SBI Life Smart InsureWealth Plus

What are the Features of the SBI Life Smart InsureWealth Plus Plan?

Features of the plan are:

• Easy Monthly Life Coverage: Enjoy hassle-free monthly insurance for life coverage.

• Tailored Investment Strategies: Choose from 3 investment strategies – Trigger Strategy, Auto Asset Allocation Strategy, and Smart Choice Strategy, catering to your specific needs.

• Diverse Fund Options: Opt for a Smart Choice Strategy with a selection of 9 fund options to align with your investment preferences.

• Return of Mortality Charges (ROMC): Benefit from the return of mortality charges upon maturity of the in-force policy.

• Fund Value Boosters: Policies in force from the 11th Policy Year receive loyalty additions, enhancing the fund value.

• Flexible Withdrawal Options: Access partial withdrawal from the 6th Policy Year and systematic monthly withdrawal from the 11th Policy Year, provided the policy is in force.

• Tax Advantages: Avail tax benefits in accordance with income tax laws, maximizing your savings.

Advantages:

• Security: Provides financial protection for your family in case of unforeseen events.

• Reliability: Maturity benefits include the return of mortality charges and assured loyalty additions from the 11th policy year onwards for in-force policies.

• Flexibility: Offers a choice of 3 investment strategies and the option to switch among 9 funds under the Smart Choice strategy to suit your changing needs.

• Liquidity: Allows for partial withdrawal and systematic monthly withdrawal to meet regular expenses, provided the policy is in force.

What are the Benefits of SBI Life Smart InsureWealth Plus Plan?

Benefits of SBI Life - Smart InsureWealth Plus plan are:

1. Maturity Benefit:

   • Lump sum payout of Fund Value at prevailing NAV on the maturity date.

   • Return of Mortality Charges (ROMC) included.

2. Death Benefit:

   • For Life Assured below 8 years: Fund Value paid if death occurs before risk commencement, Death Benefit if after.

   • For Life Assured 8 years and above: Higher of Fund Value, Sum Assured less Applicable Partial Withdrawal (APW), or 105% of total premiums (less APW).

3. Automatic Vesting for Minor Life Assured:

   Policy vests in the Life Assured on turning 18, ensuring continuity.

4. Death of Policyholder with Minor Life Assured:

   • No immediate benefit, but the policy can be continued with a new Policyholder.

   • Surrender value payable if the policy is surrendered.

5. Settlement Option:

   • The nominee/beneficiary/legal heir can choose to receive Death Benefit in instalments over 2 to 5 years.

   • Flexible payout frequency (yearly, half-yearly, quarterly, or monthly).

6. Investment Risk during Settlement:

   During settlement, the beneficiary bears the investment risk in the portfolio.

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How Does the SBI Life Smart InsureWealth Plus Plan Work?

• Select Your Coverage Duration: Determine the policy term that aligns with your coverage preferences.

• Set Your Premium Amount: Decide on the premium you want to pay; the Sum Assured is automatically calculated as 10 times the Annualized Premium.

• Opt for an Investment Strategy: Choose an investment strategy that suits your financial goals.

• Tailor Your Fund Pattern: Select your fund pattern from a range of available options.

• Investment Allocation: Your premiums, minus Premium Allocation Charges, are invested in the fund options of your choosing.

Who Can Buy the SBI Life Smart InsureWealth Plus Plan?

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Additional Features of the SBI Life Smart InsureWealth Plan

1. Free Look Period:

   • Review policy terms within 15 days (30 days for electronic and distance marketing policies).

   • Option to return the policy for cancellation if disagreeing with terms.

2. Grace Period and Discontinuance:

   • 15-day grace period for premium payment; policy remains in force during this period.

   • Discontinuance options within the first 5 policy years, with revival or surrender choices.

   • After 5 policy years, the policy converts to reduced paid-up status or can be revived within a 3-year revival period.

3. Revival Options:

   • Revive the policy within 3 years from the first unpaid premium without interest or fee.

   • Revival is subject to underwriting acceptance and Board-approved policies.

4. Surrender Policy:

   • Surrender at any time during the policy term.

   • No revival option after the surrender.

   • Fund value payable immediately after the surrender; policy terminates.

5. Nomination and Assignment:

   Nomination and assignment follow the regulations outlined in the Insurance Act, 1938.

6. Post-Discontinuance Fund Handling:

   • Communication of policy status within 3 months of the first unpaid premium.

   • Options include revival, complete withdrawal, or continuation in reduced paid-up status.

7. Post-Revival Handling:

   • Policy revival within the revival period, with applicable procedures.

   • If not revived, the fund value is paid at the end of the revival period or maturity date, whichever is earlier.

8. Fund Value Monitoring:

   • Regular checks of fund value; termination if it falls below one annual premium.

   • Option to surrender the policy at any time; proceeds payable at the end of the lock-in period or surrender date.

9. Post-Complete Withdrawal:

   • Immediate payment of fund value upon complete withdrawal during the revival period.

   • Policy continues in reduced paid-up status if no action is taken during the revival period.

10. Policy Surrender After 5 Years:

    Immediate payment of fund value upon surrender after completing the first 5 policy years.

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Conclusion

SBI Life Smart InsureWealth Plus is a good option for people who are looking for a long-term investment option that also provides life insurance protection. Investors should carefully consider their risk appetite and investment goals before investing in the plan.