SBI Life Insurance Unveils Two Term Plans With Return Of Premiums
State Bank of India (SBI) Life Insurance has recently unveiled two products: ‘SBI Life - Saral Swadhan Supreme’ and ‘SBI Life - Smart Swadhan Supreme’. These products not only provide life cover but also offer the benefit of a return of premiums at maturity. The plans provide a lump sum benefit in case of the policyholder’s demise during the policy term and also refund the total premiums paid if the life assured survives the policy term.
The new products cater to the evolving needs of consumers, providing flexibility in choosing premium payment terms, policy duration, and premium payment frequency, among other features. Policyholders can opt for regular premium payments or choose a limited premium payment term of seven, ten, or fifteen years. The policies also offer a flexible policy term ranging from ten to thirty years, providing tailored solutions to meet diverse financial goals.
Upon maturity, policyholders are entitled to receive 100 per cent of the total premiums (the sum of all premiums received, excluding any extra premium, rider premiums, and taxes) paid during the policy's duration.
Both these policies offer a minimum sum assured of Rs 25 lakh. However, SBI Life - Saral Swadhan Supreme is capped at Rs 50 lakhs, and SBI Life Smart Swadhan Supreme has no upper limit for the maximum sum assured.
Abhijit Gulanikar, President, Business Strategy, SBI Life Insurance, said, "The insurance solutions embody the essence of affordability, simplicity, and flexibility, addressing the distinctive insurance needs of protection and the return of premium in case the insured event does not occur.”
He further added that in an era where each financial decision carries weight, they believe that these solutions go beyond traditional insurance and represent a secure and tailored approach to life insurance, where protection meets convenience.
