SBI Life Insurance Swadhan Plan


Introduction

:SBI Life Insurance Swadhan Plan is an affordable traditional term Insurance policy with refund of part / Total basic premium paid at the end of the term to the policyholder.As a Maturity benefit, you receive a repayment of your premium contribution towards the policy. Available at a low premium, it can provide security to your loved ones.


Key Features:

Protection at affordable premium.
Guaranteed refund of basic premium paid on Survival at the end of the term, depending upon the term of the policy.
Life cover comes to you at no cost**
Tax benefit u/s 80 C and 10 (10 D) of IT Act
5% rebate for Female lives
Rebate on High Sum Assured
Flexible benefit premium paying mode
Free look period of 15 days
** Conditions Apply
Product Snapshot:
Term
Minimum Policy Term 5 years
Maximum Policy Term 10 years
Premium
Premium Mode Quarterly / Half yearly / Yearly
Age
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Cover Age 70 years
Sum Assured
Minimum Sum Assured Rs 3 Lakhs
Maximum Sum Assured Rs 1 Crore
 

 

How does it work?

You can take a cover ranging from 5-10 years. In the unfortunate event of death, the nominee would receive the entire sum assured as a lump sum payment.
If you survive the entire term, you would be eligible to a refund of premiums depending upon the term of policy. For example, if your policy is for 5 years, you’d be eligible for refund of 50% of the total premiums paid; for 6 years, the refund would be 60%, and so on. Hence, if you’ve taken a policy for 10 years, you’d receive 100% of your premiums back as refund.



Benefits

:

Maturity Benefit: If you survive for the entire term of the plan, you would be eligible to a refund of the premiums depending upon the term of the policy.
Term Percentage of Basic Premium refunded
5 years 50%
6 years 60%
7 years 70%
8 years 80%
9 years 90%
10 years 100%
Death Benefit: In the event of claim, your nominee would receive full Sum Assured.
Riders Available: No Riders are available.

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, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details..
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

 

Brochure

Download (PDF, 1.2MB)

SBI Life Insurance Swadhan Plan
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