SBI Life: Another new scheme from SBI.. Rs. 25 lakh insurance.. Premium money will be returned!
Samayam November 19, 2024 10:30 AM
SBI Life: State Bank of India subsidiary SBI Life has brought a new term plan. It said that this term life plan can be taken with self verification without the need of health tests. Same as SBI Life Smart Swadhan Neo Policy. In this, insurance coverage is provided up to a maximum of Rs.25 lakhs. Not only that, it also refunds the premium paid by you. Let's find out the details.
SBI Life: Life insurance is a must these days. Stands by the policyholder's family in case of any unforeseen event. However, policies with savings do not provide a large amount of coverage. But, term life insurance policies offer a large amount of insurance coverage. However, the premium paid is non-refundable. Due to this, many people take a step back to take term plans. SBI Life has given good news to all such people. It has brought a new insurance policy term plan which provides a large amount of insurance coverage and finally returns the premium in full . Same as SBI Life Smart Swadhan Neo Policy.
This policy can be purchased without the need for any medical examination. It also introduced this new policy of purchasing this plan with self-verification of income. Anyone between the age of 18 years to 60 years can buy this Smart Swadhan Neo policy. SBI Life has said that the minimum insurance cover in this policy is Rs.5 lakh to maximum Rs.24.9 lakh. The minimum premium to buy this term plan is Rs.5 thousand. This term plan can be chosen between 15 years to 30 years. Allowing the premium to be paid at once instead of in installments.
100 percent of the premium is returned to the policyholder as per the terms and conditions after the maturity of the policy. However, if the policy holder dies during the policy term, the sum insured will be compensated. If a policy is purchased for Rs.25 lakh, the entire amount will go to the policyholder's family. That means the insurance coverage depends on their premium. And if the policy is surrendered after paying the premium for two years, the company will refund the assured surrender value.
On the other hand, those who feel that the amount of insurance offered by Smart Swadhan Neo Term Plan is not sufficient can purchase other riders. An accidental benefit rider can be added to this policy. SBI Life said that it is at least Rs.50 thousand to Rs.74 lakh and 70 thousand. It is also said that it is possible to get a loan up to 50 percent of the property value. That means the premium will be returned along with the insurance coverage. Later, if required, a loan can also be taken on the policy document.
