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SBI Life Smart Horizon Plan

SBI Life Smart Horizon Plan is a non-participating Unit Linked Insurance Plan (ULIP).

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Death Benefit
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Tax Benefit
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Switching

Compare this plan with other Investment Plans

SBI Life Smart Horizon Plan - Key Features

It is a Unit Linked Insurance Plan
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In this plan, there is only 2% of Premium Allocation Charge in Year 1 and no charges from 2nd year onwards
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There is an option of choosing hassle free investment management by way of Automatic Asset Allocation
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There are 4 funds to choose from for investment purpose
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A combination of Automatic Asset Allocation and the Active Fund Management options can also be opted for
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In this plan, there is an option to increase or decrease the Sum Assured, from 6th year onwards
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There are 4 riders in this plan- Criti Care 13 Rider, Accidental Death Benefit Linked Rider, Premium Payor Waiver Benefit Rider and Income Sustainer Rider
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SBI Life Smart Horizon Plan - Benefits

Death Benefit

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...

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 pro...

Riders

There are 4 Additional Riders in this plan:
  1. Criti Care 13 Rider
  2. Accidental Death Benefit Linked Rider...

Partial Withdrawal

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, ...

Switching

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 ...

Investment Fund Options

In this plan, there are 3 Investment Options to choose from:

  1. Plan A: Dynamic Plan- where a larger proportion of money...

How it works

In this plan, premium needs to be paid for the entire policy tenure of 0 years or any year between 15 and 30.
 
In this plan, there is only 2% of Annualized Premium that is charged as Premium Allocation Charge in this plan in year 1 only and no charge is further deducted from year 2 onwards.
 
There are 3 investment options in this plan- 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; Plan B: Growth Plan, where the portfolio is automatically balanced to provide lesser volatility in the long run and Plan C: Flexible Plan, where there are 4 funds to choose from- Index Fund, Equity Fund, Balanced Fund and Bond Fund in multiples of 1%. A combination of 2 Plan Types can also be chosen.
 
This plan offers to increase and decrease Sum Assured from 6th year onwards according to change in lifestyle and has a range of 4 riders to choose from. On policy maturity, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
 
However, if the Life Insured dies within the policy tenure, 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 would be paid to the nominee as Death Benefit and the policy terminates.

Eligibility conditions & other restrictions in SBI Life Smart Horizon Policy

  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

SBI Life Smart Horizon Plan - FAQs

angle right iconWhat happens if policyholder 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.

angle right iconWhat happens if policyholder 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.

angle right iconWhat happens if policyholder 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.
angle right iconWhat happens if policyholder want a loan against your policy

There is no loan available under this plan