SBI Life – Saral Maha Anand, a unit linked insurance cum savings plan.
Getting a Life Insurance policy has been made very easy. No medical examination, which means hassle-free coverage. Enjoy the power of liquidity through partial withdrawals.
Key Features:
• No medical examination, Simple joining process#.
• Liquidity through Partial Withdrawals.
• Guaranteed Additions of up to 30(%) per cent of one annual premium, for a 20 year policy term, subject to the Policy being in force till the maturity date.
• Option to avail additional rider benefit under SBI Life – Accidental Death Benefit Linked Rider (UIN: 111A019V01)
• 4 Fund options, to enjoy market related returns as per your risk appetite.
• Twin Benefit of Market linked returns & insurance cover.
Product Overview
|
Age at Entry ^ |
Minimum: 18 years Maximum: 55 years |
|
Max. Age at Maturity |
65 years |
|
Policy Term |
10 years / 15 years / 20 years |
|
Minimum Premium Amounts |
Yearly : Rs. 15,000/- |
|
Maximum Premium Amounts |
Yearly : Rs. 29,000/- |
|
Premium Modes |
Yearly / Half-yearly / Quarterly / Monthly |
|
Sum Assured |
Minimum: Age 45 years or above : 7 × AP |
|
Partial Withdrawals |
Upto 15% of Fund Value can be withdrawn each year, from 6th year onwards, subject to conditions. One partial withdrawal is free in a policy year. |
|
Tax Benefits** |
Under Sec. 80C and Sec. 10(10D) of Income Tax Act,1961 |
^ All the references to age are age as on last birthday
** Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.
Benefits:
• Maturity Benefit: On completion of Policy Term, Fund Value will be paid.
• Death Benefit: Higher of the Fund Value or Sum Assured* is payable; with a minimum of 105% of total basic premiums paid* till the time of death.
• Rider Benefits:
• Accidental Death Benefit Linked Rider: Provides additional death benefit if the death occurs as a result of an accident.
Riders:
SBI Life – Accidental Death Benefit Linked Rider
This rider provides additional benefit equal to rider sum assured if the death occurs as a result of an accident.
Eligibility Criteria:
Age at Entry: 18 years to 64 years
Age at Maturity: Maximum: 69 years
Plan Type: Regular Premium / Single Premium
Plan type allowed will be same as plan type in the base product to which this rider is attached
Premium Frequency: Single / Yearly / Half-yearly / Quarterly / Monthly
Monthly mode is available only through Electronic Clearing System (ECS) or Standing Instructions (where
payment is made either by direct debit of bank account or credit card).
Policy Term (PT)
5 years to the base cover policy term or 69 years minus age at entry, whichever is earlier
Premium Paying Term (PPT): Same as policy term
Sum Assured Range: Rs. 25,000 to sum assured under the base plan or Rs. 50,00,000, whichever is lower. The sum assured offered would also depend on the underwriting norms of the company prevailing at that time.
Exclusions:
Deaths due to the consequences of or occurring during the events as specified below are not covered:
• Infection: Death or Disability caused or contributed to by any infection, except infection caused by an external visible wound accidentally sustained
• Drug Abuse: Life assured under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a registered medical practitioner
• Self-inflicted Injury: Intentional self- Inflicted injury.
• Criminal acts: Life assured involvement in Criminal and/or unlawful acts.
• War and Civil Commotion: War, invasion, hostilities, (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
• Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
• Aviation: Life assured participation in any flying activity, other than as a passenger in a commercially licensed aircraft.
• Hazardous sports and pastime: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by the company.
• Physical Infirmity: Body or mental infirmity or any disease.
# No medical underwriting if no adverse declaration is made in the proposal form by the policyholder
## For any partial withdrawal done, the guaranteed addition shall be reduced proportionately.
* Net of partial withdrawals.
Mortality Rates:
Annual Mortality Charge per Rs. 1,000 Sum-at-risk
|
Age of |
Standard |
Age of |
Standard |
Age of |
Standard |
|
|
the |
the |
the |
|
|||
|
Mortality |
Mortality |
Mortality |
|
|||
|
Life |
Life |
Life |
|
|||
|
Charges |
Charges |
Charges |
|
|||
|
Assured |
Assured |
Assured |
|
|||
|
|
|
|
|
|||
|
18 |
1.03 |
37 |
1.82 |
56 |
10.85 |
|
|
19 |
1.08 |
38 |
1.97 |
57 |
11.73 |
|
|
20 |
1.12 |
39 |
2.15 |
58 |
12.64 |
|
|
21 |
1.15 |
40 |
2.37 |
59 |
13.76 |
|
|
22 |
1.18 |
41 |
2.57 |
60 |
15.11 |
|
|
23 |
1.21 |
42 |
2.76 |
61 |
16.66 |
|
|
24 |
1.23 |
43 |
2.99 |
62 |
18.43 |
|
|
25 |
1.25 |
44 |
3.27 |
63 |
20.42 |
|
|
26 |
1.27 |
45 |
3.60 |
64 |
22.62 |
|
|
27 |
1.28 |
46 |
3.99 |
65 |
24.39 |
|
|
28 |
1.28 |
47 |
4.43 |
|
|
|
|
29 |
1.29 |
48 |
4.93 |
|
|
|
|
30 |
1.29 |
49 |
5.48 |
|
|
|
|
31 |
1.30 |
50 |
6.08 |
|
|
|
|
32 |
1.35 |
51 |
6.74 |
|
|
|
|
33 |
1.40 |
52 |
7.46 |
|
|
|
|
34 |
1.48 |
53 |
8.23 |
|
|
|
|
35 |
1.58 |
54 |
9.05 |
|
|
|
|
36 |
1.69 |
55 |
9.92 |
|
|
|
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Tags: insurance policy, Life Insurance, SBI Life Insurance, SBI Saral Maha Anand