SBI Life Saral Maha Anand
SBI Life Saral Maha Anand is a unit linked plan by SBI Life. Unit linked plan means an insurance plan which ensures life insurance with capital market benefits. Stock market and capital market are very familiar to ordinary investors. Stock market has become the index of national growth.
No medical examination is needed to join this policy. The process like medical examination will be a headache for ordinary people. Simple joining is promised by this policy. Partial withdrawals are allowed in this policy. Four different funds are here for enjoy the capital market opportunities. Minimum age of entry is 18 years and maximum age of entry is 65 years. Maximum age of maturity is 65 years.
Policy term can be chosen from 10/15/20 years. Premium payment can be done by annually, half yearly, quarterly or monthly. Minimum annual premium is Rs 29000, half yearly Rs 14500, quarterly Rs 7200 and Monthly Rs 2400. Minimum sum assured for age less than 45 is 10 × Annual Premium and age above 45 is 7 × Annual Premium. Maximum sum assured is 20 × Annual Premium.
Partial withdrawals are allowed in this policy. Partial withdrawals are allowed from 6th year. Up to 15% of the fund value can be withdrawn from 6th year. One withdrawal in a financial year will be free. After completion of the policy term, fund value will be paid. The fund value or sum assured, whichever is higher will be paid as death benefit. If you add the Accidental Death Benefit Linked Rider, the additional death benefit will be available if it was in an accident.
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