SBI Life Saral Maha Anand Policy

What is the SBI Life Saral Maha Anand Policy?

The SBI Life Saral Maha Anand Policy is a ULIP that combines life cover with market-linked returns. It is designed to secure your family financially while also letting you invest in the market through 3 fund options. The plan allows for flexibility paired with loyalty benefits, making it an attractive choice for investors.

Features of SBI Life Saral Maha Anand Policy

• Dual Benefit: SBI Life Saral Maha Anand plan provides the investor with the dual benefit of life cover and investment.
• Market-based returns: The returns generated by the plan's investments are market-based and therefore not fixed. Market-based returns are also subject to risks and thus should invite discretionary investment.
• Investment options: The plan offers three key funds that you can invest in. These funds include
• Equity fund
• Balanced Fund
• Bond Fund
• Premium frequency: The plan also allows you to choose among monthly, quarterly, half-yearly, or yearly investment frequencies.
• Flexibility: The plan also provides investors with flexibility while investing. You can switch between the funds for free for a maximum of 2 times per year. Partial withdrawals are also allowed starting from the 6th year of the plan. The minimum amount you can withdraw is 2000, and the maximum withdrawal amount is calculated as 15% of the fund value.
• Nomination facility: You can nominate a beneficiary to receive the benefits of the plan. An appointee can also be named if the nominee is a minor
• Taxation: The premiums earned under the SBI Life Saral Maha Anand Policy are eligible for deductions up to ₹1.5 lakh under Section 80C of the Income Tax Act.

Eligibility Criteria for the SBI Life Saral Maha Anand Policy

Benefits Offered by the SBI Life Saral Maha Anand Policy

• Maturity Benefit: If the policyholder survives the policy term, they are eligible to receive the entire fund value in a lump sum
• Death Benefit: If the policyholder dies during the policy term, the plan pays the higher of the sum assured or the fund value to the nominee.
• Loyalty Additions: The plan also provides the policyholder with up to 30% guaranteed additions on the fund value as loyalty additions.

Riders Offered by the SBI Life Saral Maha Anand Policy

The Plan provides the policyholder with the option to add a feature to their plan with the accidental death benefit-linked rider. The features of the ADB rider are

• Purpose: The plan provides additional benefits beyond the life cover in case of any mishap.
• Charges: The rider charges are deducted from the fund by cancelling the units in your fund monthly.