SBI Life Smart Performer

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SBI Life Smart Performer

 

SBI Life Smart Performer is a unit linked insurance plan (ULIP) where the highest NAV attained during the tenure, is provided to the policyholder at Maturity or higher of the Highest Daily NAV at Maturity. If the Life Insured dies during the policy tenure, the entire Sum Assured or the Fund Value, whichever is higher will be paid as Death Benefit.

 

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Key Features of SBI Life Smart Performer

 

  • Highest NAV of 7 years or NAV at maturity, whichever is higher, is guaranteed
  • There is an option of Auto Rebalancing to lock in market gains
  • Option of paying single premium or choosing the premium paying term of 5 years
  • Additional Accidental Death Benefit rider is available
  • Choice of investment strategies of Guarantee and Market Upside together through Plan offerings of 'Secure Plan' and 'Secure N Grow’ Plan

 

 

Benefits you get from SBI Life Smart Performer

 

Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.

 

Maturity Benefit – If the policy holder survives the policy term, then he gets the Fund Value. The Fund Value will be calculated according to higher of:

  •  Prevailing NAV as on Date Of Maturity OR
  • Higher than the Highest Guaranteed NAV: There will be an increment of 5% to the Highest NAV achieved during the first seven years under the 'Daily Protect Fund'. The guarantee will be available only if all the due premiums have been paid.

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 Smart Performer

 

 

Minimum

Maximum

Sum Assured (in Rs.) in Limited PPT

Annual Premium x 7

Annual Premium x 20

Sum Assured (in Rs.) in Single Premium

1.25 X SP

5 X SP

Policy Term (in years)

10

Premium Payment Term (in years)

Single

5

Entry Age of Policyholder (in years)

9

65

Age at Maturity (in years)

NA

75

Premium for PPT= 5 yrs (in Rs.)

Yearly : Rs. 50,000

Half-yearly : Rs. 44,000

Quarterly : Rs. 36,000

Monthly : Rs. 20,000

No Limit

Single Premium (in Rs.)

60,000

No Limit

Payment modes

Single, Yearly, Half-Yearly, Quarterly and Monthly

 

 

Sample illustration of premium amount in SBI Life Smart Performer

 

Premium               = Rs.50,000

Policy Term          = 10 years

Total Investment  = Rs. 50,000 x 10 years = Rs.5,00,000

 

SBI Life Smart Performer ULIP Sample Illustration 

 

 

 

Additional Features and Benefits of SBI Life Smart Performer

 

Riders – There is 1 rider available in this policy

1.       Accidental Death Benefit rider

 

Investment Fund Options

Under this plan the policy holder gets the following 2 investment options:

1.       Secure Plan

2.       Secure and Grow Plan

And there are 2 Investment Fund Options

1.       Daily Protect Fund

2.       Index fund.

 

Top-up - Not allowed under this plan

 

Switching - Switching is not allowed in this plan.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. One Partial Withdrawal is allowed in each Policy Year.

 

                                             

What happens if?

 

You stop paying the premium before 5 years - 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 be credited with a minimum interest rate of 3.5% p.a. 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.

 

You stop paying the premium after 5 years – The maximum period for premium payment is 5 years. Hence there is no question of paying more than 5 years in this plan.

 

You want to surrender the policy – 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 will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. 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 the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - No Loan allowed in this plan.

 

 

Alternate ULIPs from different insurance companies

 

Aegon Religare iMaximize

Aviva Lifesaver Advantage

Max New York Life Fast Track Plan

Future Generali NAV Insure Plan

 

 

Other ULIPs from SBI Life Insurance

 

SBI Life Unit Plus Super

SBI Life Saral Maha Anand

SBI Life Smart Elite

SBI Life Smart Scholar

SBI Life Smart Wealth Assure

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


Leave a Comment

Sir,isitfact that ULIPs are expensive, as lot of costs are attached to it. Apart from the asset management charges you have premium allocation charges, administration charges, fund charges etc. All these eat into our profits and you end up taken lower returns.

By Sudhakar Tumu on Jul 16, 2014 Reply

Yes it is true that unit-linked insurance policies (ULIPS) had a lot of built-in charges which results in high deduction from the premium paid by the policyholder. But after September 2010 , IRDA revised the charges structure to reduce the deduction from the premium therefore enabling higher investments. Today, insurance companies are launching new ULIPs with really low charges making them more attractive.

Replied By Manoj Aswani (MIC Staff) on Jul 17, 2014 Reply

Sir I want to information of my pol.no.44034013502
In wich position &how many gain my this policy.
Please send me total growth point etc. Pratap rana uttarkashi.

By Pratap Rana on Jul 05, 2014 Reply

Hi Pratap

To know details about your policy you will need to connect with SBI Life Insurance
Only the insurance company can provide exact details about the policy, fund value, surrender value etc.

Replied By Manoj Aswani (MIC Staff) on Jul 07, 2014 Reply

sir, this policy is very much useful to the customer. this is a policy which is best alternate of policies of other policy provider like birla sunlife, lic icici etc.
by MOHHAMAD FAROOQ, RAEBARELI(UP)

By Ramkripal Vishwakarma on Dec 31, 2013 Reply

Sir, how i can pay my periumum by debt card on e-mobile banking ? pi solve my problam by email as soon as olicy no. - 44038562102 amt. - 50000.00 I am trying so many time but, all process call failed. Thanking you

By Devraj Sharma on Mar 06, 2013 Reply

Hi Devraj, that is an issue which only be resolved by the SBI Life technology team :( Pls try contacting them at the following info@sbilife.co.in or 1800 22 9090

Replied By Admin (MIC Staff) on Mar 13, 2013 Reply

Without getting much details about the policy I enrolled into sbilife smart ulip. Can some guide me about the guaranteed amount, like how it is calculated and what will be the net amount returned after maturity.

Thanks,
Gopi

By Gopi on Feb 20, 2013 Reply

sir, I want information about smart performer in detail.

By Imtyaz Ahmed on Dec 09, 2012 Reply

Sir, my dad has one policy in sbilife and has given two primium allready. but today I heard from someone that someone was cheated by some people by this poliy. may be this is a fack news. but I my dad get very tensed by this news. can u please assured me sir?

By Bhrigu Kr Sarma on Mar 25, 2012 Reply

Dear Sir / Madam, Good day & Greetings!

I have SBI-LIFE Smart Ulip Policy- I have paid 3 installments. This Policy for 10 yrs. My question is If I will surrender this policy, shall I get the full amount or some deductions are will be there?

Your immediate response should be highly appreciated.

Warm Regards,

Fizahaniifa

By Fiza Haniffa on Mar 20, 2012 Reply

dear sir, how much returns i can expect on this policy.

By Karunanithi on Mar 11, 2012 Reply

please guide me ,how is this policy as a long term investment.

By Suprabhat Thakur on Mar 10, 2012 Reply

policy no:33045823726 ki jankari chahie

By Anjani Kumar Jain on Mar 04, 2012 Reply

SBI Life Smart Performer Product. My policy no 44035250909. My Policy yearly is Rs. 6,00,000/- I have already paid the first installment . If I cannot pay the second installment and stop paying due to any other circumstances . What will be the penalty . Kindly advise

By Michael Abreu on Mar 04, 2012 Reply

what is the position/status of my policy

By Prabhakar Jhadi on Mar 03, 2012 Reply

Please can you expain the policy in simple terms

By Veena on Mar 02, 2012 Reply

how much minimum amount i can get if i pay premium of 50000 per year for 5 yr?

By Sam on Feb 26, 2012 Reply

May know the price per Unit in SBI Life Smart Performer from the date of lunch of the scheme till date so that i can draw an idea about the performance of the scheme.

By Anjana Dash on Feb 18, 2012 Reply

dear, how much returns i can expect on this policy.

By K.V.N.Rao on Feb 11, 2012 Reply

Nice Policy. but I came to know this policy ends on 31Jan 2012. so I have to hurry.

By Arun Kumar on Jan 28, 2012 Reply

Nice Policy. but I came to know this policy ends on 28 Feb 2012. so I have to hurry.

By Gnanamurthy on Jan 26, 2012 Reply

can anyone tell me how much return can expect over the course of ten years

By Suprabhat Thakur on Jan 23, 2012 Reply

minimum return 30% profit per annum we satisfy

By R Ponnusamy on Jan 18, 2012 Reply

Its good to see in this volatal market,SBI life provide guranteed returns in this plan.

By Akanksha Mahajan on Jan 11, 2012 Reply

How is this policy ?

By Laxman on Nov 23, 2011 Reply

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