SBI Life Flexi Smart Plus Plan

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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

 

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

 

Details About 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

 

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. 

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. 

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

Frequently Asked Question: 

What are the participating profits and bonuses under this plan?

Below are the policy participation profits and bonuses applicable under this plan:

  • The policy gets a share of profits arising from the ‘participating insurance businesses’ in the form of Minimum Guaranteed Bonus interest rate, Regular Bonus interest rate, residual additions and Terminal Bonuses, if any.
  • The interest rate of the bonus shall be expressed in terms of percentage rates and shall apply to the policy account value.
  • A minimum of bonus interest rate of 1% p.a. is guaranteed for the entire policy term. It shall apply to the Policy Account Value every day on a pro rata basis and shall accrue at every financial year end.
  • Non-zero positive regular bonus interest rate shall be declared at every financial year end. It shall apply to the Policy Account Value every day on a pro-rata basis and shall accrue at every financial year end. 

What are the conditions of partial withdrawal under the plan?

The policyholder can withdraw his policy account value partially during the policy term. Such policy withdrawals are a subject to all of the following:

  • The policyholder can withdraw from the 6th policy year.
  • The policyholder is allowed maximum 3 partial withdrawals in one policy year of which 1st shall be free.
  • The policyholder cannot carry forward unused partial withdrawals for the subsequent policy year.
  • The policyholder shall be charged Rs 100 per withdrawal except for 1 free partial withdrawal every year.
  • The policyholder shall deduct a partial withdrawal charge from the partial withdrawal account. 

How can I change my sum assured?

The sum assured amount can subject to the following conditions:

  • The policyholder can change his sum assured only by changing his SAMF.
  • The policyholder can make a request to change in the sum assured amount only from the 6th policy year onwards.
  • The policyholder can make a request to change in the sum assured amount to effect only from the Policy Anniversary Date.
  • The policyholder is required to send a written request 2 months prior to the Policy Anniversary Date from which the policyholder wishes to change his sum assured amount.