Prices Increasing soon Prices Increasing Soon

SBI Life - Smart Swadhan Plus

SBI Smart Swadhan Plus is a term insurance plan that offers the dual benefits of long-term protection and return of the premiums paid after the end of the policy term on your survival. This plan helps meet your insurance needs with the added benefit of receiving your total premium amount paid back on maturity, provided the plan is in force. Let’s take a look at the key features and benefits of the SBI Life Smart Swadhan Plus Plan. 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Let’s take a look at the key features and benefits of the SBI Life Smart Swadhan Plus Plan.

Key Features of the SBI Life Smart Swadhan Plus Plan

Let us take a look at the key features of this SBI term insurance plan:

  • SBI Smart Swadhan Plus is one of India’s top-selling plans.

  • It is a non-linked, non-participating life insurance plan which means there is no risk factor involved and no participation in the company’s bonuses.

  • The policyholder can choose a policy term ranging from 10 to 30 years as per their need.

  • This insurance plan offers two benefits: Life protection against any unfortunate event during the policy term, and the assured will receive the total premium payment amount if the policyholder outlives the policy term.

  • Get premium rebates on opting for higher sum assured.

  • The plan offers discount on premiums for customers who are opting for higher levels of coverage.

  • The plan offers the option to pay the premiums in a single lump sum, for a limited period of 5, 10, or 15 years or pay the premiums for the entire policy term.

  • Policyholders can claim tax deductions under Section 80C on the premiums and tax benefits under Section 10(10D) on the proceeds received from the plan.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Benefits Offered by SBI Life Smart Swadhan Plus Plan

You can avail of the following benefits under the SBI Life Smart Swadhan Plus plan:

  1. Life Cover Benefit/Death Benefit

    In case of the policyholder’s death during the policy term, the death benefit as per the following premium payment term options will be paid to the nominee.

    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 the (Basic Sum Assured or ten times the Annualized Premium or 105 percent of all premiums collected up to the date of death).

  2. Return of Premium Benefit

    100% of the total premiums paid during the policy tenure are paid in a single lump sum upon survival till policy maturity. The returned amount excludes all the applicable GST and any other extra amounts charged.

  3. Term Insurance for Housewife

    The SBI Life Smart Swadhan Plus plan is available for housewives as well. The housewives can use their husband’s income proof and buy term plan only if the husband’s policy is already issued. Housewives between 21 to 50 years of age can purchase this plan by presenting the mandatory education proof of graduation. The maximum range of sum assured allowed within this plan for housewives is 20 lacs to 50 Lacs, with the life cover being not more than 50% of the husband’s policy cover.

  4. Tax Benefits

    The SBI Smart Swadhan Plus plan offers term insurance tax benefits per the prevailing laws under sections 80C and 10(10D) of the Income Tax Act 1961.

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

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Eligibility Criteria of SBI Life Smart Swadhan Plus Plan

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

Parameter Criterion
Age at Entry Minimum: 18 years Maximum: 65 years
Maximum Maturity Age 75 years
Basic Sum Assured Min: Rs. 5 lakhs Max: No Limit; Subject to Board-approved Underwriting Policy
Policy Term Minimum: 10 years Maximum: 30 years
Premium Payment Options
  • Single-Premium (SP)
  • Regular Premium (RP)
  • Limited Premium (LP)
  • 5-year Limited Premium Payment Term (LPPT-5)
  • 10-year Limited Premium Payment Term (LPPT-10)
  • 15-year Limited Premium Payment Term (LPPT-15)
Available Policy Term For Chosen Premium Payment Option Premium Payment Options Policy Terms Available (Inclusive of both years)
SP 10 - 30 years
LPPT-5 10 - 30 years
LPPT-10 15 - 30 years
LPPT-15 20 - 30 years
RP 10 - 30 years
Policy Loan No loan facility is available under this policy.
Premium Amount for Different Premium Frequencies Minimum Maximum
Single Rs. 21,000/- No limit, subject to the Underwriting Policy by the Approved Board
Monthly Rs. 250/-
Quarterly Rs. 650/-
Half Yearly Rs. 1,200/-
Yearly Rs. 2,300/-

Policy Details of the SBI Smart Swadhan Plus Plan

  • Grace Period

    The plan offers a 30-day grace period for quarterly, half-yearly, and yearly premium payment modes within the limited and regular premium payment term policies. The grace period for monthly premium payments is 15 days. During this period, the policyholder can pay the premiums without worrying about the policy lapsing.

  • Revival Period

    A lapsed SBI Smart Swadhan Plus plan can be revived within 5 consecutive years of the first unpaid premium date by paying the remaining premium amount and the applicable interest.

  • Surrender/Paid-up Value

    The single pay plans can be surrendered at any time during the policy term, whereas the limited and regular pay plans will accumulate cash value and can be surrendered only after the completion of 2 policy years.

  • Policy Loans

    There is no loan facility available in the SBI Smart Swadhan Plus plan.

  • Free Look Period

    The free look period for online purchased policies is 30 days, and for offline purchased plans is 15 days. You can review the policy documents within this period and return the policy if unsatisfied with the policy T&Cs. 

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 Online?

Here is how you can buy the SBI Smart Swadhan Plus online from the comfort of your home.

  • Step 1: Go to the Term Insurance page

  • Step 2: Enter your name, gender, contact information, and date of birth

  • Step 3: Click on ‘View Plans’ and fill in your occupation type, annual income, educational background, and smoking habits

  • Step 4: Select the SBI Life Smart Swadhan plan and proceed to pay

Exclusions of SBI Life Smart Swadhan Plus

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.

FAQ's

  • What is SBI Smart Swadhan Plus?

    Ans: The SBI Life Smart Swadhan Plus is a term insurance plan that provides long term coverage and protection against any eventualities as well as returns all the premiums paid towards keeping the policy active.
  • Is revival allowed on SBI Life - Smart SwadhanPlus Plan?

    Ans: Revival is permitted within five years of the first unpaid premium. To reinstate the policy, the policyholder would be required to pay the remaining premium and any interest accrued by the insurer.
  • Are there any additional benefits available for this policy?

    Ans: This plan can be purchased by housewives and offers a return of premiums on the survival of the policy term. The company also provides premium rebates on a high sum assured.
  • What is the grace period for SBI Life Smart Swadhan Plus?

    Ans: The policyholder enjoys a 30-days grace period granted for payment of quarterly, half-yearly, and annual modes of premium after the due date for premium payment. For monthly payment modes, a 15 days grace period is allowed. During the grace period, the life insurance benefits do not expire.
  • Does the SBI Life - Smart SwadhanPlus Plan provide for a Free Look Period?

    Ans: After the policy is issued, the policyholder is given a 30-day free look period for online-sourced policies (15 days for offline-sourced policies), during which he or she may go through the terms and conditions of the policy. If the plan is found to be unsatisfactory during this period, the premium paid will be refunded after deduction of any applicable cess, service tax, and stamp duty charges.
  • What is the minimum sum assured of the policy?

    Ans: The minimum sum assured of the SBI Life Smart Swadhan Plus Plan is Rs. 5 Lacs.
  • What are the minimum and maximum policy terms available in the SBI Life Smart Swadhan Plus?

    Ans: The minimum and maximum policy terms allowed in the SBI Smart Swadhan Plus plan are 10 and 30 years, respectively.
  • Does the SBI Life Smart Swadhan Plus Plan provide any maturity benefits?

    Ans: Yes, the SBI Smart Swadhan Plus Plan provides the return of all the premiums paid throughout the policy term at the maturity of the policy.
  • What is SBI Smart Swadhan Plus?

    Ans: The SBI Life Smart Swadhan Plus is a term insurance plan that provides long term coverage and protection against any eventualities as well as returns all the premiums paid towards keeping the policy active.
  • Which section is SBI Life Smart Swadhan Plus under?

    Ans: The SBI Smart Swadhan Plus plan offers tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
16 Apr 2024

Term Life Insurance in Haryana 2024

Haryana, meaning Forest Land of Hari, is an Indian state that

Read more
16 Apr 2024

Term Insurance for Maharashtra

Maharashtra, a state filled with lively cities and beautiful

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
19 Mar 2024

Kotak Term Insurance Login

Kotak Life Insurance is one of the leading insurers offering a

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL