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SBI Life - Smart Elite Plus
SBI Life - Smart Elite Plus is an individual, unit-linked, non-participating life insurance savings product. The Smart Elite Plus plan offers you dual benefits by providing life cover for your loved ones in your absence and giving you an opportunity to maximize your wealth through market-linked returns.
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ULIP Plan
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SBI Life Ulip Plans
- SBI Life Smart Elite Plan
List of ULIP Funds ~
Fund Name
AUM
NAV
Returns (in %)
3 Year
5 Year
10 Year
Midcap Fund
SBI Life
AUM:67,697 Cr
67,697 Cr
NAV
50.52
1.20%
Returns
15.7%
Opportunities Fund
HDFC Life
AUM:35,621 Cr
35,621 Cr
NAV
78.82
1.90%
Returns
11.88%
High Growth Fund
Axis Max Life
AUM:16,228 Cr
16,228 Cr
NAV
123.35
3.67%
Returns
18.66%
Opportunities Fund
ICICI Prudential Life
AUM:3,711 Cr
3,711 Cr
NAV
59.62
1.18%
Returns
12.09%
Highest Returns
Multi Cap Fund
Tata AIA Life
AUM:12,199 Cr
12,199 Cr
NAV
67.24
1.84%
Returns
13.74%
see more plans
Disclaimer :
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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:
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Unit Linked Insurance Plan with limited or single premium payment option.
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Two protection options – Gold and Platinum.
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Inbuilt Accidental rider to increase protection.
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No premium allocation charge from the 6th policy year onwards, thereby enhancing your fund value.
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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.
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Switch and redirection facility, to pilot your investments.
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Under the settlement option, the fund value can be withdrawn in installments over 2 to 5 years after the policyholder's death.
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The following funds are available for investment:
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Equity Elite Fund II
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Balanced Fund
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Bond Fund
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Money Market Fund
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Bond Optimiser Fund
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Pure Fund
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Midcap Fund
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Corporate Bond Fund
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Bluechip Fund
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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:
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Death Benefit:
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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.
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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.
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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.
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In-built Accident Benefit:
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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).
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Accidental death benefit is paid as a lump sum.
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The accidental TPD benefit is paid to the life assured in 10 equal annual installments.
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This benefit is not available if the policy is in paid-up status.
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Maturity Benefit:
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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.
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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:
| Minimum | Maximum | |
| Entry Age (Last Birthday) | 18 years | - |
| Maturity Age (Last Birthday) | - | 70 years |
| Policy Term (PT) in years | 5 | 20 |
| Limited Premium Plans – Age limit | 18 | 55 |
| Single Premium Plans – Age Limit | 18 | 60 |
| Premium Paying Term (PPT) in years | Single pay Or LPPT - 7 / 10 / 12 |
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| Premium Paying Frequency | Yearly, half-yearly, quarterly, monthly | |
| Policy Term | Single Premium: 5-30 years Limited Premium Payment Term (LPPT): 10-30 years / 12-30 years / 15-30 years for LPPT 7/10/12 years respectively |
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| Yearly Premium | Single pay – Rs 2,50,000 Limited pay: Yearly – Rs 250,000 Half-yearly – 125,000 Quarterly – 62,500 Monthly – Rs 21,000 |
No limit |
| Basic Sum Assured | Single Pay – 1.25 * Single Premium for ages Limited Pay – 7* annual premium for ages |
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Latest ULIP NAVs
| Fund Name | NAV  |
AUM |
5 Yr Returns |
10 Yr Returns | |
|---|---|---|---|---|---|
| SBI Life Balanced Fund | ₹71.59 | ₹19726 Cr | 5.51% | 8.53% | |
| SBI Life Bond Fund | ₹51.51 | ₹15328 Cr | 5.2% | 6.15% | |
| SBI Life Equity Fund | ₹190 | ₹81746 Cr | 7.6% | 10.53% | |
| SBI Life Equity Optimiser Fund | ₹53.31 | ₹2606 Cr | 6.9% | 10.08% | |
| SBI Life Growth Fund | ₹91.91 | ₹2837 Cr | 6.1% | 9.76% | |
| SBI Life Money Market Fund | ₹37.77 | ₹482 Cr | 6.04% | 5.89% | |
| SBI Life Top 300 Fund | ₹54.36 | ₹1972 Cr | 6.03% | 10.6% | |
| SBI Life Pure Fund | ₹27.95 | ₹1251 Cr | 6.61% | 9.75% | |
| SBI Life Bond Optimiser Fund | ₹22.58 | ₹3214 Cr | 6.13% | - | |
| SBI Life Bluechip Fund | ₹9.62 | ₹3671 Cr | - | - | |
| SBI Life Midcap Fund | ₹50.52 | ₹67697 Cr | 14.1% | 15.89% | |
| SBI Life Corporate Bond Fund | ₹16.75 | ₹1009 Cr | 5.14% | - | |
| SBI Life Balanced Pension | ₹72.01 | ₹867 Cr | 5.95% | 9.4% | |
| SBI Life Equity Optimiser Pension | ₹57.63 | ₹1105 Cr | 7.24% | 10.96% | |
| SBI Life Equity Elite II | ₹50.2 | ₹11844 Cr | 6.21% | 9.76% | |
| SBI Life Index | ₹44.46 | ₹87 Cr | 5.71% | 9.97% | |
| SBI Life Index Pension | ₹46.45 | ₹24 Cr | 5.79% | 10.03% | |
| SBI Life Top 300 Pension | ₹53.67 | ₹772 Cr | 6.28% | 10.87% | |
| SBI Life Discontinued Policy Fund | ₹26 | ₹10931 Cr | 5.61% | 5.83% | |
| SBI Life Bond Pension | ₹45.84 | ₹552 Cr | 5.18% | 6.41% | |
| SBI Life Equity Elite | ₹84.26 | ₹12 Cr | 8.09% | 12.46% | |
| SBI Life Equity Pension | ₹72.83 | ₹13758 Cr | 7% | 10.99% | |
| SBI Life Growth Pension | ₹72.72 | ₹692 Cr | 6.85% | 10.36% | |
| SBI Life Money Market Pension | ₹34.9 | ₹160 Cr | 5.99% | 5.87% | |
| SBI Life P-E Managed | ₹37.97 | ₹195 Cr | 6.79% | 8.68% | |
| SBI Life Guaranteed Pension GPF070211 | ₹27 | ₹1 Cr | 5% | 5.78% | |
| SBI Life Bond Pension II | ₹23.84 | ₹28119 Cr | 4.96% | 5.74% | |
| SBI Life Equity Pension II | ₹39.74 | ₹11378 Cr | 5.7% | 10.25% | |
| SBI Life Money Market Pension II | ₹21.3 | ₹1488 Cr | 5.76% | 5.61% | |
| SBI Life Discontinue Pension Fund | ₹21.96 | ₹6203 Cr | 5.64% | - | |
| SBI Life Group Growth Plus Fund | ₹56.79 | ₹3 Cr | 6.18% | - | |
| SBI Life Group Debt Plus Fund | ₹40.92 | ₹115 Cr | 5.71% | - | |
| SBI Life Group Balance Plus Fund | ₹48.34 | ₹11 Cr | 5.9% | - | |
| SBI Life Group Balance Plus Fund II | ₹27.52 | ₹1273 Cr | 6.69% | - | |
| SBI Life Group Debt Plus Fund II | ₹26.64 | ₹363 Cr | 5.8% | - | |
| SBI Life Group Growth Plus Fund II | ₹26.7 | ₹291 Cr | 6.52% | - | |
| SBI Life Group Short Term Plus Fund II | ₹21.99 | ₹24 Cr | 5.94% | - | |
| SBI Life Group Money Market Plus Fund | ₹14.17 | ₹2 Cr | 3.33% | - | |
| SBI Life Group Balanced Pension Fund | ₹10.21 | ₹194 Cr | - | - |
See more plans
Additional Details of SBI Life Smart Elite Plus
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Grace Period:
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A grace period of 30 days is allowed for Yearly, Half-yearly, and Quarterly premium frequencies, and 15 days for monthly payments.
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Surrender Benefit:
You are allowed to surrender your SBI ULIP policy after 5 completed years.
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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.
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After 5 years: The fund value will be paid immediately without any charges.
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Free Look Period:
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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.
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Partial withdrawals:
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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.
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Premium Redirection:
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This facility is available from the 2nd policy year onwards.
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Switching Option: You can switch your investments among the available funds. Two switches are free in a policy year.
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Discontinuation of Policy
- Discontinuation within the first 5 years:
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If you stop paying premiums, the fund value (after charges) is moved to the Discontinued Policy Fund, and the risk cover ceases.
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You have 3 years to revive politics.
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If not revived, the fund value is paid out at the end of the 5-year lock-in period, and the policy terminates.
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- Discontinuation after the first 5 years:
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The policy is converted to a reduced paid-up policy.
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You can revive the policy within 3 years.
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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.
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- Discontinuation within the first 5 years:
Revival
You can revive your policy within a 3-year revival period from the date of the first unpaid premium.
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During the lock-in period: The fund from the Discontinued Policy Fund is reinvested, and the discontinuance charges are added back.
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After the lock-in period: All due premiums are invested, net of charges, to restore the original cover.
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The revival is subject to underwriting approval.
Exclusions Under SBI Life - Smart Elite Plus
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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.
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Accidental Benefit Exclusions:
The in-built accidental benefit does not cover death or disability resulting from:
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Infection (unless from an external wound).
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Drug or alcohol abuse.
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Self-inflicted injury or attempted suicide.
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Criminal acts.
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War or civil commotion.
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Nuclear contamination.
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Aviation activities (other than as a passenger).
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Hazardous sports or pastimes.
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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.
FAQs
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What is the lock-in period for the SBI Smart Elite Plus?
The SBI Smart Elite Plus has a mandatory five-year lock-in period. During this time, you cannot surrender the policy or make any partial or complete withdrawals. -
What happens if I stop paying premiums of the SBI Smart Elite Plus before the 5-year lock-in period is over?
If you stop paying premiums, the policy will be discontinued. Your fund value, after deducting charges, will be moved to the Discontinued Policy Fund and will earn a minimum interest rate. The amount will only be paid to you at the end of the 5-year lock-in period. -
How is the death benefit calculated under the Gold Option in SBI Smart Elite Plus?
Under the Gold Option, the nominee will receive the highest of three values: the Fund Value (minus recent partial withdrawals), the Sum Assured (minus recent partial withdrawals), or 105% of all premiums paid up to the date of death. -
Can I change my investment funds in SBI Smart Elite Plan after the policy starts?
Yes, the plan offers a Switching Option that allows you to move your investments between the available funds. You get two free switches per policy year. -
How is the in-built Accidental TPD benefit paid out in SBI Smart Elite Plan?
The Accidental Total and Permanent Disability (TPD) benefit is paid to the life assured in 10 equal annual installments, providing a steady income stream in the event of a debilitating disability.
Insurers Offering ULIPs
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ