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SBI Life Saral Maha Anand Plan

What is the Plan all About?

SBI Life - Saral Maha Anand is a non-participating unit linked life insurance plan that provides you the option to manage your investments as per your risk appetite. This plan helps you realize the market related returns along with the life insurance cover.

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What are the Key Features?

  • Simple and Convenient joining procedure
  • No medical examination required
  • Guaranteed Additions to boost fund value
  • 3 different investment fund options to get market linked returns
  • Choose SBI Life - Accidental Death Benefit Linked Rider
  • Financial protection for family
  • No premium allocation charge after 10th policy year
  • Access cash through partial withdrawals
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 3 investment funds and you have the option to invest in any one or combination of fund options (in multiple of 1%).

  • Equity Fund
  • Balanced Fund
  • Bond Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the higher of Sum Assured, Fund Value or 105% of the total basic premiums paid, is payable to the nominee.

    Up to the age of 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. On attaining 60 years of age, Sum Assured is reduced to the extent of Partial Withdrawals made from 58 years onwards. On attaining more than 60 years, all Partial Withdrawals are adjusted to determine the actual sum assured payable on death.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value is paid as a lump sum. The maturity benefit can also be taken in installments through settlement option.

Settlement Option

    Settlement Option is available at maturity and it provides you the flexibility to receive the maturity benefits in annually, semi annually, quarterly, & monthly installments within a period of five years from the date of maturity.

Guaranteed Addition

    Guaranteed Addition is a percentage of one annualized premium. Guaranteed Addition of 5%/10%/15% is added to the fund value on completion of 10th/15th/20th policy year, respectively.

Switching

    You can switch among 3 varied fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 2,000.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation. This facility can be availed from the 2nd policy year onwards.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards. The minimum partial withdrawal amount is Rs 2,000 and further withdrawals should be in multiples of Rs 1,000. The maximum partial withdrawal allowed is up to 15% of the fund value. The minimum fund value required post withdrawal is 50% of the total premiums paid.

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 the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum of 4% per annum is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 55 Years
Age at Maturity - 65 Years
Policy Tenure 10/15 Years 20 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 15000 (annually), Rs 9500 (semi Annually), Rs 5500 (quarterly), Rs 2000 (monthly) Rs 29000 (annually), Rs 14500 (semi Annually), Rs 7200 (quarterly), Rs 2400 (monthly)
Sum Assured Range Less Than 45 Years = 10 Times The Annualized Premium 45 Years & Above= 7 Times The Annualized Premium 20 Times The Annualized Premium
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Accidental Death Benefit Linked Rider can be opted, on payment of additional rider premium.

What are the Plan Charges?

Premium Allocation Charge: This charge is deducted from the premium paid, before allocation of units. The premium allocation charge varies from 6.25% to 3% of the regular premium and it is levied from 1st to 10th policy year.

Policy Administration Charges: Monthly policy administration charge is levied by the redemption of units under the policy. The charge of Rs 33.33 per month is deducted, subject to a maximum of Rs 200 per month upon prior approval from IRDAI.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge. It is deducted on each Policy Month Anniversary from the fund value by cancellation of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity Fund, 1.25% p.a for Balanced Fund, 1% p.a for Bond Fund, 0.50% p.a for Discontinued Policy Fund.

Discontinuance Charges: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: You can avail 2 free switches during a policy year. A charge of Rs 100 is levied per switch when opted for more than free switches available in the same policy year. No option is there to carry forward the unused free switches.

Premium Re-direction: Premium re-direction is allowed from 2nd policy year onwards. You can avail one free premium re-direction in a policy year. A charge of Rs 100 is levied per redirection request when opted for more than free premium redirection request available in the same policy year. No option is there to carry forward the unused redirections.

Partial Withdrawal Charge: 1 free partial withdrawal is allowed during a policy year. Rs 100 is levied for each partial withdrawal, in excess of free withdrawals allowed. A maximum of 2 partial withdrawals can be done in a policy year and not more than 5 such withdrawals are allowed during the entire policy term, in case the policy term is 10 years. A maximum of 10 partial withdrawals is allowed during the entire policy term, in case the policy term is 15/20 years.

Miscellaneous Charges: For issuance of duplicate or additional copy of fund statement, Rs 100 is levied.

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 35 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 - Saral Maha Anand with the policy term of 10 years, annual premium payment of Rs 25,000 and sum assured is Rs 2,50,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is paid as a lump sum. The maturity benefit can also be taken in installments through settlement option. Guaranteed Addition is also payable at specific durations through the entire policy term.

Scenario B- Death Benefit: In the event of his death during the policy term, the higher of Sum Assured, Fund Value or 105% of the total basic premiums paid, is payable to the nominee.