The SBI Life - Swadhan (Group) under Group Employee Benefit Products is a conventional term assurance policy. This policy comes with refund of total or partial basic premium which is paid to the policy holder at the end of the term of the policy.
This policy gives the facility to take a cover range from 5 – 10 years. In case of any unfortunate death the nominee will get the entire sum assured as a lump sum payment.
If the policy holder under this policy survives for the entire term of the policy he or she would be eligible for the refund of the premium depending on the term of the policy. If the policy is for 5 years the policy holder will be eligible for the refund of 50% of the total premium paid.
The key features of SBI Life - Swadhan (Group) under Group Employee Benefit Products are as follows:
- The protection under this plan is available under affordable premiums.
- The life cover under this plan comes without any cost.
- This plan gives 5% rebate for female lives.
- It also has rebates of high sum assured.
- This plan also has a flexible benefit of premium paying mode.
- This plan gives a free lock period of 15 days.
- On the survival of the policy holder till the end of the policy a guaranteed refund of the basic premium is given depending up on the term of the policy.
- This policy is applicable under tax benefit u/s 80 C and 10 (10 D) of IT Act.
- The minimum policy term is 5 years and maximum policy term is 10 years.
- The minimum entry age for the policy is 18 years and the maximum entry age for the policy is 55 years.
- The minimum sum assured for the policy is Rs. 3, 00,000 (in multiple of Rs. 10,000) and the maximum sum assured for the policy is Rs.1 Crore.
- No riders are available under this policy.