The Hindu Business Line : SBI Life Sanjeevan Supreme

The policy tenure is divided into the premium payment, the growth and the money-back periods. You can choose from four plans, each with a specified combination of premium payment , growth and money back periods.

For instance, if you take a policy for 15 years, you pay premiums for six years and allow the money to grow for four. For the next five years, you will receive 20 per cent of the sum assured per annum. You get a life cover for the entire 15 years. You also get a bonus, which is not guaranteed, at the end of the term.

In case of death during the plan term, the entire sum assured along with accrued bonus till the date is payable in addition to the earlier payouts.

Riders

You can opt for a term assurance cover and an accidental cover on payment of additional premium. Under the term assurance rider, the nominee gets an additional sum equal to the sum assured.

If the policyholder meets with an accident, resulting in total permanent disability, 10 per cent of the sum assured is paid out in 10 annual instalments under the Accident Rider.

All other rider cover ceases to exist thereafter. The base cover continues, provided all premiums due are paid.

Premium rebate

A rebate of 2 per cent in the case of annual premiums and a rebate of 1 per cent on half-yearly premiums are given.

Additional rebates are available on policies with sum assured exceeding Rs 1 lakh. A special rebate of 5 per cent on the standard premium rate is given for women applicants.

Suitability

The plan is similar to other limited premium plans available. It is suitable for people who want to accumulate in a short term and receive the money at a later date.

(Readers are requested to compare products featured under this column with similar ones offered by other players.)

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