SBI Life Smart Horizon Plan
SBI Life Smart Horizon Plan is a non-participating Unit Linked Insurance Plan (ULIP).
Key Features
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Fund Value or Sum Assured subject to a minimum of 105% of total basic premiums paid till the time of death as Death Benefit and the policy terminates.
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
- Criti Care 13 Rider
- Accidental Death Benefit Linked Rider
- Premium Payor Waiver Benefit Rider
- Income Sustainer Rider
is allowed from the 6th Policy Year onwards or the Life Assured is 18 years of age. 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 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.
Switching is allowed from Plan A and B to Plan C and not vice versa. For switching under Plan C, 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.
In this plan, there are 3 Investment Options to choose from:
- Plan A: Dynamic Plan- where a larger proportion of money is invested in Equity Fund which decreases over time and the exposure in Bond Fund and Money Market Fund rises. This option is ideal for longer tenure. So, the funds under this option are:
- Equity Fund
- Bond Fund
- Money Market Fund
- Plan B: Growth Plan- where the portfolio is automatically balanced to provide lesser volatility in the long run. . So, the funds under this option are:
- Equity Fund
- Bond Fund
- Money Market Fund
- Plan C: Flexible Plan- where there are 4 funds to choose from:
- Index Fund
- Equity Fund
- Balanced Fund
- Bond Fund
How it works
Eligibility
| Minimum | Maximum | |
|
Sum Assured (in Rs.)
|
For Ages below 45 yrs : Higher of (10 x Annual Premium) or (1/2 x Term x Annual Premium)
For Ages 45yrs & above: Higher of (7 x Annual Premium) or (1/4 x Term x Annual Premium)
|
20 X Annual Premium
|
|
Policy Term (in years)
|
10
|
30
|
|
Premium Payment Term (in years)
|
Equal to Policy Term
|
|
|
Entry Age of Life Insured (in years)
|
7
|
60
|
|
Age at Maturity (in years)
|
-
|
70
|
|
Annualized Premium (in Rs.)
|
24,000
|
74,000
|
|
Payment modes
|
Yearly /Half-yearly /Quarterly / Monthly
|
|
FAQs
What happens if policyholder stop paying the premium before 5 yearsIf 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.
What happens if policyholder stop paying the premium after 5 yearsIf 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.
What happens if policyholder want to surrender the policyWhat happens if policyholder want a loan against your policyThere is no loan available under this plan
