SBI Life - Smart Swadhan Plus

SBI Life - Smart SwadhanPlus Planis an individual, non-participating, non-linked life insurance savings product that returns premium upon claims in terms of the product features. If you have high insurance premiums, it could be holding you back from getting that much-needed life insurance. Now purchase protection at a low cost, with the added benefit of receiving your insurance premiums back. With SBI Life – Smart Swadhan Plus, you have the peace of mind that your family will be protected while earning a guaranteed return of premiums. Let’s read further to know in detail about SBI Life Smart SwadhanPlus Plan

Reasons to Buy SBI Life Smart Swadhan Plus Plan

• Security: Meets your family's potential needs in the event of eventuality.
• Reliability: Ensures that all the premiums paid are returned
• Flexibility: There is great flexibility with regards to the insurance policies and premium payment options
• Simplicity: The policy offers an application process that is straightforward

Why You Should Consider Buy SBI Life Smart Swadhan Plus Plan?

• A policyholder has the flexibility to choose an amount of time ranging from 10 to 30 years.
• This insurance plan offers two unique benefits: it comes with a provision of life cover against any unfortunate event, and the insured will be reimbursed the initial premium payments if the person lives till the end of the insurance term.
• Policyholders who opt for higher levels of coverage also enjoy discounts on premium rates, as well as high sum assured rebates.
• In the case of policies in force, the maturity benefit (where the policyholder survives the term), which consists of the basic premiums paid during the term of the policy, is paid.
• Also, the policy has a death benefit, wherein the insured sum is paid to the beneficiary if the life insured dies before the time period for payment has been fulfilled.
• Paying premiums for this plan can entitle customers to tax deductions under Section 80C while paying down the principal of the plan by the end of the 10-year term results in tax benefits under Section 10(10D).

Eligibility Criteria of SBI Life Smart SwadhanPlua Plan

The below table explains the eligibility conditions and details of the SBI Life - Smart Swadhan Plus.

Benefits Offered by SBI Life Smart Swadhan Plus Plan

The following benefits are enjoyed by the policyholder of the SBI Life - Smart Swadhan Plus:

Life Cover Benefit

In the case of a policy with a single premium (SP) (Basic Sum Assured or 1.25 times Single Premium), whichever is greater. Basic Sum Assured refers to the maximum benefit amount selected by the policyholder at policy inception.

For the policy with a Limited Premium Payment Term (LPPT) / Policies with a Regular Premium Payment (RP): The greater of (Basic Sum Assured# or ten times the Annualized Premium or 105 percent of all premiums collected up to the date of death). Annualized Premium is the premium amount payable in the policyholder's chosen year, exclusive of applicable taxes, underwriting additional premiums, and loadings for modal premiums, if any.

Maturity Benefit

100% of the total premiums paid during the policy tenure are paid in a single lump sum upon the survival of the insured up to the insurance maturity.

Death Benefit

In the event of the unfortunate happening of the Life Assured's death, the beneficiary will receive the Sum Assured on Death.

All these benefits are applicable to policies that are in force.

Premium Illustration

The premium range for the policy is as follows:

Documents Required to Buy SBI Life Smart Swadhan Plus Plan

If you would like to take out SBI Life - Smart SwadhanPlus Plan from SBI Life Insurance Company Limited, a few of the following documents with supporting information will have to be submitted to the insurer:

For the ID proof, see:

• Copy of Passport
• Copy of PAN Card
• Copy of Voter’s ID
• Copy of Driving License
• Copy of the Letter that is issued by the National Population Register or Unique Identification Authority of India
• Copy of Job card issued by NREGA and duly signed by a State Government official

For the Proof of Residence, see:

• Any utility bill can be accepted regardless of age (post-paid mobile phone bill, water bill, telephone bill, piped gas bill, electricity bill, etc.)
• Municipal/property tax receipt
• If an order was issued to a retired individual by a public sector organization and contains their residential address, they qualify for a government department pension.
• Documents issued by foreign government departments
• Copy of Letter of accommodation issued by Central/State Government departments, Regulatory/Statutory bodies, scheduled commercial banks, public sector undertakings, and listed companies.

How to Buy SBI Life - Smart Swadhan Plus?

Any potential policyholder can buy this policy through information on the SBI App or contact the service toll-free no. 1800-258-5970. The potential policyholder can visit the nearest SBI branch to buy this policy.

Exclusions

If the policyholder of SBI Life - Smart Swadhan Plus Plan commits suicide within one year of policy issuance, 80% of premiums paid are refunded, and no death benefit is payable. 80% of premiums paid up to the time of death will be paid provided the policy is still in force.

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