SBI Life Smart Swadhan Plus Plan - Features & Benefits

SBI Life Smart Swadhan Plus is a non-linked, individual, non-participating life insurance and savings policy that provides life coverage with a return of premium feature. 

Eligibility Criteria

• POSPs: Point of Sales Persons 
• CPSC-SPV: Common Public Service Centre - Special Purpose Vehicle 

Key Features of SBI Life Smart Swadhan Plus Plan

• Dual Benefits 

The SBI Life Smart Swadhan Plus plan offers not only one but dual benefits of Protection and 100% Return on Premiums. 

• Revival Facility 

Policyholders are also given the option to revive a lapsed policy within five years from the date of the first missed payment by paying the remaining premium amount and applicable interest. 

• Surrender / Paid-up Value 

Policyholders are free to surrender their Single Premium (SP) plans anytime. But for LPPT and RP policies, you can only get a surrender value or paid-up benefits if you have paid premiums for at least two years in a row. 

• Grace Period

You have a 30-day Grace Period to pay your premium after it’s due for annual, semi-annual, or quarterly payments and 15 days for monthly payments.

• Free Look Period

The Free Look Period of the SBI Life Smart Swadhan plan is 

• • 15-day (if purchased offline) 
  • 30-day (if purchased online from insurance aggregators like InsuranceDekho)
• Flexibility

Individuals are free to choose whether to pay premiums in a lump sum, for a set period (5, 10, or 15 years), or throughout the entire policy duration. 

• High Sum Assured Rebate

Those who opt for a high sum assured get the benefits of discounted premium rates. 

Key Benefits of SBI Life Smart Swadhan Plus Plan

• Life Cover Benefit or Death Benefit
  If the insured person passes away, the beneficiary will receive the Sum Assured on Death according to the chosen premium payment term.
  • For Single Premium (SP) Policies: The higher amount between the Basic Sum Assured or 1.25 times the Single Premium.
  • For Limited Premium Payment Term (LPPT) and Regular Premium (RP) Policies: The higher amount between the Basic Sum Assured, 10 times the Annual Premium, or 105% of all premiums paid up to the date of death. 

• Maturity Benefit

If the policyholder survives to the end of the policy term, they will receive 100% of the total premiums paid during the policy period in one lump sum.

Disclaimer: Both of the above benefits are only applicable to In-force policies

Suicide Exclusion

If the investor dies by suicide within 12 months from when the policy starts or from when it is revived, the nominee or beneficiary will receive:

• At least 80% of the total premiums paid up to the date of death or 
• Surrender value if it's higher, provided the policy is active.

Premium Chart

Illustration of SBI Life Smart Swadhan Plus Benefits

Let’s have a quick overview of the SBI Life Smart Swadhan Plus policy with an example. 

Maturity Benefit 

If the investor survives the complete policy term, the maturity benefit will be: 

Death Benefit 

If the policyholder dies at the end of the 8th policy year, the death benefit will be: 

How to Buy SBI Life Smart Swadhan Plus Plan Online? 

Here’s how you can buy the SBI Life Smart Swadhan Plus plan online from InsuranceDekho. 

1. Visit our life insurance page and enter the required information, such as your name, date of birth, gender, and mobile number. Click on “View Plans for Free” to proceed.
2. Choose the SBI Life Smart Swadhan Plus Plan from the available options. Fill in further details like your income and education. Click on the "Next Step" button to continue. 
3. Check the premium amount for your selected plan. Click on "Accept and Pay" to make the payment. 
4. Upload the necessary documents like ID proof and income details along with the Proposal Form. 
5. If required, you might need to undergo a medical evaluation according to the company's terms. Once approved, you'll receive your SBI Life Smart Swadhan Plus policy details on your registered mobile number or via email. 

Frequently Asked Questions (FAQs) 

Ques 1. What is SBI Life Smart Swadhan Plus plan? 

Ans. The SBI Life Smart Swadhan Plus plan is a life insurance policy designed to provide financial protection to your loved ones in case of your death. It offers life cover with the benefit of returning 100% of premiums paid if you survive the policy term. 

Ques 2. What are the premium payment terms of the plan?

Ans. The plan offers flexible premium payment options. You can choose to pay premiums in a lump sum, for a limited period (5, 10, or 15 years), or throughout the entire policy term. 

Ques 3. Are there any riders available under the SBI Life Smart Swadhan Plus plan? 

Ans. No! Riders are not available for the SBI Life Smart Swadhan Plus plan.  

Ques 4. What maturity benefits does the plan provide? 

Ans. 100% of the premiums paid throughout the policy term will be given to the insured person as the maturity benefit after the policy matures.