SBI Life Smart Wealth Builder Plan

There are 3 plan types which you can select. This will depend on the number of years, you want to pay the premiums.

• Regular Premium - In this plan type, you will have to pay the premium throughout the policy term
• Limited Premium - In this you will have the option for paying only for a few years.
• Single Premium - You opt to make only one single payment at the time of purchasing the policy.

Based on the Plan Type, you can select the policy term as follows:

• Regular & Limited Premium - 10 years, 15 to 30 years
• Limited Premium - 5 to 30 years

Based on the Plan Type, you can select the premium payment term as follows:

n case of Regular & Limited Premium, you have to pay the premiums annually.

You get the higher of the Sum Assured or the Fund Value at the time of death with a minimum of 105% of all premiums paid.

The Sum Assured will be calculated as follows:

AP - Annual Premium; SP - Single Premium

So at the time of buying SBI Smart Wealth Builder Plan you will have to decide on the premium amount which you want to pay. Once you decide on that, you will have to select the Sum Assured based on the table given above. That will decide the amount of cover you wish to have from the beginning.

In this plan you have the flexibility to make partial withdrawals. So the Death Benefit will be reduced to the extent of partial withdrawals made in the last 2 years for age on death below 60 years and for age on death 60 years of above, all partial withdrawals made from the age of 58 onwards.

At the end of the policy term, you will get the Fund Value.

You can also choose to take the maturity benefits in installments to get a regular flow of income. You can choose a period between 2 to 5 years from the date or maturity to get this regular payout. This period is called the Settlement Period. This is how it works:

• The funds will remain invested in the same funds that you are invested in. You will have to bear the investment risk. Which means that the markets may go up or down in this period and there is a chance that the Fund Value will change.
• In the Settlement Period the Fund Management Charge would be applicable.
• You can choose to get the payments in monthly, quarterly half-yearly or annual mode.
• Once you decide on the number of years (between 2 to 5 years) in which to receive the payments and the frequency, the Fund Value would be divided by that count and the first payment would be made to you.
• Every other payment would be based on the Fund Value divided by the balance number of installments.
• At any point, you can choose to withdraw all the balance amount and stop the installments.
• In case of death of the policyholder in the Settlement period, the remaining Fund Value will be paid to the nominee in lumpsum.

In case you do not wish to continue with the policy for whatever reason, you can exit the plan within 15 days of receiving the policy document. For policy purchased through distance marketing, the free look period is 30 days.
 
The Fund Value would be returned to you based on the NAV of that day. Mortality charges for the few days, Medical test costs, taxes and agreement costs will be deducted though.

You will get a grace period of 30 days for payment of your annual premiums. Which means that you have 30 days even after the date or premiums have elapsed.

Your funds are locked-in for 5 years. So you cannot get your money for 5 years after buying the policy. 
 
If you make the surrender request within the 1st 5 years, your investments will be moved to the Discontinued Policy Fund after deduction of Discontinuation Charge. This fund will guarantee a minimum return of 4%. Fund Management Charge will continue to apply.
 
If you make the surrender request after 5 years, your Fund Value will be given to you without deducting any Discontinuation Charges.