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Introduction
Key Features
Product Snapshot
Benefits
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Introduction: SBI Life - Swadhan 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:
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Protection at affordable premium. |
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Guaranteed refund of basic premium paid on Survival at the end of the term, depending upon the term of the policy. |
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Life cover comes to you at no cost** |
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Tax benefit u/s 80 C and 10 (10 D) of IT Act |
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5% rebate for Female lives |
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Rebate on High Sum Assured |
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Flexible benefit premium paying mode |
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Free look period of 15 days |
** If you survive the policy term, you will receive a lump-sum repayment of your premium contributions towards the policy depending on the chosen term.
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Product Snapshot:
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| 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 |
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How does it work?
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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.
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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.
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Benefits:
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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% |
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Death Benefit: In the event of claim, your nominee would receive full Sum Assured. |
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Riders Available: No Riders are available. |
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Tax Benefits |
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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.
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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.
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Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details..
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| For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. |
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