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SBI Life CSC Saral Sanchay Plan

What is the Plan all About?

SBI Life - CSC Saral Sanchay is a non-participating unit linked insurance product designed especially for you that helps achieve your financial goals through systematic saving. This plan also provides financial protection for the family, in the event of your untimely death.

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What are the Key Features?

  • Simple and easy enrollment in plan
  • Savings plus Life insurance plan
  • Guaranteed interest rate of 1% per annum
  • Quarterly interest additions
  • Top-up facility is available
  • Flexible premium payment frequency
  • Access cash through partial withdrawals from 6th year
  • Avail tax benefits

What are the Fund Investment Options?

You have the option to invest in the Individual Policy Account (IPA). All the premiums paid net the charges applicable, are credited to IPA.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the Death Benefit payable is higher of Sum Assured plus top-up premium, 105% of the total premiums paid, Balance in your Individual Policy Account (IPA), or Total premiums paid. This benefit is payable, provided the policy is in-force.

    In case the policy is not in-force, the Death Benefit payable is higher of Paid-up sum assured or Balance in your Individual Policy Account.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the higher of Total premiums paid including top-up premiums paid compounded @1% per annum less partial withdrawals Or Balance in your Individual Policy Account. This benefit is payable, provided the policy is in-force.

    In case the policy is not in-force, a Lump Sum amount equivalent to the balance in Individual Policy Account at the end of the policy term is payable.

    In case of death or maturity benefit, the balance in the Individual Policy Account is reduced by an amount equal to the interest credited in advance for the remaining part of the quarter.

Top-up Premium

    Facility for Top-up Premium is available through the entire policy term. The total top-up premium should not exceed the total of premiums paid at that point of time.

Minimum Floor Rate

    The interest rate of 1% p.a of the balance in Individual Policy Account (IPA) is credited at the beginning of each financial quarter to the IPA till maturity, surrender, or death, whichever occurs earlier.

Additional Interest Rate

    An interest rate of 4% p.a of the balance amount in IPA is credited at the beginning of each financial quarter to the IPA for the first 5 policy years. Moreover, an interest rate of 0.5% per annum of the balance in IPA is credited at the beginning of each financial quarter for the remaining policy years.

Non-Zero Positive Residual Addition

    Non-Zero Positive Residual Addition may be added at the end of each policy year starting from 5th policy year. This interest is not applicable for policies that are discontinued within first 5 policy years and are not revived.

Partial Withdrawal

    You have the option to withdraw from your IPA on completion of 5th policy year. In a policy year, the minimum partial withdrawal amount is Rs 1000, subject to the maximum partial withdrawal allowed is up to 25% of the fund value. The minimum balance required after each such withdrawal is 1.5 times the one year annualized premium.

Bonus

    The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in first 5 policy years, the balance in the Individual Policy Account (IPA) is payable at the end of the 5th year. Upon surrendering the policy after first 5 policy years, the balance in IPA is payable.

Revival

    You have the option to revive the policy within a period of 2 years from the date of first unpaid premium. The revival can be done by paying all due and unpaid premiums without any interest/fee/charge.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years (10/15 Year Policy Term), 60 Years (10 Year Policy Term), 55 Years (15 Year Policy Term)
Age at Maturity - 70 Years
Policy Tenure 10 Years 15 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Top-up Premium Rs 500 Allowed In Multiples Of Rs 100
Premium Amount Rs 2400 (annually), Rs 1200 (semi Annually), Rs 600 (quarterly), Rs 200 (monthly) Rs 20000 (annually), Rs 10000 (semi Annually), Rs 5000 (quarterly), Rs 1600 (monthly)
Sum Assured For Regular Premium: Age At Entry Less Than 45 Years- 10 Times The Annualized Premium Age At Entry 45 Years & Above- 7 Times The Annualized Premium For Top-up Premium: Age At Entry Less Than 45 Years- 125% Of Top-up Premium Age At Entry 45 Years & Above- 110% Of Top-up Premium -
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charge: 20% of premium allocation charge is deducted from the regular premiums paid during the 1st policy year. No charge is levied from 2nd policy year onwards.

Mortality Charges: Mortality charge is applied on the Sum at Risk (SAR) and it is deducted on each Policy Month Anniversary from your IPA.

Taxes & Cess: Service tax & cess, as applicable are deducted from your IPA. Tax rates are subject to revision from time to time.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 30 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for SBI Life - CSC Saral Sanchay with the policy term of 10 years, annual premium payment of Rs 15000, and sum assured of Rs 1,50,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the higher of Total premiums paid including top-up premiums paid compounded @1% per annum less partial withdrawals Or Balance in your Individual Policy Account. Interest rates (as applicable) will also be applicable.

Scenario B- Death Benefit: In the event of his death during any policy year, the Death Benefit payable is higher of Sum Assured plus top-up premium, 105% of the total premiums paid, Balance in your Individual Policy Account (IPA), or Total premiums paid.