SBI Life Insurance Grameen Bima Plan


Introduction

:The objective of SBI Life Insurance Grameen Bima Plan is to provide life cover to the deprived sections of the society at affordable costs thereby aiding them tide over difficult times in case of an unforeseen event.

SBI Life – Grameen Bima is an individual, pure term, micro-insurance plan for the socially deprived and economically vulnerable segments of the population.


Key Highlights :

Choose your premium, correspondingly your life insurance cover will be determined.
Prompt Processing & Enrolment
No medical examination required
Registration based on a simple form

Eligibility

 

Age* at entry
Minimum: 18 years Maximum: 50 years
Policy Term 5 years
Premium Amount
Minimum: Rs. 300** Maximum: Rs. 2000**
Premium amounts will be in multiples of Rs. 100
Premium Frequency Single
Sum Assured
Minimum: Rs. 10,000 Maximum: Rs. 50,000
Age Band Sum Assured
18 – 39 60 times Single premium paid
40 – 44 40 times Single premium paid
45 – 50 25 times Single premium paid
* All references to age are age as on last birthday**Premium amounts are inclusive of applicable taxes and will not be charged separately.

Benefits under the plan:

Death Benefit
In the unfortunate event of death of the life assured during the policy term, the nominee will receive the Sum Assured.
Maturity Benefit
There is no maturity benefit under this plan.
Surrender Benefit
Surrender is allowed from 2nd year onwards.
No surrender benefit is payable in the last year of the policy.
Tax Benefits
Alongside other features, this product also offers you the following tax benefits:
u/s 80C of the Income Tax Act 1961 on your base premium.
u/s 10 (10D) of the Income Tax Act 1961 on the death proceeds.
For more details on risk factors, terms and conditions please read sales brochure carefully before conducting a sale. Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

 

Brochure

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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

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SBI Life Saral Shield Plan

Introduction

:

SBI Life – Saral Shield is a traditional non-participating pure term plan, At a affordable cost, Saral Shield provides cover for your family and ensures that a proper safety net is created. Thus, it guarantees that there will be absolutely no compromise on your dreams and ambitions for your loved ones, at all times.Isn’t it great? So, get the Shield advantage now!!

 Key Features:

Hassle-free, convenient and easy issuance.
Financial Security.
Wide varieties of plan options to give you freedom from your liabilities.
Large sum assured rebates.
Enhance your protection by availing two riders- Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider.
Tax benefits as per prevailing norms under the Income Tax Act, 1961.
 

Product Snapshot:

Age at Entry Min: 18  years Max: 60 years
Age at Maturity Max: 65 years
Plan Options Level Term Assurance
Decreasing Term Assurance (Loan Protection)
Decreasing Term Assurance (Family Income Protection)
Sum Assured(x 50,000/-) Min: Rs. 7,50,000  Max: Rs. 24,00,000
Policy Term Min: 5  years
Max:
For Level Term Assurance and Decreasing Term Assurance(Family Income Protection) – 30 years
For Decreasing Term Assurance (Loan Protection) – Equal to the outstanding loan term subject to maximum of 30 years
Premium Paying Term Same as policy term
Premium Modes For Level Term Assurance:
Single Premium (SP), or  Regular Premium(RP) (Yearly / Half-yearly / Quarterly / Monthly**)
For Decreasing Term Insurance (Loan Protection) & DecreasingTerm Insurance (Family Income Protection) : Single Premium
Min Premium Amounts Regular Premium:
Yearly          Rs. 2,000/-
Half-yearly  Rs. 1,100/-
Quarterly     Rs.    600/-
Monthly       Rs.    250/-Single Premium:
Rs. 10,000/-
All the references to age are age as on last birthday.** For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT
 

Instant Premium Reckoner##

Age of
Life Assured
(years)
For SA –  Rs. 10 Lakhs  For SA –  Rs. 20 Lakhs
Policy Term (in years)/ Premium (in Rs) Policy Term (in years)/ Premium (in Rs)
10 15 20 25 10 15 20 25
25 2,052 2,052 2,188 2,413 3,442 3,442 3,713 4,163
30 2,197 2,409 2,711 3,132 3,731 4,157 4,759 5,602
35 2,778 3,204 3,775 4,459 4,893 5,745 6,888 8,255
40 3,726 4,483 5,350 6,379 6,791 8,304 10,038 12,096
45 5,421 6,556 7,866 NA 10,179 12,449 15,070 NA
Note: ## The above annual level term assurance premiums are for a standard, healthy male life and are inclusive of service tax as well as high sum assured rebate, wherever applicable.
 

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..
SA: Policy Sum Assured.   NA: Not Available for this combination.For more details on risk factors, terms and conditions please read sales brochure carefully before conducting a sale. SBI Life – Accidental Death Benefit Rider (UIN: 111B015V01), SBI Life – Accidental Total & Permanent Disability Rider (UIN: 111B016V01).

Brochure

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SBI Life – Smart Shield Plan

SBI Life Smart Shield Plan

Introduction

:

SBI Life – Smart Shield is a traditional non-participating pure term plan, which is a one stop solution that meets all your insurance needs. With Options and benefits specially tailored for those who want best financial protection at an affordable cost, this is the perfect plan from your preferred insurance provider. Now your family stays protected, even when you are not around.

Key Features:

Establishes a solid foundation for a lifetime of financial security for your family.
Rewards you for maintaining a healthy lifestyle.
Wide variety of plan options to give you freedom from your liabilities.
Large Sum Assured rebates.
You can also customize your coverage by choosing from a wide range of additional benefits such as – Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Accelerated Critical Illness cover option.
Tax benefits as per prevailing norms under the Income Tax Act, 1961.

Product Snapshot:

Plan Options
Option I Level Term Assurance
Option II Increasing Term Assurance
Option III Decreasing Term Assurance(Loan Protection)
Option IV Decreasing Term Assurance(Family Income Protection)
Term
Minimum Policy Term 5 years
Maximum Policy Term For Option I, II & IV – 30 years
For Option III – Equal to the outstanding loan term subject to maximum of 30 years
Premium
Minimum Premium Single Premium :- Rs. 15,000/-
Regular Premium:-
Yearly: Rs. 5,000/-
Half-Yearly: Rs.2,500/-
Quarterly:  Rs.1,250/-
Monthly: Rs. 450/-
Premium Mode Single/ Yearly / Half yearly / Quarterly / Monthly **
Age*
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Maturity Age 70 years
Sum Assured
Minimum Sum Assured Rs. 25,00,000 (× Rs. 1,00,000)
Maximum Sum Assured No Limit
Riders Available
SBI Life – Accidental Death Benefit Rider (UIN: 111B015V01)
SBI Life-Accidental Total & Permanent Disability Benefit Rider (UIN: 111B016V01)
Options Available under the Product
Accelerated Critical Illness Benefit
* All the references to age are age as on last birthday.
**For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT

Benefits

:

Death Benefit: Depending on the plan option chosen, the nominee will receive the effective Sum Assured under this policy.
Maturity Benefit: No survival benefit available at the end of the term.
Other Benefits:
Riders:
SBI Life – Accidental Death Benefit Rider (UIN: 111B015V01): In case of death due to an accident, the Rider Sum Assured is payable in addition to normal death benefit.
SBI Life – Accidental Total and Permanent Disability Benefit Rider(UIN: 111B016V01):The Rider Sum Assured will be paid on the Life Assured being  found eligible for the Total Permanent Disability Benefit as defined in the policy document.
Cover Option: You have the option to further enhance your Level Term Assurance and Increasing Term Assurance by opting for the Accelerated Critical Illness benefit.This option is available with Level Term Assurance and Increasing Term Assurance benefit.

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 deduction under Section 80 (D) is available for premiums paid towards Accelerated Critical Illness Benefit.
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.
These are only summary of the product features. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Brochure

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SBI Life Smart IncomeShield Insurance Plan

Introduction

 

:

SBI Life – Smart IncomeShield Insurance – A plan that gives you a advantage against eventualities of death, disability or critical illness by providing you with a income benefit, which can meet your and your family’s daily lifestyle finances.

SBI Life – Smart IncomeShield Insurance is a non-participating term insurance Policy.

Key Features:

 

Establishes a solid foundation for a lifetime of financial security, ability to continue to maintain the lifestyle for your family.
Customize your policy with various plan options :
Basic Plan – provides monthly income benefit in an event of death
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately.
Advantage Plan – provides monthly income benefit in an event of death or Critical illness or Total permanent disability, whichever occurs first.
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately
Flexibility to choose Monthly income benefit payout.
Benefit Option I : Regular monthly payouts for 5 years
Benefit Option II: Regular monthly payouts for 10 years
Benefit Option III: Regular monthly payouts for the outstanding policy term.
Additional Lump sum payment of 12 times the monthly income immediately on claim

Product Snapshot:

 

Plan option Basic Plan: Benefit payable in event of deathAdvantage Plan^ : Benefit payable in event of death / Total Permanent Disability (TPD) due to Accident or Sickness / Critical Illness, whichever is earlier
Age* at Entry Basic Plan: Min : 18 years; Max: 65 years
Advantage Plan:   Min: 18 years; Max: 60 years
Age* at Maturity Basic Plan : 70 years
Advantage Plan : 65 years
Policy Term Min: 5 years Max: 25 years
Payout Term Benefit Option I : 5 years
Benefit Option II: 10 years
Benefit Option III: Outstanding Policy Term
Monthly Income Benefit Basic Plan
Min: Rs 10,000 p.m.
Max: No Limit
Advantage Plan
Min: Rs. 10,000 p.m
Max: Rs. 50,000 p.m.
Premium Paying Term (PPT)
Regular premium (Same as policy term)
Limited Premium payment term[LPPT]
(Applicable only for Benefit Option III under both Basic Plan & Advantage Plan)
Sum Assured 12 x Monthly Income benefit  x Payout term
Premium Frequency Yearly / Half-yearly / Quarterly / Monthly#
^Under Advantage plan, premium rates & product terms are guaranteed for the first 5 years and are reviewable every 5 years thereafter. The rates if reviewed would apply to existing customers 5 years after inception and every 5 years thereafter and to new customers.* All references to age are as on last birthday
#For monthly modes, 3 months premium to be paid in advance and renewal payment is allowed only through ECS,Credit card,Direct Debit and SI-EFT

Limited Premium Payment Term (LPPT).

LPPT is offered only for Benefit Option III under both Basic Plan & Advantage Plan mentioned above. The Premium payment term will be as follows:

Policy Term 5 6 7 8 9 10 11
PPT 3 4 4 5 6 6 7
Policy Term 12 13 14 15 16 17 18
PPT 8 8 9 10 10 11 12
Policy Term 19 20 21 22 23 24 25
PPT 12 13 14 14 15 16 16

Benefits

 

:

Death Benefit:
Basic Plan/Advantage Plan
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately.
Critical Illness or Total and Permanent Disability (TPD) Benefit:
Basic Plan: Not Applicable.
Advantage Plan
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately.
Maturity Benefit: No maturity benefits are payable.
Surrender Benefit: No Surrender Benefits are payable.
Paid Up benefit :
Paid-ups are not applicable for Benefit Options I and II
Paid-up value payable under Benefit Option III (Basic Plan & Advantage plan)
Tax Benefits
U/s 80C of the Income Tax Act 1961 on your premiums.
U/s 10(10D) of the Income Tax Act 1961 on your death proceeds under the policy.
Tax benefits as per prevailing norms under the Income Tax Act, 1961. Tax laws are subject to change in future.
For more details on risk factors, terms and conditions please read sales brochure carefully before conducting a sale. Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

Premium Table for Female

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Premium Table for Male

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Brochure

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