SBI Life Smart Platina Plus Plan

Eligibility Criteria for the SBI Life Smart Platina Plus Plan

Features Of SBI Life Smart Platina Plus Plan

Here are the key features of the plan:

• The plan offers life insurance coverage throughout the policy term, guaranteeing the family's financial security.
• It has two income choices, i.e. Guaranteed Income and Life Income, which can be flexible according to the financial requirements.
• The payout period provides policyholders with regular, guaranteed income that helps them achieve future financial goals.
• The plan offers a maturity benefit of 110% of the total premiums paid at the policy expiry date.
• It offers flexible payout frequencies, including annual, biannual, quarterly, and monthly.
• There are fewer premium payment options that allow people to pay their premiums over a shorter period.

Benefits of the SBI Life Smart Platina Plus Plan

Below are the benefits of this plan:

• Guaranteed Income Benefit: This policy guarantees the policy owner a certain income during the payment period and is therefore constant.
• Maturity Benefit: 110% of the total premiums paid is returned upon survival to maturity.
• Death Benefit: This is a sum of money paid to the nominee upon the policyholder's death and provides financial security.
• Income Flexibility: The savings plan will offer customers a wide variety of options for receiving payments aligned with their financial goals.
• Tax Benefits: Depending on the laws, qualifying tax benefits can be made.

Riders Under the SBI Life Smart Platina Plus Plan

The plan offers optional rider benefits to enhance protection:

• SBI Life: Accident Benefit Rider
  • Accidental Death Benefit (ADB) provides an additional payout in case of accidental death
  • Accidental Partial Permanent Disability (APPD) offers financial support in case of disability

Policy Details of the SBI Life Smart Platina Plus Plan

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

1. Grace Period

   The grace periods for the annual and half-yearly modes are 30 days, and for the monthly mode, it is 15 days. This is the period during which the policy is still active.

2. Revival

   The lapsed policy may be reinstated within 5 years of the date of the first unpaid premium, on terms and payment of dues.

3. Free Look Period

   The policyholder will have 30 days to review the policy and request a refund if not satisfied, subject to deductions.

4. Surrender

   Payment of the minimum required premiums results in the policy gaining surrender value. The higher guaranteed or special surrender value is payable.

5. Loan

   Policyholders may borrow up to 50% of the surrender value, subject to terms and conditions.

Exclusions Under the SBI Life Smart Platina Plus 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 available under the optional rider