SBI Life Smart Platina Assure Plan

Eligibility Criteria for the SBI Life Smart Platina Assure Plan

Features of SBI Life Smart Platina Assure Plan

Here are the key features of the plan:

• The plan offers guaranteed additions that accrue every policy year, enhancing the final maturity value over time
• It provides life insurance coverage throughout the policy term, ensuring financial protection alongside savings
• Policyholders can choose limited premium payment terms while enjoying benefits for a longer duration
• Guaranteed benefits are locked in at the start, providing certainty irrespective of market fluctuations
• The plan allows flexibility to receive maturity benefits either as a lump sum or in instalments over a defined period
• It supports disciplined savings aligned with long-term financial goals such as retirement or children’s education

Benefits of the SBI Life Smart Platina Assure Plan

Below are the benefits of the SBI Life Smart Platina Assure Plan:

• Guaranteed Additions: These benefits are added every year, enhancing the overall maturity corpus by a great deal.
• Maturity Benefit: On survival to maturity, the policyholder is paid the sum assured plus all guaranteed additions.
• Death Benefit: When a person passes away during a policy term, they are entitled to a lump sum that guarantees the family's financial security.
• Settlement Option: The maturity benefit can be taken in instalments over 2-7 years, providing flexibility with income.
• Tax Benefits: Premiums may be eligible for tax deductions under Section 80C, and maturity or death benefits may be tax-exempt under Section 10(10D), as per applicable tax laws.

Riders Under the SBI Life Smart Platina Assure Plan

The strategy provides rider benefits with an option to increase coverage:

SBI Life Accident Benefit Rider:

• Brings extra financial insurance in case of accidental death.
• Offers are provided in case of accidental partial permanent disability.
• Can be added at policy inception or during the policy term

Policy Details of the SBI Life Smart Platina Assure Plan

The following are the policy details of the SBI Life Smart Platina Assure Plan:

1. Grace Period

   Yearly and half-yearly modes are allowed a 30-day grace period, whereas the monthly mode has a 15-day grace period. This is the policy's active period.

2. Revival

   The policy is renewable in 5 years after the first unpaid premium, but underwriting and payment of due premiums, including interest is required.

3. Free Look Period

   It has a 30-day free look period, whereby he or she may view the policy and cancel it if not satisfied, but deductions will be made.

4. Surrender

   Surrender value is gained upon payment of the minimum required premiums in the policy. The guaranteed or special value at the time of a guaranteed or special surrender is payable.

5. Loan

   Policy loans of up to 50% of the surrender value are available, subject to the conditions and terms in effect.

Exclusions Under the SBI Life Smart Platina Assure Plan

1. Suicidal Cover

   If death occurs due to suicide within 12 months, the nominee receives at least 80% of premiums paid or surrender value, whichever is higher.

2. Total Permanent Disability (TPD)

   TPD is not covered under the base plan but may be included through optional riders