SBI Life Smart Elite Plan
SBI Life Smart Elite Plan is a Unit Linked Insurance Plan. It is a Non-Traditional Insurance Plan without Bonus facility.
Key Features
It is a plan Unit Linked Insurance Plan with Single and Limited Premium Paying facility
There is no Premium Allocation Charges in this plan from the 6th policy year onwards
This plan offers 2 protection options namely Gold and Platinum
Under Gold Option, Death Benefit is higher of Sum Assured or Fund Value
Under Platinum Option, Death Benefit is Sum Assured plus Fund Value
The Fund Value is paid as Maturity Benefit in this plan
This plan offers an option to increase/decrease the Sum Assured from 6th policy year onwards
There is an inbuilt rider of Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) benefit in this plan
The Accidental Benefit is payable only once in this plan, in the event of Death or Disability whichever occurs first
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets:
- Under Gold Option: Higher of Sum Assured or Fund Value as Death Benefit
- Under Platinum Option: Sum Assured + Fund Value as Death Benefit
When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
- Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) Benefit
- Index Fund
- P/E Managed Fund
- Equity Elite Fund II
- Balanced Fund
- Bond Fund
- Money Market Fund
The minimum amount of switch is Rs 5000 and there are 2 free switches each year in this plan. A charge of Rs 100 will be charged for any switch after the free ones.
is allowed from the 6th Policy Year onwards. This plan offer 1 free Partial Withdrawal in each Policy Year, post which there is a charge of Rs 100 for each withdrawal. A maximum of 2 Partial Withdrawals are allowed in one Policy Year and a maximum of 5 in the entire Policy Tenure of 10 years or less upto a maximum of 10 for Policy Tenure more than 10 years. The Minimum amount of Partial Withdrawal is Rs 5000 upto a maximum of 15% of the Fund Value.
How it works
In this plan, premium needs to be paid in a lump sum under Single Premium Paying Mode or for a limited period under Limited Premium Paying Mode.
This plan offers 2 options for choosing protection level- Gold and Platinum, which needs to be chosen according to the life stage and requirement. If the Gold Option is chosen, the Death Benefit under this plan would be Higher of Sum Assured or Fund Value, subject to 105% of total premiums paid till date. However, if the Platinum Option is selected, then there is double Death Benefit under this plan of Sum Assured + Fund Value, subject to a minimum of 105% of total premiums paid till date.
On survival till the end of the Policy Tenure, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates. There is an inbuilt rider of Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) benefit in this plan.
Eligibility
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
For Limited Premium Paying Term- For Ages below 45 yrs : 10 X Annual Premium (AP) For Ages 45yrs & above: 7 X AP For Single Premium (SP) – For All Ages : 1.25 X SP |
For Limited Premium Paying Term - For All Ages - 20 X AP For Single Premium – For All Ages - 5 X SP |
Policy Term (in years) |
5 |
20 |
Premium Payment Term (in years) |
Single |
Limited-5, 8 or 10 |
Entry Age of Life Insured (in years) |
18 |
60 |
Age at Maturity (in years) |
- |
65 |
Annualized Premium (in Rs.) |
1,50,000 for Limited 2,00,000 for Single |
No Limit |
Payment modes |
Single /Yearly /Half-yearly /Quarterly / Monthly |
FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate as applicable to the savings bank account of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee. The policy can however be revived within a period of 2 years from the due date of the first unpaid premium.
If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate as applicable to the savings bank account of State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.
There is no loan available under this plan.