SBI Life - Smart Elite Plus

What is SBI Life - Smart Elite Plus?

SBI Life - Smart Elite Plus is an individual, unit linked, non-participating life insurance savings product that aims to help policyholders create long-term wealth while providing life cover. This ULIP plan is available for both limited premium payment (Limited Pay) and Single Premium, and is positioned as an exclusive solution for “special customers” looking for enhanced market-linked returns with protection.

Features of SBI Life - Smart Elite Plus

Below are the features of investment plan by SBI Life: 

• Protection Options: Investors can choose between the Gold Option and the Platinum Option based on their protection needs.
• Inbuilt Accident Benefit: Unlike many plans where accident cover is an add-on, this plan includes Accidental Death Benefit (ADB) and Accidental Total and Permanent Disability (ATPD) Benefit as part of the core package.
• Varied Fund Options: Policyholders can optimize wealth creation by investing across nine different fund options ranging from high-equity exposure to low-risk money market instruments.
• Cost Efficiency: There are no Premium Allocation Charges from the 6th policy year onwards, ensuring a larger portion of your premium is invested to enhance your fund value.
• Investment Control: The plan offers a switch and redirection facility, allowing you to pilot your investments as market conditions change.

Benefits of SBI Life - Smart Elite Plus

Below are the benefits SBI Life - Smart Elite Plus:

1. Death Benefit

   • Gold Option: On death of the life assured, the beneficiary receives the highest of:
     • Fund value as on date of intimation of death claim, or
     • Sum assured minus applicable partial withdrawals, or
     • 105% of total premiums paid up to date of death.​
   • Platinum Option: On death, the beneficiary receives the higher of:
     • Fund value as on date of intimation of death claim plus Sum Assured (reduced for applicable partial withdrawals), or
     • 105% of total premiums paid up to date of death.​

2. In-built Accident Benefit

   • Accident Benefit Sum Assured equals the basic Sum Assured, subject to an overall cap of ₹50 lakh per life under this product.​
   • Accidental Death: Accident Benefit Sum Assured is paid in lump sum if death occurs within 180 days of the accident solely due to accidental bodily injury.​
   • Accidental Total and Permanent Disability (ATPD): Accident Benefit Sum Assured is paid in 10 equal annual instalments, provided disability results from accidental bodily injury and persists continuously for at least 180 days.​
   • This accident benefit is payable only once (either on death or on disability, whichever occurs first), after which accident benefit ceases but the base policy can continue.​
   

3. Maturity Benefit

   • On survival till maturity, the policyholder receives the fund value as on the date of maturity as a lump sum.​

4. Settlement Option (on Death)

   • The nominee/beneficiary can receive the death benefit in instalments over 2 to 5 years (settlement period), with options for yearly, half-yearly, quarterly, or monthly payouts.​
   • During settlement, the amount remains invested in funds and market risk is borne by the beneficiary; switches are allowed but partial withdrawals are not.​

5. Investment-related Flexibilities

   • Switching:
     • Minimum switch amount: ₹5,000.​
     • Two free switches per policy year; subsequent switches in a year attract a charge.​
   • Premium redirection:
     • Allowed from 2nd policy year; one free redirection per year, thereafter chargeable.​
   • Partial withdrawals:
     • Allowed from 6th policy year onwards (post lock-in).​
     • Minimum withdrawal: ₹5,000 (in multiples of ₹1,000).​
     • Maximum per withdrawal: up to 15% of fund value on withdrawal date, subject to minimum fund value conditions.​
     • Maximum 2 partial withdrawals in a policy year and 5 in the entire policy term.​

Tax Benefits (as per prevailing laws)

Premiums and benefits may be eligible for tax benefits/exemptions under the Income Tax laws in India, subject to conditions and changes in law. Policyholders should consult a tax advisor for precise implications.​

Riders Under SBI Life - Smart Elite Plus

• This product provides an in-built Accident Benefit that includes:
  • Accidental Death Benefit (ADB).​
  • Accidental Total and Permanent Disability (ATPD) Benefit.​
• No separate additional riders are specified in the brochure; the accident benefit is part of the base product with a monthly accident benefit charge of 0.60 per ₹1,000 Sum Assured.​

Additional Details of SBI Life - Smart Elite Plus

1. Fund Options and Risk Profiles

   • Equity Elite Fund II
   • Balanced Fund
   • Bond Fund
   • Money Market Fund
   • Bond Optimiser Fund
   • Pure Fund​
   • Midcap Fund​
   • Corporate Bond Fund​
   • Bluechip Fund​​

2. Policy Discontinuance

   • Discontinuance (other than Single Premium) during first 5 years:
     • Fund value (after deducting discontinuance charge) is moved to Discontinued Policy Fund; risk cover and in-built accident benefit cease.​
     • Discontinued Policy Fund earns a minimum guaranteed interest rate of 4% p.a. (or as per prevailing regulations).​
     • Proceeds are paid at end of lock-in (5th policy year) or end of revival period, whichever is later, if not revived.​
   • Discontinuance after 5 years:
     • Policy becomes reduced paid-up; Accident Benefit stops; charges continue with 
     • mortality charge based on reduced sum assured.​
   

3. Revival

   • Revival period of 3 consecutive complete years from first unpaid premium; subject to underwriting.​
   • On revival during lock-in, units are reallocated to chosen funds and original risk cover including accident benefit is restored.​

4. Surrender

   • If surrendered during first 5 years, fund value (after discontinuance charge) is moved to Discontinued Policy Fund and paid out after completion of 5th policy year; life cover ceases.​
   • If surrendered after 5th policy year, fund value is paid immediately and policy terminates.​

5. Free Look

   30 days from receipt of policy document (including electronic) to review terms; if cancelled, fund value plus certain charges (less expenses such as stamp duty, medical costs) is refunded as per formula in brochure.​

6. Grace Period

   30 days for yearly, half-yearly and quarterly modes; 15 days for monthly mode. During grace period, cover continues and applicable charges are deducted; on death, death benefit is payable as under an in-force policy.

Exclusions Under SBI Life - Smart Elite Plus

Suicide Exclusion

• If death is due to suicide within 12 months from date of commencement of policy or from date of revival, the nominee/beneficiary is entitled to the fund value as on date of intimation of death.​
• Any charges other than FMC recovered after date of death will be added back to the fund value as on date of intimation.