SBI Life Smart Elite Plan

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Introduction/Overview

SBI Life Smart Elite is a non-participating Unit Linked plan where life cover is provided along with investment growth through market linked returns thereby providing wealth for future needs

Key Features

  • It is a unit linked plan with limited or single premium payment option
  • There are 2 protection options namely – Gold and Platinum
  • Inbuilt Accidental rider to increase protection
  • The Sum Assured can be increased or decreased from the 6th policy year
  • Under the Settlement Option, the Fund Value can be withdrawn in five equal instalments over 5 years after the end of the policy term
  • The following funds are available for investment:
  1. Equity Elite Fund II
  2. Balanced Fund
  3. Bond Fund
  4. Money Market Fund

Benefits

  • The insured will get the total Fund Value on Maturity
  • On death, under the Gold option, higher of Fund Value less partial withdrawals already made or the base SA is payable subject to a minimum of 105% of all premiums paid till death
  • Under the Platinum Option, the Fund Value net of partial withdrawals and the base Sum Assured is paid to the nominee
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

-

65 years

Policy Term (PT) in years

5

20

Premium Paying Term (PPT) in years

Single pay

Or

5 / 8 / 10

Premium Paying Frequency

Yearly, half-yearly, quarterly, monthly

Yearly Premium

Single pay –  200,000

Limited pay:

Yearly – 150,000

Half-yearly – 75,000

Quarterly – 37,500

Monthly – 12,500

No limit

Sum Assured

Single Pay – 1.25 * Single Premium for ages <45 yrs. & 1.1* Single premium for ages >45 yrs.

Limited Pay – 10* annual premium for ages<45 years

&

 7*annual Premium for ages>45 yrs.

Single Pay – 5* annual premium

Limited Pay – 20*annual premium

Details About Premium

Illustration for a policy term of 10 years with Gold covers option

Age

30 years

40 years

Premium

200,000

200,000

Sum Assured

20 lakhs

20 lakhs

Fund Value @ 4%

11,36,344

11,08,241

Fund Value @ 8%

15,51,152

15,22,766

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • One free partial withdrawal is allowed every year which should be a minimum of Rs.5000 and maximum of 15% of the Fund Value as on the date of withdrawal
  • Premium redirection is available from the 2nd policy year
  • 2 free switches are allowed per policy year

Additional Features or Riders

  • No Premium Allocation charges form the 6th policy year thereby increasing returns
  • There is an inbuilt Accidental Death and Accidental Total and Permanent Disability Rider under the plan

Exclusions

  • The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
  • For both the riders, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.