SBI Life Smart Guaranteed Savings Plan

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SBI Life Smart Guaranteed Savings Plan is a non-participating traditional Individual Savings Plan. As the name suggests, the plan promises guaranteed savings via loyalty additions to boost the corpus along with providing insurance coverage

Key Features

  • It is a non-participating plan with limited premium payment option with a PPT of 7 years
  • Guaranteed Additions from the end of the first policy year depending on the instalment premium selected
  • Guaranteed Additions calculated on the cumulative premiums paid till date


  • On maturity, the basic SA along with the aggregate Guaranteed Additions are paid to the policyholder.
  • Guaranteed Additions accrue @ 5.5% or 6% of the cumulative premiums paid depending on the premium range
  • On death of the policyholder , higher of the basic SA including Guaranteed Additions till date of death or 105% of premiums paid
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:




Entry Age (Last Birthday)

18 years

50 years

Maturity Age (Last Birthday)


65 years

Policy Term (PT) in years


Premium Paying Term (PPT) in years


Premium Paying Frequency


Yearly Premium



Sum Assured

Depends on the premium chosen

Details About Premium

Annual premium in Rupees


35 years

45 years




Sum Assured



Total Guaranteed Additions at the end of the term



Guaranteed Maturity Benefit



Policy Details

Grace period: 30 days’ grace period is allowed for premium payment. If policyholder fails to make payment within the grace period, the policy lapses

Policy termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * Basic premiums paid including the GSV of Guaranteed Additions

SSV = Paid-up Value on maturity * SSV Factor

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.


  • Loan is available under the plan to a maximum of 90% of the Surrender Value


  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.