SBI Life’s “Saral Sanchay” plan
Recently, SBI Life has added a new plan to the life insurance cum savings plans list. It is the Saral Sanchay plan. The plan has features of a variable insurance plan that is non-linked and non-participating. Here are the features of the plan:
- The entry has been limited to under 18 years. The maximum age that people can avail this plan is 60 years.
- The Saral Sanchay plan has both the benefits of life insurance and savings plans.
- The floor rate of one percent per annum has been fixed by SBI Insurance. This will be paid throughout the policy term.
- Individuals under the plan can make partial withdrawals in case of emergencies after the 6th year of starting the plan.
- Only in-force policies are allowed for partial withdrawals.
- The Minimum age for entry for this plan is 18 and the maximum age is restricted to 60 years.
- If death occurs in the time of policy term, then the insurance company will pay highest of A, B, C, and D. A is the sum assured, B is 105 percent of the total premiums which were paid, C include total premiums and top-up premiums paid before death, and D is the balance in the individual’s IPA as on date of maturity.
- In case of maturity, the company will pay the individual the higher of A or B. Individuals can also avail tax benefits towards the premium that has been paid.
For more details, visit their website.
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