• Investment
  • Term Life

SBI Life Saral Maha Anand

SBI Life - Saral Maha Anand is an investment cum insurance plan offered by SBI Life. SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.

SBI Life - Saral Maha Anand Plan is a unit linked, non-participating life insurance plan which offers twin benefits of market-linked returns and security of life insurance cover with no medical examination. This plan is an excellent combination of security, flexibility, simplicity, affordability and liquidity.

Note: All information has been sourced from the official website of SBI Life.

Features of SBI Life - Saral Maha Anand Plan

The features of this plan are:

  • Guaranteed additions of upto 30% on annualised premiums
  • Rider Options - SBI Life - Accidental Death Benefit Linked Rider
  • There is no medical check-up required
  • There is no premium allocation charge post the 11th policy year
  • You can make partial withdrawals post the 5th policy year
  • Flexibility to allocate your investments as per your risk appetite in the 3 fund options
  • Hassle-free joining process

Benefits of SBI Life - Saral Maha Anand Plan

The benefits of this plan are:

  • Maturity Benefit - On survival of the life assured upto maturity, the Fund Value is paid in a lump sum. You can also take the maturity benefit via settlement option. Under this option, the maturity benefit is availed in periodic installments of your maturity proceeds within 5 years from the date of maturity. Also, these payments will be made in the form of yearly, monthly, quarterly or half-yearly installments, as chosen by you.

  • Death Benefit - In case of death of the life assured, the 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 - In case of death of the life assured, a rider provides additional death benefit. The benefit amount is equal to the basic sum assured or minimum Rs. 25,000, subject to an overall maximum amount of Rs. 50 lakhs.

  • Tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961 are applicable.

Eligibility Criteria

The eligibility criteria for this plan is:

Age at Entry

Min: 18 years

Max: 55 years

Age at Maturity

Max 65 years

Plan Type

Regular Premium

Policy Term

10 | 15 | 20 years

Premium Frequency

Single/Yearly/Half-Yearly/Quarterly/Monthly

Premium Paying Term

Same as Policy Term

Premium Range

Minimum:

Yearly - Rs. 15,000

Half-Yearly - Rs. 9,500

Quarterly - Rs. 5,500

Monthly - Rs. 2,000

Maximum:

Yearly - Rs. 29,000

Half-Yearly - Rs. 14,500

Quarterly - Rs. 7,200

Monthly - Rs. 2,400

Policy Details

  • Switching: You can make two free switches at any point of time during the policy term. Minimum switch amount is Rs. 2,000. A charge of Rs. 100 is applicable on every additional switch request.

  • Premium Redirection: - You can make a premium redirection from the 2nd policy year onwards. One premium redirection request is allowed free of charge in a policy year. Every additional request will cost Rs. 100 per redirection.

  • Partial Withdrawal - You can make partial withdrawal post the 5th policy year. You can make two partial withdrawals in one year and not more than 5 partial withdrawals in entire policy term of 10 years or less. If the policy term is above 10 years, then a maximum of 10 partial withdrawals are allowed.

  • Grace Period: You have a grace period of 15 days from the due date for premium payment for monthly and 30 days for quarterly, yearly and half-yearly.

  • Free Look Period: You can review the terms and conditions of this policy within a period of 15 days or 30 days for distance marketing. You have the option to return the policy to the insurer stating the reasons for your objection.

  • Discontinuance of Premium: Under this, you can either revive the policy within a period of 2 years from the date of discontinuance OR completely withdraw from the policy OR convert the policy into a paid-up policy.

If you discontinue within the first 5 years, your fund value on that day will be disinvested and credited to Discontinued Policy fund net of relevant discontinuance charge.

If you discontinue post the 5th policy year, during the revival period, your policy will be deemed to be in force with risk cover, as per terms and conditions of the policy. All applicable charges would continue to be deducted.

In case you wish to completely withdraw from the policy, and the premium is discontinued during the first 5 years, then your fund value on that day will be disinvested and credited to Discontinued Policy fund net of relevant discontinuance charge.

If you discontinue post the 5th policy year, your fund value as on that date will be paid to you immediately.

Discontinuance Charges - These charges are expressed as a percentage of one Annualized Premium or Fund Value.

Year of Discontinuance

Premium upto Rs. 25,000

Premium above Rs. 25,000

1

Lower of 20% x (AP or FV) subject to a maximum of Rs. 3000

Lower of 20% x (AP or FV) subject to a maximum of Rs. 6000

2

Lower of 20% x (AP or FV) subject to a maximum of Rs. 2000

Lower of 20% x (AP or FV) subject to a maximum of Rs. 5000

3

Lower of 20% x (AP or FV) subject to a maximum of Rs. 1500

Lower of 20% x (AP or FV) subject to a maximum of Rs. 4000

4

Lower of 20% x (AP or FV) subject to a maximum of Rs. 1000

Lower of 20% x (AP or FV) subject to a maximum of Rs. 2000

5 onwards

Nil

Nil

Documents Required to buy SBI Saral Maha Anand

The documents required for this plan are:

  • Application/Proposal form
  • KYC Details - Proof of ID and Address
  • Proof of Age
  • Proof of Income - Bank Account Statement
  • SIP/Auto Debit/SI Mandate Form
  • Medical check-up/report if required

Exclusions of SBI Saral Maha Anand

Suicide - In case of death due to suicide of the policyholder within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of death.