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SBI Life Smart Elite Plan
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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.
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.
Key Features of SBI Life Smart Elite Insurance Plan
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
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Benefits you get from SBI Life Smart Elite Insurance Policy
Death Benefit – 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
Subject to a minimum of 105% of total premiums paid till date and then the policy terminates.
Maturity Benefit – When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
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 and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
Eligibility conditions & other restrictions in SBI Life Smart Elite Policy
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
Additional Features and Benefits of SBI Life Smart Elite Plan
Riders – There are No Additional Riders in this plan. However, there is an inbuilt rider in this plan:
Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) Benefit
Investment Fund Options
In this plan, there are 6 Funds for Investment in this plan:
Index Fund
P/E Managed Fund
Equity Elite Fund II
Balanced Fund
Bond Fund
Money Market Fund
Switching - 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.
Partial Withdrawal - 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.
Charges in SBI Life Smart Elite Plan
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Policy Year
Premium Allocation Charge for Limited Premium Paying Term
Single Premium Policy
5 Years
8 Years
10 Years
Year 1
3 %
3 %
3 %
2%
Year 2
3 %
3 %
3 %
NA
Year 3
3 %
3 %
3 %
NA
Year 4
3 %
3 %
3 %
NA
Year 5
3 %
3 %
3 %
NA
Year 6 onwards
NA
NIL
NIL
NA
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
Type of Premium Paying Term
Policy Administration Charge
Limited Premium Paying Term
Rs 60 p.m.
Single Premium Paying Term
Rs 50 p.m.
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Type
Charge
Index Fund
1.25% p.a.
Elite Equity Fund
1.25% p.a.
P/E Managed Fund
1.35% p.a.
Balanced Fund
1.25% p.a.
Bond Fund
1.00% p.a.
Money Market Fund
0.25% p.a.
Discontinued Policy Fund
0.50% p.a.
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.
Year of Discontinuation
Discontinuation Charge
1
Lower of 6% X (AP or FV) subject to a maximum of Rs 6000
2
Lower of 4% X (AP or FV) subject to a maximum of Rs 5000
3
Lower of 3% X (AP or FV) subject to a maximum of Rs 4000
4
Lower of 2% X (AP or FV) subject to a maximum of Rs 2000
5 onwards
NIL
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
Accident Benefit Charge— Rs 0.50 p.a. per Rs 1000 Sum Assured will be deducted on a monthly basis by cancellation of units
Medical Expenses on Revival— Cost of Medical Expenses incurred will be borne by the policyholder through cancellation of units upto a maximum of Rs. 3,000.
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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 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.
You stop paying the premium after 5 years -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.
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, 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.
You want a loan against your policy - There is no loan available under this plan.
