SBI Life Flexi Smart Insurance

  • 47 Comments
  •  
  • 47,625  Views

 

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.

 

Compare Endowment Plans

 

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 Shubh Nivesh Plan

SBI Life Saral Life Plan

~ By Deepak Yohannan
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.


Leave a Comment

I have invested rs. 25000/ yearly- under this plan for 5 years . what will be the maturity amount
in this plan after 5 year.?

By Poonam Kunwar on Aug 10, 2013 Reply

Dear Poonam, it is tough to give you this number withou infomation like you age and the SAMF (Sum Assured Multiplication Factor) which you have opted for. Also the person who sold you this policy should have shown you the maturity amounts at 6% and 10% ROIs - they are supposed to show this to you during sale.

Anyway, you can visit this link and check the approximated maturity value for yourself.

http://custombi.sbilife.co.in/flexismart.aspx

Hope this is useful.

Replied By Admin (MIC Staff) on Aug 12, 2013 Reply

Recently i have invest Rs 30000 per year for 10 years policy in sbi life flexi smart insurance.then how much i will receive after maturity

By Rajendra Nathgosavi on Jul 14, 2013 Reply

Dear Rajendra, assuming your age is 35 and the Sum Assured Multiplcation Factor (SAMF) chosen by you at the time of taking the plan is 10 - you would get the following returns:

@6% - Rs. 3,49,241

@10% - 4,37,705

These returns are indicative and IRDA permits assumptions at only these 2 rates. It may eventually be more or less than this.

Replied By Admin (MIC Staff) on Jul 17, 2013 Reply

sir,,, i annualy premium paid Rs 20,000/-, for 10 yrs. and for Rs 4,00,000 /- sum assured, that is self deposited or self money will be Rs 200000/-after 10 yrs. My question is that. only my paid money would return back with some interest or it will be plus with sum assured money ? kindly tell me how much i will be receive after my policy matured.i hope that you will reply me early as possible. thanking you sir. .by( Tapu Puying)

Replied By Tapu Puying on Sep 09, 2013 Reply

Hi Tapu, the interest is calculated on the Premiums paid by you, net off the risk premium and expense premium component. So that will get returned.

You will not get Premium Paid + Sum Assured + Interest.

Hope this clarifies. Do write in for any further clarification.

Replied By Deepak Yohannan (MIC Staff) on Sep 10, 2013

all agents r fraud, just giving us a lollypop & misusing all of us i m getting lots of call now a days. commiting 3500-3600/- per month which is not possible

By Manish Koushal on Apr 04, 2013 Reply

i m investing 50000 per year in smart flexi plan what would be maturity after 20 years in rupees
my age is 28 years

By Dr. Mukund S. Londhe on Mar 03, 2013 Reply

How can we know the current value of one share?

By Philip Mathew on Feb 21, 2013 Reply

premium=99000,age=27,policy term=10 years,premium paying term=yearly,sum assured =990000,total investment=990000, now please send me details my mail that what i will to get on maturity?

By Rajesh Jana on Feb 07, 2013 Reply

good policy

By Hari Om on Aug 18, 2012 Reply

If the yerly premium is Rs. 25000 for 10 years, year of entry is 49 age, Then what is the maturity amount.

By Nagangouda Patil. on Jul 24, 2012 Reply

50000 invest in this policy(flexi smart) every year. agent tell after 5 years return amount will be 490000.
is this realty? pls inform me.
regards,
Abhijit Deb
9911380854

By Abhijit Deb on Jul 16, 2012 Reply

I have selected sbi flexy samrt policy last year. my annual prmimum amount is 5 lakhs. I have paid half yearly payment 2.5 lakhs now iam in due of my premim, beofre paying this i want to know this years intriem intarest rate and also how to pay my premimum amount. please let me know or send some good agent to colllect the same. my contact no 9343207349

By M C Ramesh on Jul 10, 2012 Reply

hi. i want save money for my child. she is 7 months old. which is best plan to save money. after 20 years i want to get 1500000 laks. i will pay every month Rs.1000/- is it possible. pls call and clarify my doubts 8643056521

By Bhagya on Jun 30, 2012 Reply

If yearly premium is Rs.25,000/- at the entry age of 40 and the policy term is 10 years ,please give me an illustration about the approximate returns

By Ashok Pahi on Jun 27, 2012 Reply

If yearly premium is Rs.25,000/- at the entry age of 40 and the policy term is 10 years ,please give me an illustration about the approximate returns

By Ashok Pahi on Jun 27, 2012 Reply

which will be better .......SBI PPF or SBI flexi smart

By Priyanka Umare on Jun 05, 2012 Reply

If yearly premium is Rs. 25, 000/- at the entry age of 30 for 10/20 year term then illustrate what will be the returns in detaile

By Ashish Mishra on Jun 05, 2012 Reply

If yearly premium is Rs. 30, 000/- at the entry age of 36 for 10year term then illustrate what will be the returns in detail

By Rajkumar on May 31, 2012 Reply

flexi smart is best riders in policy

By Srikanthreddy on May 27, 2012 Reply

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 Reply

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 Reply

If you are looking for returns in 3-5 years or you have emergency need for which you may have to surrender policy, please don't go for Insurance as a Investment.
You can have a term plan to cover your risk, which costs very less amount and for investment in short term go for other investment products where you can withdraw your principal amount with less returns.

By Deepak on Apr 06, 2012 Reply

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 Reply

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 Reply

hi
I have invest 40000 pa for 10 years .What amount I should receive after 10 years.....

By Surya on Mar 07, 2012 Reply

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 Reply

i want to know about sbi life insurance smart flaxi.

By Akhilesh Kumar Yadav on Feb 09, 2012 Reply

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 Reply

compare the plan with LIC's BIMA ACCOUNT.
SBI Life flexi smart assures 2.5% interest. whereas LIC's Bima Account assured return is 6% per annum(Daily compounded)

By Gopal on Jan 31, 2012 Reply

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

By Visweswara Sarma on Jan 30, 2012 Reply

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 Reply

bakwas policy hai ekdum. koi mat lena...

By Shairan on Jan 30, 2012 Reply

Just wanted to know , this polacy is avialble or not now

By Sreedhar on Jan 28, 2012 Reply

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 Reply

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 Reply

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 Reply

please give me the best monthly plan for 5 years

By Sandeep Jain on Jan 16, 2012 Reply

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

By Deepak Kumar on Jan 11, 2012 Reply

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 Reply

Sbi life flexi smart plan. I am investing 40000 annually how much i ll get after 3 n 5 years

By Sasi on Dec 06, 2011 Reply

please tell me if any miss hapening hapend in between 2-3 years how much amount reveive my nominee ?

By Naveen Kumar on Nov 25, 2011 Reply

I have paid premium of Rs.30,000- for flexi smart plan from your ahmedabad agent .He give me assurance of minimum 9.5 % interest plus bonus .pl. conform me of such policy
C.M.Thakkar

By C.M.Thakkar on Nov 23, 2011 Reply

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 Reply

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 Reply

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

By Jatin on Sep 10, 2011 Reply

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

By Sanju Rawat on Aug 27, 2011 Reply

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

By Firoz Akhtar Ansari on Aug 27, 2011 Reply

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 Reply

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 Reply

Know more about this policy

Date of Birth

  

  I agree to the Terms & Conditions
  and Privacy Policy.

Save Tax and Protect your Family
MyInsuranceClub.com is Approved Web Aggregator

Stay Connected!