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.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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
The below table explains the eligibility conditions and details of the SBI Life - Smart Swadhan Plus.
Parameter |
Criterion |
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Age at Entry |
Minimum: 18 years |
Maximum: 65 years |
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Maximum Maturity Age |
75 years |
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Basic Sum Assured |
Min:Rs. 5 lakhs |
Max: No Limit; Subject to Board-approved Underwriting Policy |
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Policy Term |
Minimum: 10 years |
Maximum: 30 years |
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Premium Payment Options |
Five Plan Types: Single-Premium (SP) Regular Premium (RP) Limited Premium: 5-year Limited Premium Payment Term (LPPT-5) 10-year Limited Premium Payment Term (LPPT-10) 15-year Limited Premium Payment Term (LPPT-15)
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Available Policy Term For Chosen Premium Payment Option |
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Policy Loan |
No loan facility is available under this policy. |
The following benefits are enjoyed by the policyholder of the SBI Life - Smart Swadhan Plus:
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.
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.
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.
The premium range for the policy is as follows:
Premium Frequency |
Minimum |
Maximum |
Single |
Rs. 21,000/- |
No limit, subject to the Underwriting Policy by the Approved Board |
Monthly |
Rs. 250/- |
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Quarterly |
Rs. 650/- |
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Half Yearly |
Rs. 1,200/- |
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Yearly |
Rs. 2,300/- |
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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:
For the Proof of Residence, see:
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.
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.
For premium plans with a time limit -
Surrender is permitted only after the policy has been paid in full. When the policy is surrendered, the greater of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) is paid.
For Individual Premium Plans -
Plans with a single premium can be surrendered at any time during the plan's term. The greater of the GSV or the SSV would be payable upon surrender.
Revival is permitted within two years of the first unpaid premium. To reinstate his policy, the policyholder would be required to pay the remaining premium and any interest accrued by the insurer.
This policy provides premium rebates. If the Sum Assured is selected with a higher amount, the company offers premium rebates. It is permitted for up to Rs. 1,000 Sum Assured for Sum Assured amounts of up to Rs.7.5 lakhs.
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.
After the policy is issued, the policyholder is given a 15-day free look period 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.
Premium payments may be made online using Visa, Mastercard, Diners Club, or American Express. Customers who use net banking can also pay online if their bank is listed on the site.
This is dependent on the frequency with which premiums are paid. Advance payments can be made up to ten days in advance under the monthly payment frequency mode. Enjoy advance payments that can be made up to 30 days in advance under any non-monthly payment frequency mode.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”