  • No Premium Allocation Charges from the 11th policy year
  • Accident Death Benefit Linked Rider is available under the plan

Exclusions

  • The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.