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.

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Get ₹1 Cr. Life Cover at just ₹449/month+
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

+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

Get ₹1 Cr. Life Cover at just ₹449/month+
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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.



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

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)


Available Policy Term For Chosen Premium Payment Option


Premium Payment Options

Policy Terms Available (Inclusive of both years)


10 - 30 years


10 - 30 years


10 - 15 years


20 - 30 years


10 - 30 years


Policy Loan

No loan facility is available under this policy.

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:

Premium Frequency




Rs. 21,000/-

No limit, subject to the Underwriting Policy by the Approved Board


Rs. 250/-


Rs. 650/-

Half Yearly

Rs. 1,200/-


Rs. 2,300/-



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.


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.


  • Q1. What are the provisions relating to surrendering the policy?

    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.

    • GSV = Basic Premium minus Taxes Paid (GSV Factor)
    • The SSV shall always be declared by the company and calculated as follows: Basic premiums paid (SSV factors)

    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.

    • If the whole plan is surrendered within the first three years, the GSV is 70% of the single premium.
    • If the plan is surrendered after three years, the GSV is 90% of the single premium.
    • SSV is declared based on the company's performance and would be the SSV factor.
  • Q2. Is revival allowed on SBI Life - Smart SwadhanPlus Plan?  

    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.

  • Q3. Are there any additional benefits available for this policy?

    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.

  • Q4. Is any grace period allowed for this policy?

    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.

  • Q5. Does the SBI Life - Smart SwadhanPlus Plan provide for a Free Look Period?

    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.

  • Q6. What are other methods of online payment available?

    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.

  • Q7. Can premiums be paid in advance? 

    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.”

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