SBI Life - Saral Swadhan+ (UIN : 111N092V01)

Brochure | Policy Document | Customized Benefit Illustrator | Email | Ask for a Visit | For NRIs
Introduction Key Features Product Snapshot Benefits
Introduction:   SBI Life - Saral Swadhan+ is an Individual, non-linked, non-participating, term assurance product with return of premium. This product gives you a fixed life cover throughout the policy term along with a guaranteed maturity benefit.
Key Features:
•	Protection at affordable cost.
•	Value for money.
•	Easy enrollment through simplified proposal form.
Product Snapshot:
Age^ at Entry Min: 18 years Max: 55 years Age^ at Maturity Min: 28 years Max: 70 years Policy Term 10 / 15 years Sum Assured Min: Rs. 30,000 Max: Rs. 4,75,000 Sum assured is defined as a multiple of annual premium paid as per the policy term chosen and age at entry, as given below. Age at Entry (years) Policy term - 10 years Policy term - 15 years 18-30 80 95 31-35 65 70 36-40 50 55 41-45 35 40 46-50 25 30 51-55 20 20 Premium Min: Rs. 1,500 Max: Rs. 5,000 Premiums are in multiple of Rs. 500. Service tax (including  cess) & J & K - GST will be borne by us, hence no additional amount will be charged from you. Premium Payment term 10 years (Fixed for both the Policy terms) Premium Frequency Yearly
^All the references to age are age as on last birthday.
Benefits:
•	On Maturity: On survival till the end of the policy term you get,
	•	Policy term 10 years - 100% of the total premiums paid
	•	Policy term 15 years - 115% of the total premiums paid
	•	Maturity benefit will be payable provided at least 3 annual premiums have been paid
•	Paid up value:
	•	Any time during the policy term if the premiums are not paid within grace period, the policy shall lapse.
	•	A lapsed policy will acquire paid-up only if at least three year’s premiums have been paid.
	•	A lapsed policy gives you the reduced benefits :
		•	Paid-up death benefit: will be reduced to the same proportion as the ratio of the number of premiums paid to the total number of premiums actually payable. The sum assured so reduced will be called paid-up sum assured. The policy can remain in-force for the reduced coverage
		•	Paid-up maturity benefit: will be 100% and 115% of Total Premium Paid for policy term 10 years and 15 years respectively.
•	On Death:
	•	In case of death of life assured during the policy term, the nominee will receive Sum assured.
•	Tax Benefits:
	•	Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
	•	Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.
	•	Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Section 41 of Insurance Act 1938 states: (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. (2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees   Section 45 of Insurance Act, 1938: "No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer , or referee , or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statements was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose; Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal."