SBI Life · Term · Pure Term
Smart Swadhan Neo
A return-of-premium term plan with smaller, more accessible sum assured limits (up to ~₹25 lakh) than SBI Life's Supreme variant, plus optional accident riders.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeProtection
CategoryPure Term
InsurerSBI Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A return-of-premium term plan with smaller, more accessible sum assured limits (up to ~₹25 lakh) than SBI Life's Supreme variant, plus optional accident riders.
You might need this if…
- You might need this if you want a return-of-premium term plan but don't need (or can't afford) the ₹25 lakh+ minimum cover of the Supreme variant.
- You might need this if you want flexible premium terms — single pay, limited pay (7/10/15 years), or regular pay across a 15-30 year term.
- You might need this if you want to layer on Accidental Death and Partial Permanent Disability cover through a rider.
- You might need this if getting all your premiums back at maturity, with no waiting period restriction on the maturity benefit, matters to you.
How it actually works
- Sum assured ranges from ₹5,00,000 to ₹24,90,000; entry age 18-50; policy terms 15-30 years; maturity age up to 60-75 depending on channel.
- Death benefit (limited/regular pay) is the highest of the sum assured, 10× annualized premium, or 105% of premiums paid; single pay uses sum assured or 125% of single premium.
- Maturity benefit pays back 100% of total premiums paid as a lump sum with no waiting period restriction.
- The Accident Benefit Rider offers Accidental Death cover (up to ₹74.7 lakh or 3× sum assured) and/or Accidental Partial Permanent Disability cover (up to the base sum assured).
- Reduced paid-up value kicks in after the first full policy year if premiums lapse, rather than the policy simply terminating.
- Policy loans are capped at 50% of surrender value, at roughly 8.50% p.a. (FY 2024-25 rate).
Worked example
Mr. Aryan, age 40, buys ₹24,00,000 cover over a 25-year term: annual premium ₹28,595. Death in year 15 pays ₹24,00,000; surviving the full 25 years instead returns ₹7,14,882 (all premiums paid back).
Worth knowing before you decide
- Sum assured is capped at ₹24.9 lakh, so this plan won't suit those needing very large cover — Smart Swadhan Supreme (min ₹25L) is the fit for that.
- Guaranteed Surrender Value requires at least two consecutive years of premiums to be paid first.
- Suicide within 12 months of commencement pays at least 80% of premiums paid, not the full sum assured.
- This is a non-participating plan — it does not share in company profits, so there are no bonus additions to the maturity payout.
Official source
⌟ Official product brochure
Learn about this category
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