SBI Life – Flexi Smart Insurance Plan ReviewSBI 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.Our Advice
– SBI Life – Flexi Smart Insurance Plan
helps the customers to save and invest their money in a guaranteed return investment opportunity along with some flexibility like premium holiday, top up, etc.
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 PlanDeath 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.
– 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
|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
PPT = Regular Pay
Sum Assured = Rs 5,00,000
Total Investment = Rs 25,000 X 15 years = Rs 5,00,000
Additional Features and Benefits of SBI Life – Flexi Smart Insurance PlanRiders
– There are no riders available in this policyTop-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 – Money Back
SBI Life – Sanjeevan Supreme
SBI Life – Shubh Nivesh
SBI Life – Saral Life