www.sbilife.co.
in
Opt for an
effortless life
cover with
return of
premium.
Saral Swadhan
Insurance Plans Supreme
With Savings UIN: 111N139V02
An Individual, Non- Linked, Non-Participating, Life insurance Savings product with Return
of Premium.
Embark on a journey of financial security and your family's protection with SBI Life - Saral
Swadhan Supreme and get return of total premium paid at the end of policy term, upon
survival, that will not only safeguard your loved ones, but also creates a financial safety
net that circles back to you. With SBI Life - Saral Swadhan Supreme, now you can
navigate the dual paths of simplicity with an ease of issuance, crafting a shielded future
that aligns seamlessly with your priorities.
Key Features
• Protection: Life Insurance cover with ease of issuance
• Convenience: Pay premium regularly or for a limited (7/10/15 years) period
• Flexibility: You can choose policy term from 10 years to 30 years
• Maturity Benefit: Get 100% of Total Premiums Paid# as Maturity benefit.
• Enhanced Protection: Optional Accident Benefit Rider available
$
• Tax Benefits : As per the prevailing norms under the Income Tax Act, 1961
$
You may be eligible for Income Tax benefits as per the applicable income tax laws in
India, which are subject to change from time to time. You are advised to consult your
tax advisor on applicable tax benefits under the policy
This plan is available online.
Benefits
Death Benefit (Applicable only for in-force policies):
In the unfortunate event of death of the Life Assured during the policy term, Sum
Assured on Death will be payable to the beneficiary in lumpsum.
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Sum assured on death will be higher of:
a) Basic Sum Assured* or
^
b) 11 times of Annualised Premium or
c) 105% of the Total Premiums Paid# upto the date of death.
*The basic sum assured is the absolute amount of benefit chosen by the policyholder at
the inception of the policy.
^Where, Annualized premium shall be the premium amount payable in a year excluding
taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
Maturity Benefit (Applicable only for in-force policies)
On survival of the Life Assured till the end of policy term, 100% of the total premiums
#
paid during the policy tenure, shall be paid in lump sum.
#
Total Premiums Paid means total of all the premiums paid under the base product,
excluding any extra premium and taxes, if collected explicitly.
Illustration I:
Mrs. Deepika, age 40-year-old, working as Professor in a prestigious college, she wants
to ensure that her husband and three-year-old son’s future financial requirements are
secure in case of any unfortunate eventuality. She has chosen SBI Life - Saral Swadhan
Supreme for Sum Assured of `50 lakh with cover till age of 65. Now, Deepika is secure &
worry-free for the next 25 years.
Her regular premium for this life cover is `42,998 /- p.a (excluding taxes).
th
In case of death of Mrs. Deepika during the 6 policy year, sum assured of `50 lakh will be
paid to her Nominee/ Legal Heir subject to all due premium under the policy being paid.
By taking a life cover at the right time Deepika’s son now need not sacrifice on his
education and can fulfil his dreams.
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Death Benefit:
Regular Premium Policy with Policy Term of 25 years
Death of Mrs. Deepika Happened
during 6th policy year
PY 0 PY 25
Sum Assured of `50,00,000
Total Premium is paid as
Paid = `2,57,988/-
Death Benefit to
Nominee/Legal Heir
In case Mrs. Deepika survives the policy term of 25 years, she will get the Maturity
benefit of 100% of the total premium paid#, provided the policy is in-force. Maturity
amount can help Deepika to enjoy her retirement life by going on vacation or she can use
the maturity amount as corpus for better life.
Maturity Benefit:
Maturity benefits at
the end of PY 25 is
`10,74,950/-
PY 0 PY 25
Total Premium
Paid = `10,74,950 /-
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Illustration II:
Mr. Verma, a 45-year-old banker wants to ensure that his family is able to maintain
their lifestyle even when he is not around. He opts for SBI Life - Saral Swadhan
Supreme for Sum Assured of `40 lakh and SBI Life - Accident Benefit Rider with
maximum available Sum Assureds under Accidental Death Benefit (upto 3 times Sum
Assured under base product) and Accidental Partial Permanent Disability Benefit
(upto Sum Assured under base product) as below:
Benefit Policy Premium Sum Assured Annual Premium
Term Payment (excluding Taxes)
Term
Saral Swadhan Supreme `40,00,000 `72,047
Option A:
Accidental `1,20,00,000 `6,600
Death Benefit 20
Accident 15 Years
Years
Option B:
Benefit
Accidental
Rider
Partial
`40,00,000 `1,600
Permanent
Disability
Benefit
Total Annual Premium `80,247
(excluding taxes)
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Scenario 1: On his survival till the end of policy term, he would receive `10,80,705 and
live independently even at old age.
Maturity benefits at
the end of PY 20
Premium `80,247 p.a. `10,80,705
PY 0 15 years PY 20
Total Premium
Paid = `12,03,705
Scenario 2: In case he meets with an accident and unfortunately had to go through
Amputation of left hand in 17th policy year, then `20 lakh will be paid (50% of APPD sum
assured) and APPD benefit will continue with remaining APPD Sum Assured of `20 lakh,
ADB will continue with Sum Assured of `1.2 Crores and death cover of `40 lakh under base
product and in case of his survival till the end of policy term `10,80,705 will be paid
APPD benefit
will be paid Maturity benefit
`20 Lakh at the end of PY 20
Premium `80,247 p.a.
`10,80,705
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PY 0 15 years years PY 20
Total Premium
Paid = `12,03,705
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Scenario 3: In case of his unfortunate accidental death during 15th policy year `1.60 Cr will
be paid to his family (`40 Lakh under base policy + `1.2 Crore under ADB).
Death benefits
`1,60,00,000
Premium `80,247 p.a
PY 0 15 years PY 20
Total Premium Paid = `12,03,705
Who can avail this plan?
Age* at Entry Minimum: 18 years Maximum: 50 Years
Maximum Age* 65 years
at Maturity
Basic Sum Assured Minimum: `25,00,000 Maximum: `50,00,000
(in multiples of `50,000)
Policy Term / Premium Payment Options** Policy Term
Premium Payment Term LPPT -7 &10 15 to 30 years
LPPT-15 20 to 30 years
RP 10 to 30 years
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Premium Frequency Yearly, Half-Yearly and Monthly
Premium Frequency Half-Yearly: 51.00% of annual premium
Loading Monthly: 8.5% of annual premium
Premium Amount Premium Frequency Minimum Maximum
Yearly `8,050 `2,18,500
Half-yearly `4,106 `1,11,435
Monthly `684 `18,573
*Age mentioned in this document is age last birthday on the date of proposal
**LPPT – Limited Premium Payment Term / RP – Regular Premium
Grace Period
A grace period of 30 days from the premium due date will be allowed for payment of
yearly and half yearly premiums and 15 days for monthly premiums. The policy will
remain in-force during the grace period. If any premium remains unpaid at the end of the
grace period, the policy shall lapse or become paid-up. In case of death of the Life
Assured during grace period, the outstanding due premiums, if any, till the next Policy
anniversary, as on the date of death shall be deducted from the benefits payable under
the Policy.
Lapse
If first full policy year's premium has not been paid, the policy shall lapse without
acquiring paid-up benefits after the expiry of grace period from the date of first unpaid
premium. All the benefits under the policy shall cease and no benefit shall be payable
under the Policy.
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Reduced Paid-up Value
After completion of first policy year, the policy acquires Reduced paid up value only if at
least first full policy year premium(s) has been paid and thereafter premiums are not paid
within the grace period, the policy shall continue as paid-up policy till maturity.
Death benefit under the paid-up policy: The death benefit is payable as a lump sum to
the nominee or legal heir of the Life Assured. On death of the Life Assured during the
policy term, paid-up sum assured on death will be payable and policy will terminate.
Paid-up Sum Assured on death = {Sum Assured on Death* (The total period for which
premiums have already been paid / The maximum period for which premiums were
originally payable)}
This benefit shall be subject to a minimum of 105% of Total Premium Paid up to the date
of death.
Maturity benefit under the paid-up policy: The maturity benefit is payable as a lump sum
to the policy holder. If the Life Assured survives till the end of the policy term the paid-up
sum assured on maturity is payable as a lump sum.
Paid-up Sum Assured on maturity = Maturity Benefit (100% of total premiums originally
payable under the policy, excluding any extra premium, any rider premium and taxes)*
(The total period for which premiums have already been paid / The maximum period for
which premiums were originally payable).
The policyholder can surrender the paid-up policy at any time during the policy term.
Revival
In case your policy has lapsed or is in paid up status, you can start enjoying the full
benefits of the policy, by reviving it. Please send a request to us and ask for revival of your
policy.
The policy may be revived within a period of five consecutive complete years from the
date of first unpaid premium and before the date of maturity. The revival will be
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considered on receipt of application from the policyholder along with the proof of
continued insurability of Life Assured and on payment of all overdue premiums with
interest. The revival of the policy will be subject to the board approved underwriting
policy of the company.
The interest rate for revival is determined using 10 year government security (G-Sec) plus
2%. The 10 year government security (G-Sec) will be considered as on 1st April of each of
the Financial Year and it will be compounding on a half-yearly basis. The 10 year
st
benchmark G-Sec rate as on 1 April 2024 is 7.11%.
Any change in the basis for determining interest rate for revival shall be made subject to
prior approval of the Authority.
Surrender Benefit
The policyholder can surrender the in-force policy or paid-up policy at any time during
policy term, after payment of at least one full policy year’s premium.
Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is higher,
is paid as Surrender Value.
The policy acquires Guaranteed Surrender Value only if at least first 2 policy years’
premiums has been paid.
The policy acquires Special Surrender Value after completion of first policy year only if
atleast first full policy years premium (s) has been paid.
The Guaranteed Surrender Value is equal to GSV factors multiplied by the Total
premiums paid. The GSV factors will depend on the policy year during which the
surrender request is made and the policy term.
The Special Surrender Value is equal to SSV factors multiplied by Total premiums paid.
The SSV factors will depend on the policy year during which the surrender request is
made and the policy term. The SSV factors will be reviewed annually. Any change in
surrender value calculation method shall be made subject to prior approval of the
Authority.
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Rider Benefit
The policyholder can opt for SBI Life – Accident Benefit Rider (UIN: 111B041V01) for
enhanced protection. This rider offers two benefit options. Policyholder can choose any
one or both the benefit options. The benefit option(s) once chosen cannot be changed
later.
Option A: Accidental Death Benefit (ADB)
Option B: Accidental Partial Permanent Disability Benefit (APPD)
Eligibility Criteria of Accident Benefit Rider
Age* at Entry Minimum: 18 years Maximum: 64 Years
Maximum Age*
at Maturity 65 years
Rider Term Minimum: 1 Years Maximum: 65 Years less Age
at Entry of the rider
Rider Term should be less than or equal to the outstanding
policy term of the base policy.
Rider Premium Rider opted at inception of base policy: Rider premium
Payment Term payment term should be same as premium payment term
of the base policy. Rider opted at subsequent policy
anniversary of base policy: Rider premium payment term
should be equal to the outstanding premium payment term
of the base policy.
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Rider Sum Assured Minimum: Maximum:
`50,000 or the minimum Accidental Death Benefit
Sum Assured on the base (ADB) – `1,50,00,000
product whichever is lower Accidental Partial Permanent
Disability Benefit (APPD) –
`50,00,000
• Maximum Rider Sum Assured will be subject to Board approved
underwriting policy.
• Maximum Rider Sum Assured shall not exceed three times the
Sum Assured under the base Policy to which it is attached for
ADB.
• Maximum Rider Sum Assured shall not exceed the Sum Assured
under the base Policy to which it is attached for APPD
Rider Premium Same as the premium payment mode of the base policy.
Payment Mode
*All the references to age are age as last birthday.
The rider will be available for sale online, if the base product with which the rider is
attached, is available for sale online.
The rider premium shall not exceed 100% of base premium.
The Riders cannot be attached to the policies sold through POSPs and CPSC-SPV
channel
For more details on Riders, terms and conditions, exclusions, please read rider brochure.
Rider can be opted at inception of the base policy or at subsequent policy anniversary,
during the premium payment term of the base policy, provided the base policy is in force.
Rider premium shall be payable in addition to the premium payable under the base policy.
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Grievance Redressal
To deliver excellence in customer service, we have put in place a prompt, accessible and
responsive mechanism for addressing your grievances and suggestions. You can
approach us through below touch points.
• Toll-free number: 1800 267 9090 (24 X 7).
• By sending email on info@sbilife.co.in.
• Submit your grievance through digital form available on website / Customer Service
App (Smart Care)
You may approach any of our office.
Nomination
Nomination shall be as per Section 39 of the Insurance Act, 1938 as amended from time
to time.
Assignment
Assignment shall be as per Section 38 of the Insurance Act, 1938 as amended from time
to time.
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Policy Loans
In emergency situations where in the policyholders may require funds to meet some
expenses etc they may be allowed to borrow against their policy. Such policy loan will be
limited to a maximum of 50% of the surrender value as on the date of availing the policy
loan. Such surrender value and the interest to be charged on the policy loan would be
updated by the company from time to time. The nominal interest rate per annum is 150
st
basis points higher than the 10 year benchmark government security (G-Sec) as on 1
April of each of the Financial Year and it will be compounding on a half-yearly basis. The
interest rate would be rounded to nearest multiple of 25 basis points and interest amount
would be rounded nearest to Re 1.
st
The 10 year benchmark (G-Sec) rate as on 1 April 2024 is 7.11% compounded semi-
annually. The interest rate applicable for Financial Year 2024-25 is 8.50% p.a.
compounded semi-annually.
Any change in the basis for determining interest rate for policy loan shall be made subject
to prior approval of the Authority
The loan facility would be made available only if the policy has acquired a surrender value
and during the policy term.
For inforce policies: No policy would be terminated in case of outstanding loan amount
including interest exceeding surrender value. Before any benefits are paid out, loan
outstanding together with the interest thereon will be deducted and the balance amount
will be payable.
For other than in-force policies: In case outstanding loan amount including interest
exceeds the surrender value, the policy would be foreclosed after giving intimation and
reasonable opportunity to the policyholder to continue the policy.
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Free look Period
The policyholder has a free look period of 30 days beginning from the date of receipt of
the policy document, whether received electronically or otherwise, to review the terms
and conditions of the policy. If the policyholder disagrees to any of the policy terms and
conditions, or otherwise and has not made any claim, the policyholder has an option to
return the policy to the company for cancellation stating the reasons for the same.
Irrespective of the reasons mentioned, the policyholder shall be entitled to a refund of
Premium paid subject only to a deduction of a proportionate risk premium for the period
of cover and the expenses, if any, incurred by the Company on medical examination and
stamp duty charges.
Applicable Tax
You are liable to pay the Applicable Taxes and/ or any other statutory levy/ duty/
surcharge, at the rate notified by the State Government or Central Government/ Union
Territories of India from time to time, as per the applicable tax laws on basic premium &
rider premium (if any) as per the product feature.
Suicide Claim Provision
In case of death due to suicide, within 12 months:
1. From the date of commencement of risk under the policy, the nominee or beneficiary
of the policyholder shall be entitled to atleast 80% of the total premiums paid till the
date of death, provided the policy is in force or
2. From the date of revival of the policy, the nominee or beneficiary of the policyholder
shall be entitled to an amount which is higher of 80% of the total premiums paid till the
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date of death or the surrender value, if any, as available on the date of death, provided
the policy is in force.
After paying the benefit as stated above, the contract will be terminated and hence no
further benefit would be payable
Staff Discount
Staff discount is applicable for all employees, retired employees, VRS holders, minor
children and spouse of employees of SBI Life Insurance Co. Ltd, State Bank of India,
Associated Banks, RRBs sponsored by State Bank of India and subsidiaries of State Bank
group)
PPT Staff Discount
LPPT – 7 7.00%
LPPT – 10 7.00%
LPPT – 15 6.50%
Regular premium 6.00%
Prohibition of Rebates
Section 41 of the Insurance Act 1938, as amended from time to time, states:
a) No person shall allow or offer to allow, either directly or indirectly, as an inducement
to any person to take out or renew or continue an insurance in respect of any kind of
risk relating to lives or property in India, any rebate of the whole or part of the
commission payable or any rebate of the premium shown on the policy, nor shall any
person taking out or renewing or continuing a policy accept any rebate, except such
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rebate as may be allowed in accordance with the published prospectus or tables of the
insurer.
b) Any person making default in complying with the provisions of this section shall be
liable for a penalty which may extend to ten lakh rupees.
Non-Disclosure
Extract of Section 45 of Insurance Act 1938, as amended from time to time, states:
No policy of life insurance shall be called in question on any ground whatsoever after the
expiry of three years from the date of the policy. A policy of life insurance may be called in
question at any time within three years from the date of the policy, on the ground of fraud
or on the ground that any statement of or suppression of a fact material to the
expectancy of the life of the insured was incorrectly made in the proposal or other
document on the basis of which the policy was issued or revived or rider issued. The
insurer shall have to communicate in writing to the insured or the legal representatives or
nominees or assignees of the insured, the grounds and materials on which such decision
is based.
No insurer shall repudiate a life insurance policy on the ground of fraud if the insured can
prove that the mis-statement or suppression of a material fact was true to the best of his
knowledge and belief or that there was no deliberate intention to suppress the fact or
that such mis-statement or suppression are within the knowledge of the insurer. In case
of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not
alive.
In case of repudiation of the policy on the ground of misstatement or suppression of a
material fact, and not on the grounds of fraud, the premiums collected on the policy till
the date of repudiation shall be paid.
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Nothing in this section shall prevent the insurer from calling for proof of age at any time if
he is entitled to do so, and no policy shall be deemed to be called in question merely
because the terms of the policy are adjusted on subsequent proof that the age of the life
insured was incorrectly stated in the proposal.
For complete details of the section and the definition of ‘date of policy’, please refer
Section 45 of the Insurance Act, 1938, as amended from time to time.
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Toll free no.: 1800 267 9090 (Customer Service Timing: 24X7) | SMS ‘LIBERATE’ to 56161
| Email: info@sbilife.co.in | Web: www.sbilife.co.in
SBI Life Insurance Company Limited and SBI are separate legal entities.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing
bonus or investment of premiums. Public receiving such phone calls are requested to lodge a
police complaint.
Trade logo displayed above belongs to State Bank of India and is used by SBI Life under
license. SBI Life Insurance Company Limited. Registered and Corporate Office: Natraj, M V
Road & Western Express Highway Junc on, Andheri (East), Mumbai - 400 069. | IRDAI Regn.
No.111. | CIN: L99999MH2000PLC129113
3F/ver1/09/24/BR/ENG
