SBI Life - Smart Swadhan Plus

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 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.

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.

   Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.

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.

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.

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. 

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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

Note: Know what is term insurance first and then buy a term plan for your loved ones.

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.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQ's