SBI Life Flexi Smart Plus is a participating variable endowment plan, which gives the benefit of a linked plan with guaranteed returns. Thus, it secures the future and also provides life insurance coverage.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
18 years |
60 years |
|
Maturity Age (Last Birthday) |
23 years |
65 years |
|
Policy Term (PT) in years |
5 |
30 |
|
Premium Paying Term (PPT) in years |
Equal to policy term |
|
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
|
Premium |
Yearly – 50,000 Half-yearly – 30,000 Quarterly - 20,000 Monthly - 9000 |
No limit |
|
Sum Assured |
Higher of 10*annual premium or 0.5*annual Premium*term for ages <45 years & Higher of 7*Annual Premium or 0.25*annual premium*term for ages>=45 years |
20*Annual Premium |
Annual premium in Rupees for a policy tern of 12 years
|
Age |
30 years |
40 years |
|
Policy term |
20 years |
20 years |
|
Premium |
25,000 |
25,000 |
|
Sum Assured |
500,000 |
500,000 |
|
Fund Value @ 6% |
757,097 |
685,572 |
|
Fund Value @ 10% |
12,27,254 |
11,25,619 |
Grace Period: The policyholder is allowed a grace period of 30 days for the payment of his/her premiums. If the policyholder fails to make the payments of his premium amounts even within those 30 days, then the policy would lapse.
Policy termination or Surrender Benefit: The policyholder is allowed to surrender his SBI life insurance plan after completing 5 policy years. If the policy is surrendered before completing 5 years, then the Fund Value with a net of discontinuance charges shall be credited to the Discontinued Policy Fund. The Fund Value in the Discontinuance Fund shall earn a minimum of 4% p.a growth, which shall be paid to the policyholder after completion of 5 policy years.
If the policy is surrendered after 5 completed policy years, then the entire fund value on the date of surrender shall be paid without any charges applicable.
Free look period: If the policyholder feels he/she is not satisfied with the insurance coverage or the policy terms and conditions, then he is free to cancel his plan within the free look period 15 days, since the policy inception, given that no claims have been made yet.
Inclusions
One free Partial Withdrawal is allowed per policy year with a minimum amount of Rs.2000
Additional Features or Riders
The Sum Assured can be increased or decreased from the 6th policy year
Partial Withdrawals are allowed from the policy account from the 6th policy year
Exclusions
If the policyholder commits suicide within first 12 months of the policy inception or renewal, then the Policy Account Value shall be paid to the nominee.
The policy buyer has to submit an insurance application form / proposal form along with an accurate medical history report with correct address proof and other KYC document. The policy buyer might also be required to submit his/her Income Proof based on the sum assured and the age of the person.
You may also compare at: SBI Life Investment Plan
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
