What policy terms and premium payment options are available?

You can pay regular premiums (policy term 10 to 30 years) or pay for a limited 7 or 10 years (policy term 15 to 30 years) or 15 years (policy term 20 to 30 years). Premiums can be paid yearly, half-yearly or monthly.

How much does it cost?

The minimum premium is ₹6,000 a year (₹3,060 half-yearly or ₹510 monthly). In SBI Life's brochure, a 30-year-old taking ₹1 crore for 30 years with regular pay pays ₹22,284 a year and would get ₹6,68,520 back at maturity. Your actual premium depends on your age, cover and term.

Is Smart Swadhan Supreme better than a pure term plan?

It depends on your goal. A pure term plan gives the same cover for a much lower premium, but pays nothing if you survive. Smart Swadhan Supreme costs more because your premiums are returned at the end, without interest.

What happens if I miss a premium?

SBI Life gives a grace period of 30 days for yearly and half-yearly premiums and 15 days for monthly premiums, and the policy stays in force during this time. If the premium is still unpaid, the policy lapses or becomes paid-up, depending on whether the first full year's premium has been paid.

Can I revive a lapsed policy?

Yes, within 5 consecutive complete years from the first unpaid premium and before maturity. You need to pay all overdue premiums with interest and show proof of continued insurability, and revival is subject to SBI Life's underwriting policy.

Can I surrender the policy or take a loan against it?

You can surrender an in-force or paid-up policy after at least one full year's premium. A guaranteed surrender value applies after two full years of premiums, and a special surrender value after one. A policy loan of up to 50% of the surrender value is available once the policy has a surrender value.

Is the premium eligible for tax benefits?

Tax benefits are available as per the prevailing income tax laws and can change over time, so check with your tax advisor. Since 22 September 2025, individual life insurance premiums are also exempt from GST.

How do I contact SBI Life or make a claim?

Call the toll-free number 1800 267 9090 (24x7), email info@sbilife.co.in, or send an SMS 'LIBERATE' to 56161. Death claims are made by the nominee, who must submit the claim form and documents listed in the policy document.

SBI Life Smart Swadhan Supreme Review

Q: What is the minimum and maximum cover?

The basic sum assured starts at ₹25 lakh, in multiples of ₹50,000, with no upper limit, subject to SBI Life's underwriting policy.

Q: Can I cancel the policy after buying it?

Yes. You have a free look period of 30 days from receiving the policy document. If you cancel, you get a refund of the premium paid, minus a proportionate risk premium for the period of cover and any medical examination and stamp duty costs.

Smart Swadhan Supreme Overview

SBI Life Smart Swadhan Supreme (UIN 111N140V02) is an individual, non-linked, non-participating life insurance savings plan with return of premium. If you die during the policy term, your nominee receives the sum assured on death as a lump sum. If you survive to the end of the term, SBI Life returns 100% of the total premiums you paid, also as a lump sum, provided the policy is in force. The basic sum assured starts at ₹25 lakh with no upper limit (subject to SBI Life's underwriting policy), and entry age is 18 to 60 years with cover up to a maximum age of 75 at maturity. Policy terms run from 10 to 30 years, and you can pay regular premiums or pay for a limited period of 7, 10 or 15 years. An optional Accident Benefit Rider can add accidental death and accidental partial permanent disability cover, and the plan is available online.

Return of premium plan with cover from ₹25 lakh and no upper limit, 10 to 30 year terms, and your premiums returned if you survive the term.

Expert Review of Smart Swadhan Supreme

Smart Swadhan Supreme is built for people who want life cover and also want their money back if nothing happens. It offers a high starting cover of ₹25 lakh with no upper limit, so it can work for real family protection needs, which is not true of every return-of-premium plan. The trade-off is price and the quality of the refund. Because the premiums are returned, you pay noticeably more than for a pure term plan of the same cover, and the refund is only the premiums paid, with no interest added. Over a 25 to 30 year term, inflation reduces the real value of that refund. If your main goal is the largest cover at the lowest cost, a pure term plan such as SBI Life Smart Shield Plus is the more efficient choice. Choose this plan if you value the guaranteed refund, want to finish paying early with the 7, 10 or 15 year limited pay options, and are comfortable paying more for that. Check the exact premium for your age and cover on SBI Life's quote tool before buying, and note that entry is closed after age 60.

Pros

Returns 100% of the total premiums paid as a lump sum if you survive the policy term.
High cover from ₹25 lakh with no upper limit, subject to SBI Life's underwriting policy.
Death benefit is the higher of the basic sum assured, 11 times the annualised premium or 105% of the total premiums paid.
Pay regularly or for a limited 7, 10 or 15 years, with policy terms from 10 to 30 years.
Optional Accident Benefit Rider adds accidental death (up to 3 times the base sum assured) and partial permanent disability cover.
A policy loan of up to 50% of the surrender value is available, and the policy can continue as paid-up after the first full policy year.

Cons

Costs noticeably more than a pure term plan for the same cover, because the refund of premium is built into the price.
The refund equals only the premiums you paid, with no interest, so its real value falls with inflation.
Entry is allowed only up to age 60 and cover ends by a maximum age of 75 at maturity.
The minimum cover is ₹25 lakh and the minimum premium is ₹6,000 a year, so it does not suit very small budgets.
Early exit is costly: if the first full year's premium is unpaid the policy lapses with no benefit, and a guaranteed surrender value applies only after two full years of premiums.

About SBI Life (Insurer Profile)

SBI Life

Key Insights

Founded

2001

SBI Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.

Claims Experience

98.3% CSR, calculated as a 3-year average

SBI Life settles 98.3% of all claims it receives, demonstrating strong credibility.

Contact Details

1800 267 9090

Headquarters: Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai – 400 069, Maharashtra, India

Smart Swadhan Supreme Features and Benefits

Return of premium on survival

If you survive to the end of the policy term, SBI Life pays 100% of the total premiums paid as a lump sum, provided the policy is in force.

Total premiums paid exclude taxes, rider premiums and any extra premiums, and no interest is added.

Death benefit

If you die during the policy term, your nominee receives the sum assured on death as a lump sum. It is the higher of the basic sum assured, 11 times the annualised premium, or 105% of the total premiums paid up to the date of death.

Applies only to in-force policies.

Sum assured

The basic sum assured starts at ₹25 lakh in multiples of ₹50,000 with no upper limit, subject to SBI Life's underwriting policy.

Higher covers need to clear underwriting.

Entry age and maturity age

Entry age is 18 to 60 years and the maximum age at maturity is 75 years.

Ages are age last birthday on the date of proposal.

Policy term and premium payment options

Regular premium: policy term of 10 to 30 years. Limited pay for 7 or 10 years: policy term of 15 to 30 years. Limited pay for 15 years: policy term of 20 to 30 years.

A shorter payment term means higher yearly premiums for the same cover.

Premium frequency and premium limits

Premiums can be paid yearly, half-yearly or monthly. Half-yearly premiums carry a loading of 51% of the annual premium and monthly premiums 8.5% of the annual premium. The minimum premium is ₹6,000 a year, ₹3,060 half-yearly or ₹510 monthly, with no maximum limit subject to underwriting.

Paying yearly is the cheapest way to pay.

Indicative premium

In SBI Life's brochure, a 30-year-old taking a sum assured of ₹1 crore for a 30-year term with regular pay pays ₹22,284 a year (excluding taxes) and gets ₹6,68,520 back at maturity.

This is an illustration. Your premium depends on your age, health, cover and term.

Free look period

You have 30 days from receiving the policy document to review the terms and return the policy if you disagree. You get a refund of the premium paid, minus a proportionate risk premium for the period of cover and any medical examination and stamp duty costs.

Cancellation request must be in writing, stating the reasons.

Grace period

You get 30 days from the premium due date for yearly and half-yearly premiums and 15 days for monthly premiums. The policy stays in force during the grace period.

If death occurs in the grace period, the outstanding premiums up to the next policy anniversary are deducted from the benefit.

Lapse and paid-up policy

If the first full policy year's premium is not paid, the policy lapses with no benefit. After the first full year, an unpaid policy continues as a reduced paid-up policy, with a reduced death benefit (minimum 105% of total premiums paid) and a reduced maturity benefit, in proportion to the premiums paid.

Paying all premiums on time protects the full cover.

Revival

A lapsed or paid-up policy can be revived within 5 consecutive complete years from the first unpaid premium and before maturity. You pay all overdue premiums with interest and need to give proof of continued insurability.

Revival interest is based on the 10-year G-Sec rate plus 2%.

Surrender value

You can surrender an in-force or paid-up policy after paying at least one full year's premium. The higher of the guaranteed surrender value and the special surrender value is paid. A guaranteed surrender value applies only after two full years of premiums.

Surrender values depend on the policy year and policy term.

Policy loan

You can borrow against the policy during the policy term once it has acquired a surrender value. The loan is limited to 50% of the surrender value, at an interest rate set by SBI Life each financial year.

The outstanding loan with interest is deducted before any benefit is paid.

Suicide clause

If death is by suicide within 12 months of the policy start, the nominee receives at least 80% of the total premiums paid, provided the policy is in force. For a revived policy, it is the higher of 80% of the premiums paid or the surrender value. The policy then ends.

Death by suicide after 12 months is covered as a normal death.

Tax benefits and GST

Tax benefits are available as per the prevailing Income Tax Act norms, which can change. From 22 September 2025, individual life insurance policies are exempt from GST.

Check with your tax advisor about the benefits that apply to you.

Staff discount

Employees, retired employees, VRS holders, minor children and spouses of employees of SBI Life, State Bank of India, its associated banks, SBI-sponsored RRBs and SBI group subsidiaries get a discount of 7% for 7 and 10 year limited pay, 6.5% for 15 year limited pay and 6% for regular pay.

Staff discount applies to the premium for eligible people only.

Nomination, assignment and Section 45

Nomination and assignment follow Sections 39 and 38 of the Insurance Act, 1938. Under Section 45, a policy can be questioned within 3 years on grounds of fraud or material misstatement, but not on any ground after 3 years.

Disclose all facts accurately in the proposal form.

Contact and customer service

Toll-free 1800 267 9090 (24x7), email info@sbilife.co.in, SMS 'LIBERATE' to 56161, and the Smart Care app. NRI helpline: +91 22 6928 9090.

Death claims are made by the nominee with the claim form and documents.

No critical illness or terminal illness cover

The base plan pays only a death benefit and a maturity benefit. The brochure lists no critical illness or terminal illness benefit, so serious illness is not covered unless you buy separate health or critical illness cover.

Consider a separate critical illness plan if this matters to you.

No interest on the refund

The maturity benefit returns only the premiums you paid. No interest or bonus is added, so the refund loses real value over a 10 to 30 year term.

Compare the extra premium with what a pure term plan plus an investment could earn.

Add-ons of Smart Swadhan Supreme

Accident Benefit Rider (UIN 111B041V01)

An optional rider with two benefits you can choose one or both of: Accidental Death Benefit (up to 3 times the base sum assured, maximum ₹2 crore) and Accidental Partial Permanent Disability Benefit (up to the base sum assured, maximum ₹1.5 crore). Rider entry age is 18 to 65 years and the rider premium cannot exceed 100% of the base premium.

Can be added at inception or on a policy anniversary during the premium payment term. The benefit options cannot be changed later.

What Smart Swadhan Supreme Does Not Cover (Exclusions)

Conditions or treatments that the policy clearly says it will not cover.

Suicide within 12 months of the policy start: the nominee receives at least 80% of the total premiums paid, and the policy then ends. For a revived policy, it is the higher of 80% of premiums paid or the surrender value.
Lapse: if the first full policy year's premium is not paid within the grace period, the policy lapses without paid-up benefits and no benefit is payable.
Non-disclosure: under Section 45 of the Insurance Act, the policy can be questioned within 3 years on grounds of fraud or material misstatement or suppression. After 3 years it cannot be questioned on any ground.
Accidental death and disability cover applies only if you add the Accident Benefit Rider, and it follows the rider's own terms and exclusions.

Disclaimer: For illustration purposes only - exact terms are in the policy wording.

What's missing in Smart Swadhan Supreme

No critical illness or terminal illness benefit in the base plan; the brochure lists only a death benefit and a maturity benefit.

No interest or growth on the refund: you get back only the premiums paid, excluding taxes and any extra premiums.

No monthly income or instalment option for the death or maturity benefit; both are lump sums.

No option to increase cover later; the basic sum assured is fixed when the policy starts.

No waiver of premium rider is listed in the brochure; the only rider offered is the Accident Benefit Rider.

Smart Swadhan Supreme FAQs

What is SBI Life Smart Swadhan Supreme?

It is an individual, non-linked, non-participating life insurance savings plan from SBI Life with return of premium. It pays a death benefit to your nominee during the policy term and returns 100% of the total premiums paid if you survive to maturity.

What does my nominee get if I die during the policy term?

The nominee receives the sum assured on death as a lump sum, provided the policy is in force. This is the higher of the basic sum assured, 11 times the annualised premium, or 105% of the total premiums paid up to the date of death.

What do I get if I survive the policy term?

You receive 100% of the total premiums paid as a lump sum, provided the policy is in force. Taxes, rider premiums and any extra premiums are not part of the refund, and no interest is added.