SBI Life-Smart Bachat

SBI Life Smart Bachat is an individual, non-linked, participating life insurance savings product with LPPT (Limited Premium Payment Term) option. It is designed to help you save for your financial goals and provide life cover to your family in case of your untimely death. This plan offers 2 plan options: Endowment and Endowment with in-built AD & TPD (accidental death and total permanent disability). It also provides the flexibilituy to select your premium payment term as per your preference.

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What is SBI Life Smart Bachat?

SBI Life – Smart Bachat is an exceptional Individual, Non-Linked, Participating Life Insurance Savings Product that offers a unique LPPT (Limited Premium Payment Term) option. This plan is thoughtfully designed to remove the burden of long-term premium payments, while also providing a strong safety net for your family and loved ones during unforeseen circumstances. With SBI Life - Smart Bachat, you can confidently shoulder the responsibility of securing your family's financial future.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
Guaranteed Returns
Life Cover
Tax on Profit
Tax Free*
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
Returns After Tax
Guaranteed Returns
Life Cover
Tax on Profit
Low Risk
Debt Mutual Fund
Returns Before Tax
Returns After Tax
Guaranteed Returns
Life Cover
Tax on Profit
High Risk
*For annual premium upto ₹5 Lacs

What are the Features of SBI Life - Smart Bachat Plan?

Here are the key features of this plan:

  • Dual Plan Options: The SBI Life Smart Bachat Plan provides you with the flexibility to choose from two distinct plan options. 

    Option 1: Endowment Option 

    Option 2: Endowment Option with in-built AD & TPD option 

    Each option caters to different financial requirements and risk appetites, allowing you to select the one that best suits your needs.

  • Flexibility: Plan offers the convenience of choosing policy terms from 12 to 25 years based on your financial goals and premium payment terms (PPT) of 6,7,10 and 15 years. 

  • In-built Premium Waiver Benefit: The policy comes with an in-built premium waiver benefit option in case of Total and Permanent Disability because of an accident. 

  • Life cover: Life cover is received throughout the policy tenure i.e., at the end of PPT

  • Tax Benefits: Get tax benefits as per the prevailing laws of Income Tax Act, 1961.

What is the Eligibility Criteria for SBI Life - Smart Bachat?

Following is the eligibility criteria for the SBI Life Smart Bachat Plan:

Criteria Individual
Age at entry Minimum:
Option A – 8 years; Option B – 18 years
Maximum: 55 years 
Age at maturity 65 years
Basic Sum Assured  Minimum: 1,00,000
Maximum: No Limit
Premium Payment and Corresponding Policy Term Premium Paying Term (Years) Policy Term (Years)
6 12 – 25
7 12 – 25
10 15 – 25
15 20 – 25
Premium Payment Frequency Yearly / Half-yearly / Quarterly / Monthly
Premium Frequency Loading Half-Yearly: 51.00% of annualised premium
Quarterly: 26.00% of annualised premium
Monthly: 8.50% of annualised premium
Premium Payment Minimum Maximum
Yearly: Rs. 5,100 Based on Sum assured, subject to Board approved underwriting policy
Half-Yearly: Rs. 2,600
Quarterly: Rs. 1,350
Monthly: Rs. 450

What are the Benefits of SBI Life Smart Bachat Plan?

Here are the benefits under this plan:

  1. Maturity Benefit: 

    On survival till the end of the policy term, the policyholder receives the Basic Sum Assured (chosen at policy inception), along with Vested Simple Reversionary Bonuses and Terminal Bonus, if applicable.

  2. Death Benefit: 

    In the unfortunate event of the life assured's death during the policy term, the beneficiary receives the higher of either:

    • Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal Bonus, if any. Where the Sum Assured on death is higher of Basic Sum Assured or 10 times the annualized premium.

    • 105% of the total premiums received up to the date of death.

  3. Accidental Death and Total Permanent Disability Benefit (AD&TPD):

    In-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit (for Option B only):

    • In case of Accidental Death, an additional amount equivalent to the Basic Sum Assured is paid as AD&TPD Benefit, along with the regular Death Benefit and the policy will terminate and no further benefits will be payable. 

    • In case of Accidental Total and Permanent Disability, the AD&TPD Benefit is paid as a lump sum, all future premiums are waived off, and the base policy continues till surrender, death, or maturity, whichever is earlier.

What are the Plan Options Available under the SBI Life-Smart Bachat Plan?

SBI Life Smart Bachat Plan offers two comprehensive options to cater to your specific needs, and once you make a choice, it remains fixed throughout the policy term. 

Here are the two options:

  1. Option A: Endowment Option

    Under this option, the focus is on wealth creation and securing a life cover for the entire policy term. Throughout the duration of the policy, you will benefit from Simple Reversionary bonuses, which contribute to the growth of your investment. In addition to that, you are entitled to receive the Basic Sum Assured along with any vested simple reversionary and terminal bonuses, if applicable, upon maturity.

    This means that at the end of the policy term, you will receive the maturity amount, which consists of the accumulated savings (Simple Reversionary bonuses) and the assured life cover.

  2. Option B: Endowment Option with in-built AD & TPD Benefit

    Option B offers all the advantages of Option A, ensuring wealth creation and life coverage. However, it goes a step further by providing additional protection in the unfortunate event of Accidental Death (AD) or Accidental Total Permanent Disability (TPD) of the life assured during the policy term.

    With this option, in case the life assured meets with an accidental death or suffers from an accidental total permanent disability, the policyholder or their nominee will receive an additional benefit.

What are the Documents Required for SBI Life - Smart Bachat Plan?

To apply for the SBI Life Smart Bachat Plan, you need to submit the following documents as proof of identity and residence:

  • ID Proof: PAN card, Passport, Voter ID card (Any one of the following)

  • Address Proof: Passport, Driving License, Voter ID card (Any one of the following)

Other Policy Details of SBI Life Smart Bachat

Here are the key policy details:

  1. Grace Period: 

    SBI Life Smart Bachat Plan offers a grace period for premium payments. For policies with yearly, half-yearly, and quarterly premium frequencies, a grace period of 30 days is provided. For policies with monthly premium payments, a grace period of 15 days is allowed. 

  2. Revival Period: 

    In case of a policy lapse due to non-payment of premiums, the policyholder has the option to revive the policy within 2 years from the date of the first unpaid premium. However, revival is subject to satisfactory proof of insurability being provided by the policyholder.

  3. Free Look Period: 

    The plan comes with a free look period. If the policy is received through direct marketing channels, a 15-day free look period is offered. For policies received through distance marketing channels, the free look period extends to 30 days. During this period, the policyholder can review the terms and conditions and, if dissatisfied, can cancel the policy. The original policy document must be returned within the free look period for cancellation.

  4. Surrender/Paid-up Value:

    To acquire a paid-up or surrender value, the policy must have been in force for a minimum duration. For premium payment terms of under 10 years, the premiums must have been paid for 2 full years. For premium payment terms of 10 years and above, the premiums must have been paid for at least 3 full years.

  5. Rebates: 

    The plan provides rebates in the form of discounts on the basic premium for individuals opting for a high sum assured. This encourages policyholders to choose higher coverage, making it more affordable.

  6. Loan: 

    After the policy has attained a surrender value, policyholders can avail a loan against the policy. The loan amount will be limited to 90% of the policy's surrender value, providing a financial cushion in times of need.

  7. Assignment and Nomination: 

    SBI Life Smart Bachat Plan allows for policy assignment and nomination as per the provisions of the Insurance Act, 1938. The policyholder can nominate a beneficiary to receive the policy benefits in case of their unfortunate demise. Similarly, the policyholder is permitted to assign the policy to another party by providing a written notice to the insurer.

  8. Tax Benefits: 

    The policyholders can avail tax benefits as per the prevailing Income Tax laws in India. The premiums paid and the benefits received may be eligible for tax deductions, providing additional financial incentives to policyholders.

What are the Exclusions for SBI Life Smart Bachat Plan?

  1. Suicide Exclusion:

    If the policyholder commits suicide within 12 months from the policy's commencement or revival date, the nominee or beneficiary shall receive at least 80% of the total premiums paid till the date of death or the surrender value available as of the date of death, whichever is higher, provided the policy is in force. After paying the applicable benefit, the contract will be terminated.

  2. AD&TPD Benefit Exclusions:

    Option A: No exclusions other than the suicide clause.

    Option B: For payment of the death benefit due to death other than accidental death, the SBI Life Smart Bachat Plan has no exclusions other than the suicide clause, as stated above.

    However, for the payment of accidental benefit under the AD & TPD (Accidental Death & Total Permanent Disability) Benefit for Option B, certain exclusions apply. The policy does not cover death or disability arising from or due to the consequences of the events specified below:

    • Infection: Death or disability caused or contributed to by any infection, except infection caused by an external visible wound accidentally sustained.

    • Drug Abuse: Death or disability of the life assured under the influence of alcohol, solvent abuse, or use of drugs except under the direction of a registered medical practitioner.

    • Self-inflicted Injury: Intentional self-inflicted injury, including injuries arising from attempted suicide.

    • Criminal Acts: Death or disability resulting from the life assured's involvement in criminal and/or unlawful acts with unlawful or criminal intent.

    • War and Civil Commotion: Death or disability occurring during war, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution, or while taking part in a riot or civil commotion.

    • Nuclear Contamination: Death or disability caused by the radioactive, explosive, or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials, or accidents arising from such nature.

    • Aviation: Death or disability resulting from the life assured's participation in any flying activity, other than as a passenger in a commercially licensed aircraft.

    • Hazardous Sports and Pastimes: Death or disability resulting from the life assured's participation in any hazardous hobby, pursuit, or race that was not previously declared and accepted by the Company.


  • Is there a rider option available under the SBI Life Smart Bachat Plan?

    The plan doesn’t offer any additional riders coverage.
  • Who Should Buy SBI Life Smart Bachat Plan?

    The SBI Life Smart Bachat plan offers two options, A and B, catering to different age groups. Option A is available for individuals aged 8 to 50 years, while Option B is for those between 18 and 50 years old. This plan is well-suited to meet your investment requirements, providing long-term financial protection for your family.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
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SBI Life-Smart Bachat Reviews & Ratings

4.3 / 5 (Based on 22 Reviews)
(Showing Newest 10 reviews)
Dalpur, September 23, 2016
Traditional Policy
The sbi life provided me the best traditional insurance policy in very low premiums. The investment is low but the paybacks are high. Coverage is good and claims can be cleared easily by taking executives and staff members services.
Mumbai, August 24, 2016
Friend of mine shown me a very fine insurance policy, after seeing the great benefits of the plan i purchased the traditional insurance plan from sbi life insurance. Policy coverage is ~90% and the premium is less. Easy renewals through online portal service which can be handled by anyone.
Pune, April 21, 2016
I own sbi insurance traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.39 L. Service is fast like super sonic. The daily updates are mailed to me time to time. Overall, perfect policy plan.
Ludhiana, April 21, 2016
My sbi life traditional policy plan is good in services. The policy coverage is good ~89% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.39 L. I like the terms and conditions of the policy plan.
Mohali, April 21, 2016
Great Policy
The policy i have is sbi traditional policy plan which is very good and the premiums are low with high in policy coverage 91%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings.
Kota, April 21, 2016
Fantastic Plan
I finally buy sbi life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 45 L. Service provided is fast and on time. Good future investment which save taxes. Nice services facilitate by executives and staff members.
Varanasi, March 02, 2016
i want this
it's good opertuunit for sbi cousmer
Lucknow, February 25, 2016
above average.
I have traditional policy plan from sbi life insurance. The policy is provides good coverage with low premiums. Claims are around Rs.19 lakhs. Service always on time. Satisfactory policy plan, nice work.
Plan Name: eWealth Insurance
Agent Code: BBE04411
Delhi, February 24, 2016
Perfect Plan.
I own sbi life insurance traditional plan. Policy coverage is good returns are better. Claims are high and premiums are low. Services are fast and on time. I must say power pack policy. I'm happy and fully satisfied with it.
Plan Name: eWealth Insurance
Agent Code: BPW00249
Indore, February 20, 2016
Service is good.
My traditional policy plan is with sbi life insurance. Policy coverage is fine but the premium is bit high. Claims are high ~Rs.26 lakhs. Service is the best and always on time, even daily updates are mailed to me. Okay policy plan.
Plan Name: eWealth Insurance
Agent Code: BBE04737
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