SBI Life - Smart Elite Plus

What is SBI Life Smart Elite Plus?

The SBI Life Smart Elite Plus, previously known as the SBI Life Smart Elite Plan, is a ULIP which combines investment and insurance and provides an investor with the protection of life insurance and the opportunity to earn high returns from market-linked investments. The plan further provides you with flexibility in investments through its limited term and single pay options. You can invest in the plan for long-term protection coupled with the freedom to invest in the market.

Features of SBI Life Smart Elite Plus

SBI Life investment plans provide you with dual benefits of investment and insurance. The features offered by SBI Elite Plan are: 

• Unit Linked Insurance Plan with limited or single premium payment option.

• Two protection options – Gold and Platinum.

• Inbuilt Accidental rider to increase protection.

• No premium allocation charge from the 6th policy year onwards, thereby enhancing your fund value.

• Life insurance coverage is 7 times the annualized premium for limited premium payment terms and 1.25 times the single premium for single premium policies.

• Switch and redirection facility, to pilot your investments.

• Under the settlement option, the fund value can be withdrawn in installments over 2 to 5 years after the policyholder's death.

• The following funds are available for investment:

  • Equity Elite Fund II

  • Balanced Fund

  • Bond Fund

  • Money Market Fund

  • Bond Optimiser Fund

  • Pure Fund

  • Midcap Fund

  • Corporate Bond Fund

  • Bluechip Fund

Benefits of SBI Life Smart Elite Plus

SBI Life Elite Plus is one of the best amongst the SBI Life investment plansand offers the following benefits: 

1. Death Benefit:

   • Gold Option: In the unfortunate event of the life assured's death, the beneficiary receives the highest of: the Fund Value (minus recent partial withdrawals), the Sum Assured (minus recent partial withdrawals), or 105% of the total premiums paid to date (minus recent partial withdrawals). It is important to note that the sum assured might be affected by “applicable partial withdrawals”, which are defined as the withdrawals made during the last two years before the death of the policyholder.

   • Platinum Option: The beneficiary receives the higher of: the Fund Value plus the Sum Assured, or 105% of the total premiums paid up to the date of death.

   • Settlement Option: The nominee or beneficiary can choose to receive the death benefit as a lump sum or in installments over a period of 2 to 5 years. During this period, the investment risk is borne by the beneficiary.

   

2. In-built Accident Benefit:

   • An additional benefit equal to the Basic Sum Assured (up to a maximum of ₹50 Lakhs) is provided for Accidental Death or Accidental Total and Permanent Disability (TPD).

   • Accidental death benefit is paid as a lump sum.

   • The accidental TPD benefit is paid to the life assured in 10 equal annual installments.

   • This benefit is not available if the policy is in paid-up status.

3. Maturity Benefit:

   • On survival of the life assured up to maturity, the fund value as on the date of maturity shall be paid as a lump sum.

4. Tax Benefit:

   You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details.

Eligibility Criteria of SBI Life Smart Elite Plus

Selecting the right investment plan is important for a secured financial future, ensuring flexibility and long-term benefits. Understand the SBI Life Elite Plan eligibility criteria below: 

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Fund Name	NAV	AUM	5 Yr Returns	10 Yr Returns
SBI Life Balanced Fund	₹72.73	₹20171 Cr	7.4%	9.43%	View More
SBI Life Bond Fund	₹51.76	₹16641 Cr	5.76%	6.73%	View More
SBI Life Equity Fund	₹193.58	₹77698 Cr	9%	11.21%	View More
SBI Life Equity Optimiser Fund	₹53.96	₹2513 Cr	9.78%	11.07%	View More
SBI Life Growth Fund	₹93.36	₹2808 Cr	8.4%	10.75%	View More
SBI Life Money Market Fund	₹37.25	₹487 Cr	5.91%	5.95%	View More
SBI Life Top 300 Fund	₹55.33	₹1918 Cr	8.74%	11.59%	View More
SBI Life Pure Fund	₹27.52	₹1179 Cr	8.85%	10.58%	View More
SBI Life Bond Optimiser Fund	₹22.8	₹3231 Cr	7.28%	-	View More
SBI Life Bluechip Fund	₹9.8	₹3250 Cr	-	-	View More
SBI Life Balanced Pension	₹73.17	₹805 Cr	8.12%	10.3%	View More
SBI Life Bond Pension	₹46	₹544 Cr	5.61%	7.01%	View More
SBI Life Equity Pension	₹73.96	₹11974 Cr	10.12%	12.18%	View More
SBI Life Growth Pension	₹73.16	₹631 Cr	9.01%	11.23%	View More
SBI Life Money Market Pension	₹34.44	₹149 Cr	5.86%	5.93%	View More
SBI Life Equity Optimiser Pension	₹57.22	₹975 Cr	9.64%	11.75%	View More
SBI Life Top 300 Pension	₹54.69	₹712 Cr	9.1%	11.86%	View More
SBI Life Midcap Fund	₹50.43	₹57040 Cr	16.91%	17.31%	View More
SBI Life Corporate Bond Fund	₹16.74	₹1041 Cr	5.57%	-	View More
SBI Life Equity Elite II	₹52.39	₹11737 Cr	8.78%	10.31%	View More
SBI Life Index	₹47.37	₹90 Cr	9.07%	10.67%	View More
SBI Life Index Pension	₹49.47	₹25 Cr	9.19%	10.72%	View More
SBI Life Discontinued Policy Fund	₹25.97	₹10629 Cr	5.7%	5.93%	View More
SBI Life Equity Elite	₹88.4	₹12 Cr	11.12%	13.05%	View More
SBI Life P-E Managed	₹39.5	₹200 Cr	8.52%	9.16%	View More
SBI Life Guaranteed Pension GPF070211	₹27.12	₹2 Cr	5.18%	6.2%	View More
SBI Life Return Guarantee Fund 070311	₹21.04	₹159 Cr	7.57%	-	View More
SBI Life Return Guarantee Fund RGF150611	₹20.96	₹85 Cr	6.95%	-	View More
SBI Life Bond Pension II	₹24.01	₹28936 Cr	5.41%	6.12%	View More
SBI Life Equity Pension II	₹42.11	₹11368 Cr	8.56%	10.97%	View More
SBI Life Money Market Pension II	₹21.14	₹1509 Cr	5.66%	5.66%	View More
SBI Life Discontinue Pension Fund	₹21.92	₹6455 Cr	5.71%	-	View More
SBI Life Group Growth Plus Fund	₹58.42	₹3 Cr	7.88%	9.73%	View More
SBI Life Group Debt Plus Fund	₹41.42	₹114 Cr	6.39%	7.69%	View More
SBI Life Group Balance Plus Fund	₹49.52	₹11 Cr	7.12%	8.36%	View More
SBI Life Group Balance Plus Fund II	₹27.52	₹1208 Cr	7.16%	8.41%	View More
SBI Life Group Debt Plus Fund II	₹26.9	₹337 Cr	6.49%	7.59%	View More
SBI Life Group Growth Plus Fund II	₹27.53	₹295 Cr	8.25%	9.81%	View More
SBI Life Group Short Term Plus Fund II	₹22.16	₹19 Cr	6.19%	7.03%	View More
SBI Life GPF_100710_10 Fund	₹19.92	₹23 Cr	6.66%	7.14%	View More
SBI Life Group Money Market Plus Fund	₹14.1	₹2 Cr	3.27%	-	View More
SBI Life Group Balanced Pension Fund	₹10.36	₹128 Cr	-	-	View More

See more plans

Additional Details of SBI Life Smart Elite Plus

1. Grace Period: 

   • A grace period of 30 days is allowed for Yearly, Half-yearly, and Quarterly premium frequencies, and 15 days for monthly payments.

2. Surrender Benefit: 

   You are allowed to surrender your SBI ULIP policy after 5 completed years.

   • During the first 5 years: The fund value, after deducting applicable discontinuance charges, is transferred to the 'Discontinued Policy Fund'. This fund earns a minimum interest of 4% p.a., and the value is paid on the first working day of the 6th policy year.

   • After 5 years: The fund value will be paid immediately without any charges.

3. Free Look Period:

   • You can review the policy for 30 days (for physical policies) or 30 days (for electronic or distance marketing policies) from the date of receipt. If you disagree with the terms, you can return the policy for a refund.

4. Partial withdrawals:

   • Available from 6th policy year. The minimum withdrawal is ₹5,000, and the maximum is 15% of the fund value.Note that a maximum of 2 partial withdrawals are allowed per year and 5 withdrawals are allowed during the entire policy term.

5. Premium Redirection:

   • This facility is available from the 2nd policy year onwards.

   • Switching Option: You can switch your investments among the available funds. Two switches are free in a policy year.

   

6. Discontinuation of Policy

   • Discontinuation within the first 5 years:

     • If you stop paying premiums, the fund value (after charges) is moved to the Discontinued Policy Fund, and the risk cover ceases.

     • You have 3 years to revive politics.

     • If not revived, the fund value is paid out at the end of the 5-year lock-in period, and the policy terminates.

   • Discontinuation after the first 5 years:

     • The policy is converted to a reduced paid-up policy.

     • You can revive the policy within 3 years.

     • Alternatively, you can surrender the policy and receive the fund value immediately. If no option is chosen, the policy continues in a reduced paid-up state until maturity.

Revival

You can revive your policy within a 3-year revival period from the date of the first unpaid premium.

• During the lock-in period: The fund from the Discontinued Policy Fund is reinvested, and the discontinuance charges are added back.

• After the lock-in period: All due premiums are invested, net of charges, to restore the original cover.

• The revival is subject to underwriting approval.

Exclusions Under SBI Life - Smart Elite Plus

1. Suicide Exclusion:

   If the life assured dies by suicide within 12 months of the policy's commencement or revival, the nominee will receive the Fund Value as on the date of intimation of death.

2. Accidental Benefit Exclusions:

   The in-built accidental benefit does not cover death or disability resulting from:

   • Infection (unless from an external wound).

   • Drug or alcohol abuse.

   • Self-inflicted injury or attempted suicide.

   • Criminal acts.

   • War or civil commotion.

   • Nuclear contamination.

   • Aviation activities (other than as a passenger).

   • Hazardous sports or pastimes.

Conclusion

The SBI Life Smart Elite Plus is a comprehensive ULIP plan that provides financial protection to policyholders and their families. The plan provides coverage in case of death and helps ensure the nominee remains financially secure. The SBI Life Smart Elite Plus is a well-rounded and reliable insurance plan for those looking to safeguard their future, while also providing the potential for wealth creation through a range of market-linked funds and flexible features. You can further read about the best investment plans and choose a plan best suited for your future financial goals.