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

 

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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

Compare Ulip Plans

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