SBI Life launches CSC product

It is a non-linked, non-participating, variable insurance plan with twin benefits of life insurance cover and savings

SBI Life Insurance has launched ‘SBI Life - CSC Saral Sanchay’, an individual, non-linked, non-participating, variable insurance plan with twin benefits of life insurance cover and savings. This plan aims to help consumers  systematically save to achieve their future goals and at the same time to support one’s family in achieving those goals in the event of any eventuality.

Arijit Basu, MD and CEO, SBI Life said that this plan is aimed at the people who are largely uninsured. "With this offering we are trying to give these families a relief by securing the life of their bread earner and help them save to achieve their goals in the near future,” he said.

‘SBI Life – CSC Saral Sanchay’ provides a guaranteed interest rate of 1 per cent per annum, which will be applicable throughout the policy term. In addition, an additional interest rate (AIR) of 4 per cent per annum will also be applicable during the first 5 years and an AIR of 0.5 per cent will be applicable from the sixth year. Further, at the end of each policy year starting from the 5th policy year, residual additions may be added.



Any individual between 18 - 60 years can purchase this plan from an authorised Common Service Centre (CSC) under the National e-Governance Plan (NeGP) of Government of India. The policy will be issued based on the information provided on their Aadhar card and other enrolment details and the plan can be availed for a policy term of 10 years or 15 years.

The plan provides for benefits on death of the life assured or on maturity of the policy. In addition, it also provides an option of partial withdrawals, which is the flexibility to withdraw a portion of the policy account value from 6th year onwards to cater to liquidity needs. The plan also provides tax benefits as per the prevailing tax laws.