SBI Life Flexi Smart Insurance

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SBI Life Flexi Smart Insurance Plan

 

SBI Life – Flexi Smart Insurance Plan is a traditional endowment Life Insurance Policy where the nominee would receive both the Sum Assured and the balance of the Policy Account, which is invested, as Death Benefit. On Maturity the policyholder would receive the balance of the Policy Account plus Terminal Interest that is declared.


 

Key Features of SBI Life Flexi Smart Insurance Plan

 

  • This plan has a Guaranteed Interest Rate of 2.5% p.a. for the entire policy term + Interim Interest Rate that will be guaranteed for that year + Additional Interest Rate.
  • Sum Assured can be increased or decreased at any time
  • There is an option of 1 to 3 years of Premium Holiday during the policy tenure.
  • This policy has a feature of Top Up premiums that can be paid. 

 

 

Benefits you get from SBI Life Flexi Smart Insurance Plan

 

Death Benefit – In case of death of the Life Insured, the nominee would get

  • Death Benefit which is Balance of Policy Account at the time of death intimation + Sum Assured.
  • In case of death of Life Assured, when Policy is in Premium Holiday mode, Death Benefit will be Balance of Policy Account at the time of death intimation + Sum Assured MINUS unpaid risk premium component along with applicable taxes. 

Maturity Benefit – On maturity, the balance Policy Account + Interest Declared is paid to the policyholder.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions and other restrictions in SBI Life Flexi Smart Insurance Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

10 X Annualized Premium

20 X Annualized Premium

Policy Term (in years)

10

20

Premium Payment Term (in years)

Equal to policy term

Entry Age of Policyholder (in years)

8

60

Age at Maturity (in years)

NA

70

Single Premium (in Rs.)

NA

NA

Payment modes

Yearly, Half Yearly, Quarterly and Monthly

 

 

Sample illustration of premium amount in SBI Life Flexi Smart Insurance Plan

 

Premium = Rs.25,000

Age = 30 years and 40 years

Policy Term = 20 years

Premium Paying Term = Regular Pay

Sum Assured = Rs 5,00,000

Total Investment = Rs 25,000 X 15 years = Rs 5,00,000

 

 SBI Life Flexi Smart Insurance Plan Sample illustration

 

 

Additional Features and Benefits of SBI Life Flexi Smart Insurance Plan

 

Riders – There are no riders available in this policy

 

Top-up - Minimum Top Up amount is Rs 2,000 and at any point of time during the policy term, the total top-up premium paid shall not exceed the sum total of regular premiums paid at that point of time

 

 

What happens if?

 

You stop paying the premium before 3 years - If the policy holder stops paying the premium, the insurance cover will cease and the policy is converted to a Paid Up Policy. The policy can however be revived within 12 months from the date of first unpaid Premium. If the policy is still not revived with 12 months, then the Surrender Value will be paid on the first working day of the fourth policy year.

 

You stop paying the premium after 3 years - If the policy holder stops paying the premium after 3 years, then also the policy has 12 months of time for revival. If the policy is still not revived with 12 months, then the Surrender Value will be paid and the policy would be terminated.

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 3 years, then the Surrender Value will be paid only after completion of 3 years. There is a 2% charge in the 4th and the 5th year. There is no charge levied for surrender after completion of 5 policy years.

 

You want a loan against your policy - There is no loan available under this plan.

 

 

Alternate Endowment Plans from different insurance companies

 

IndiaFirst Secure Save Plan

ICICI Prudential GSIP

HDFC Life Sampoorn Samridhi Insurance Plan

 

 

Other Endowment Plans from SBI Life Insurance

 

SBI Life Sanjeevan Supreme

SBI Life Shubh Nivesh

SBI Life Saral Life

Note: This is a statement of facts based on the information collected from the SBI Life Flexi Smart Insurance brochure and insurance company's website. It should not be construed as a Critical or Favourable SBI Life Flexi Smart Insurance Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


yearly premium is Rs. 50,000/- at the entry age of 35 for 10year term sum Assured Rs.5,00,000/ and premium paid for one years Date 17/12/2011 so yearly premium is highy so my policy correction and yrarly premium paid is Rs.25000/ yes or no pl.reply & then illustrate what will be the returns in details and close after 3 years what will be surrender value.

By madan lal gupta on May 10, 2012

pl help me ,which one is good policy b/w sbi smart performer&sbi flexi smart for 50000 premium?

By ravi on Apr 10, 2012

If yearly premium is Rs. 15, 000/- at the entry age of 35 for 10year term then illustrate what will be the returns in details and close after 3 years what will be surrender value.

By rajeshwar prasad rathore on Apr 05, 2012

Call me for policy details and to invest in Sbilife produts.
+919873733809

By Deepak on Apr 01, 2012

sir my present age is 36 i want to open flexi smart insurance plan for 10 years , of 25,000 Rs. per year so after 10 years what will be the amount i will get and would i have to pay the tax on the big amount i will get that time

By sanjeev chopra on Mar 15, 2012

If yearly premium is Rs. 15, 000/- at the entry age of 27 for 10year term then illustrate what will be the returns in detail

By nagarathinam on Mar 04, 2012

if

By .V.S.Srivastava on Feb 13, 2012

i want to know about sbi life insurance smart flaxi.

By akhilesh kumar yadav on Feb 09, 2012

sir my present age is 24 i have opened flexi smart insurance plan for 20 years , i pay premium of 20,000 Rs. per year so after 20 years what will be the amount i will get and would i have to pay the tax on the big amount i will get that time

By vipul d pawar on Feb 04, 2012

By on Feb 04, 2012

sir i want to know about FLEXISMART policy please send details as early as possible

By visweswara sarma on Jan 30, 2012

sir I am 36 year old, I want want maturity benifit policy for self and chidren kindly suggest me

By Praveen Singh Panwar on Jan 30, 2012

bakwas policy hai ekdum. koi mat lena...

By shairan on Jan 30, 2012

If yearly premium is Rs.60000 at the age of 37 for 20 year term in sbi flexi smart then illustrate what will be return at the end of the term

By R. JOHN RATHINARAJ on Jan 25, 2012

My death of birth is 19-09- 1955. I am a practising lawyer. Will it be prudent to take this policy even for 10 yrs term to obtain IT BENIFIT ?

By amitabha som on Jan 23, 2012

If yearly premium is Rs. 25, 000/- at the entry age of 35 for 12year term then illustrate what will be the returns in detail

By purnachandra sahu on Jan 22, 2012

information

By sandeep kumar on Jan 17, 2012

please give me the best monthly plan for 5 years

By sandeep jain on Jan 16, 2012

Hi,
Plz send me child plan releted best policy
via calll.......................+919982912161

By Deepak Kumar on Jan 11, 2012

BS low - rationality high! Really good aneswr!

By Servena on Jan 07, 2012

what are the guaranteed return of investment if one person of paid at the age of 52 year
paid 3 installment what return after 5year

By Dinesh Kumar Purohit on Dec 24, 2011

i invest 50000 on Dt:15/11/2011 annually premium product/plan SBI Life - Flexi Smart Insurance my police no 560 04778 503 i want every detail of this polyce

By Mr Pareshkumar S Shah on Nov 21, 2011

If yearly premium is Rs. 15, 000/- at the entry age of 25 for 10year term then illustrate what will be the returns in detail

By sachin on Oct 17, 2011

sorry 10 or 20 times

By jatin on Sep 10, 2011

@firoz term is 10-20 year and insurance amount is 10 or times of annual premium

By jatin on Sep 10, 2011

mujhe flexi smart ke intrem bonus ke bare mai btao ple..................

By sanju rawat on Aug 27, 2011

PLEASE WRITH MINIMUM AND MAXIMUM TERM PERIOD AND AMOUNT AND INSURED AMOUNT.

By FIROZ AKHTAR ANSARI on Aug 27, 2011

what are the guaranteed return of investment if one person of paid at the age of 58 year paid 3 installment what return after 10year

By bavishi darshak m on Aug 11, 2011

fiexi smart insurance

By RAJESH H. SORATHIYA on Aug 05, 2011

please explain me about health insurance policy detaily. I am doing project in that topic in your company please help us to do well..............

By k.mani mekalai on Jul 29, 2011

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