SBI Life Flexi Smart Plus Plan

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.

SBI Life Flexi Smart Plus - Key Features

  • This is a participating Endowment plan with the regular premium payment option.
  • There are 2 protection options, i.e. Gold and Platinum
  • The premium paid (deducting the applicable charges) is invested in the Policy Account
  • Guaranteed Minimum Bonus @ 1%, Regular Bonus based on valuation profits, Interim Bonus, a Non- Zero Positive Residual Addition and Terminal Bonus further increase the value in the Policy Account 

SBI Life Flexi Smart Plus - Benefits

  • Bonus at a minimum rate of 1% p.a. is guaranteed for the entire term
  • On the death of the policyholder, higher of the policy account value or the base sum assured, which is subject to a minimum of 105% of the total premiums paid is payable under the Gold Option.
  • Under the Platinum Option, higher of, the policy account value + sum assured or 105% of the total premiums paid is payable.
  • On Maturity, the policy account value is paid
  • Income tax benefits are offered on the premium paid as per Section 80C and on the claims received as per Section 10 (10D) of the Income Tax Act. 

SBI Life Flexi Smart Plus - Product Specification




Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

23 years

65 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly


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


Details About Premium

Annual premium in Rupees for a policy tern of 12 years


30 years

40 years

Policy term

20 years

20 years




Sum Assured



Fund Value @ 6%



Fund Value @ 10%



SBI Life Flexi Smart Plus - Policy Details

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 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.


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


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.

SBI Life Flexi Smart Plus -Documents Required

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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