SBI Life CSC Saral Sanchay Plan

SBI Life CSC Saral Sanchay Plan


SBI Life CSC Saral Sanchay Plan is an individual, non-linked, non-participating purely life insurance plan that aims to help you achieve your financial goals as well as provides protection from unforeseen events to your family. The plan is a savings cum insurance scheme which is easy to avail and benefit from. The most unique feature of this SBI life insurance plan is that a guaranteed rate of interest of 1% per annum is payable to the policyholder throughout the policy period.

SBI Life Saral Sanchay Plan is a standard savings cum insurance policy. The policy gives you the flexibility to choose your premium amount and the premium payment frequency. Depending upon the premium paid and the age of the life insurance policyholder at entry, the sum assured is calculated. The premiums accumulate into your Individual Policy Account after policy premium allocation charges are deducted. The policy lets you earn a standard interest rate of 1% per annum per policy year. The sum assured under the SBI Life CSC Saral Sanchay is limited to Rs.2,00,000 and individuals are free to avail more than one policy against their name.

Features of the SBI Life CSC Saral Sanchay Plan

  • This is a traditional Endowment plan which does not participate in the profits of the company and hence does not earn bonus.
  • The plan provides the benefit of insurance and savings which can be purchased easily from an authorized Common Service Center (CSC) under the National               e-Governance Plan. 
  • The plan pays a guaranteed interest of 1% every year throughout the policy tenure.
  • Partial withdrawals are allowed under the plan from the 6th policy year.
  • Top-ups are also allowed where the policyholder can invest extra premium.

Benefits of SBI Life CSC Saral Sanchay Plan


  • Maturity Benefit – If the policyholder survives till the end of the term and has paid all due premiums, the maturity benefit would be payable to him which would be higher of:
    • Total premiums paid including any top-up premium paid compounded @1% less any partial withdrawals made
    • The balance available in the IPA.


  • Death Benefit – If the insured dies during the term of the plan and all premiums have been paid, highest of the following will be paid out as death benefit:
    • The Sum Assured including any increased Sum Assured due to top-ups made
    • 105% of all premiums paid including any top-up premium paid till the date of death
  • Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.
  • Policy loan: Loans are not offered against the SBI Life CSC Saral Sanchay insurance scheme
  • Partial Withdrawal: After 5 years of policy, policyholders are free to partially withdraw from their deposited policy amount


Working of SBI Life CSC Saral Sanchay Plan

  • Being a variable insurance plan, the premiums paid would be invested in an Individual Policy Account (IPA) after deducting the premium allocation charge.
  • The Sum Assured is expressed as a multiple of the annual premium paid and would therefore depend on the premium amount.
  • A Minimum Floor Rate (MFR) would be added to the IPA every financial quarter @1% till death, surrender or maturity, whichever is earlier.
  • An Additional Interest Rate of 4% of the IPA would be added at the start of each quarter for first 5 policy years. After this, the rate would reduce to 0.5% of the IPA from the 6th year onwards.

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