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SBI Life Smart Wealth Assure

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SBI Life Smart Wealth Assure Plan


Smart Wealth Assure from SBI Life is a single premium guaranteed returns Unit Linked Insurance Plan, where a minimum return is guaranteed and the maximum returns depend on market performance. Thus, you pay premium only once and be covered throughout the policy term, such that if you die within the tenure, your nominee would get the Sum Assured or Fund Value, whichever is higher as Death Benefit. You have a choice of investing in Return Guarantee Fund, where the minimum return is guaranteed and the maximum would depend on the market performance or in the open market in 3 funds available where the risk of investment lies with the policyholder, or take a mixture of the two options. Either ways, you will get the Fund Value on maturity.


Key Features of SBI Life Smart Wealth Assure

  •  Option to invest in Return Guarantee Fund for a period of 10 years, where the minimum amount is guaranteed
  • Policyholder has a choice to opt for BOTH Return Guarantee Fund and Equity, Bond or P/E Managed Fund alongside
  • Option to get additional benefit by Accidental Death Benefit rider
  • Maturity benefit is guaranteed at higher of minimum guaranteed NAV or the prevailing NAV in case of investment in Return Guaranteed Fund.  



Smart Wealth Assure Benefits


Death Benefit – In case of death of the policy holder, the nominee gets the higher of the sum assured under the plan or the Fund Value at the prevailing NAV, with a minimum of 105% of the Single Premium paid.


Maturity Benefit – The policyholder would get the Fund Value at the prevailing NAV for the amount invested in the Bond, Equity and P/E Managed Funds PLUS he would get the amount invested in Return Guarantee Fund at the prevailing NAV or the minimum guaranteed NAV, whichever is higher of the two.


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 Wealth Assure





Sum Assured (in Rs.)

For Age  below 45 yrs :

1.25 * SP
For Age  45yrs & above: 1.10 * SP

For Age  below 45 yrs :

5 * SP
For Age  45yrs & above:

3 * SP

Policy Term (in years)



Premium Payment Term (in years)



Entry Age of Policyholder



Age at Maturity



Single premium (in Rs.)


No Limit

Payment modes

Only Single



Sample illustration of premium amount in SBI Life Smart Wealth Assure


The below illustration is for a healthy Male (non-tobacco user) opting for

Premium = Rs. 50,000

Policy Term = 25 years

Hence, Total Premium paid = Rs 50,000 (Single premium policy)

Sum Assured = Rs. 62,500

Fund Selected= 100 % in Equity Fund

SBI Life Smart Wealth Assure Plan returns



Additional Features and Benefits of SBI Life Smart Wealth Assure


Riders – There is an Accidental Death Benefit rider available in this policy.


Investment Fund Options – Under this plan the policy holder gets the following fund options:

1.     Return Guarantee Fund

2.     Bond Fund

3.     Equity Fund

4.     P/E Managed Fund

The policyholder can choose to keep 100% in Return Guarantee Fund or any percentage of his portfolio in that fund ALONG with other funds.


Top-up - Not allowed.


Switching - No switch out from Return Guarantee Fund is allowed. However, if the subscription is open in the new sub-fund under Return Guarantee Fund and Policy Term permits i.e. at least 10 years remaining till maturity, you can switch in to the Return Guarantee Fund.

However, switching investments among Bond Fund, Equity Fund and P/E Managed Fund is allowed.

Minimum switch amount is Rs. 5,000.

2 switches are allowed free of charge in a Policy Year.


Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or life insured is at least 18 years old. One free partial withdrawal is allowed in one policy year. A maximum of 2 partial withdrawals are allowed in one policy year and 5 partial withdrawals in the entire policy term <15 years and 10 partial withdrawals in the entire policy term >=15 years.


The minimum amount of partial withdrawal should be Rs.5, 000 and maximum upto 20% of Fund Value.



What happens if?


You stop paying the premium – This being a single premium policy, there is no question of further premium payments.


You want to surrender the policy – Surrender is allowed any time of the policy; however the minimum NAV guarantee would not apply.

·         If surrender is requested during the first 5 Policy Years:-

Then according to the lock-in condition, the Fund Value will be transferred to the 'Discontinued Policy Fund'. You will earn a minimum interest rate of 3.5% p.a. on this Fund. No further charges are deducted from the Fund. Life cover and Accidental Death Benefit Option cover (if any) will cease to apply. The Fund Value will be payable after completion of 5 policy years.

·         If the surrender is requested any time after completion of 5th Policy Year, then the Fund Value will be paid immediately to the policyholder.


You want a loan against your policy – Loan facility is not available under this policy.


NAV of all funds in SBI Life Smart Wealth Assure
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