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SBI Life Smart Fortune Builder Plan
The SBI Life Smart Fortune Builder Plan is an individual, unit-linked, non-participating life insurance savings product which is designed to provide the investor with a double benefit of a safety net with life insurance and growth through market-based investment.
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- SBI Life Smart Fortune Builder Plan
What is the SBI Life Smart Fortune Builder Plan?
SBI Life Smart Fortune Builder is a ULIP plan which is designed to fulfil long-term goals. It offers diversification of assets through 12 fund options. It also rewards long-term dedication through additions to the fund amount and boasts of cost efficiency for dedicated investors.
Features of the SBI Life Smart Fortune Builder Plan
The following are some of the key features of the SBI Life Smart Fortune Builder Plan:
- This investment plan provides life insurance coverage throughout the policy term.
- Guaranteed additions at the end of the 10th policy year and every 5th year thereafter, scaling up to 150% of annualised premium for 30-year regular pay terms.
- An additional guaranteed addition on maturity based on the premium band (0-10% of annualised/single premium).
- No policy administration charge for the first 5 years in regular/limited pay. No premium allocation charge from the 11th year.
- Flexibility with switches, premium redirection from the 2nd year, and partial withdrawals from the 6th year.
- The Following table lists the funds offered by the plan.
| Fund | Risk |
| Equity Fund | High Risk |
| Top 300 Fund | High-medium risk |
| Equity Optimiser | High Risk |
| Growth Fund | High Risk |
| Balanced Fund | Medium Risk |
| Bond Fund | Low |
| Money Market Fund | Low |
| Bond Optimiser Fund | Medium- low risk |
| Pure Fund | High Risk |
| Mid Cap Fund | High Risk |
| Corporate Bond Fund | Medium- low risk |
| Bluechip Fund | High-medium risk |
Eligibility Criteria for SBI Life Smart Fortune Builder Plan
| Criteria | Details |
| Age at Entry | - Minimum: 2 years (for minors, maturity must ensure major age at payout);
- Maximum: 55 years. |
| Age at Maturity | - Minimum: 18 years; - Maximum: 70 years< |
| Plan Type | Regular Pay, Limited Pay, Single Pay |
| Premium Payment Term (PPT) & Policy Term (PT) | - Regular Pay: PT 15–30 yrs: PPT = PT - Limited Pay:
|
| Minimum Premium | - Regular Pay: ₹40,000 p.a. - Limited Pay: ₹50,000 p.a. - Single Pay: ₹65,000 (one-time) |
| Maximum Premium | ₹2,50,000 (subject to Board-approved underwriting) |
| Premium Frequency | Single / Yearly |
| Minimum Sum Assured | - Regular & Limited Pay: 10 × Annualized Premium - Single Pay: 1.25 × Single Premium |
| Rider Option | SBI Life Accident Benefit Rider- - Option A: Accidental Death Benefit (ADB) - Option B: Accidental Partial Permanent Disability (APPD) |
Guaranteed Additions under SBI Smart Fortune Builder Plan
This SBI Life ULIP Plan boosts your fund value with Guaranteed Additions for in-force policies:
- Periodic Additions: Credited at the end of the 10th year and every 5 years after, up to 50% for 30-year regular pay and up to 8% for single pay.
- Maturity Addition: On maturity, you get 0% for premiums under ₹1 lakh, 5% for ₹1–2 lakh, and 10% for ₹2 lakh or more.
These additions are calculated as a fixed percentage of your annualised premium (for Regular/Limited Pay) or single premium (for Single Pay), based on your premium payment term and policy term.
Benefits of SBI Life Smart Fortune Builder Plan
The key benefits offered by the SBI Life Smart Fortune Builder Plan are listed below:
- Death Benefit: If the life assured dies during the policy term while the policy is active, the nominee receives the highest of the fund value, the sum assured (after adjusting recent withdrawals), or 105% of total premiums paid, ensuring a minimum payout even in weak market conditions.
- Maturity Benefit:If the life assured survives till the end of the policy term, the full fund value on the maturity date is paid as a lump sum, and as a long-term approach helps identify the best SIP investment, the brochure’s examples show how long-term investing can grow depending on market performance, though these returns are not guaranteed.
- Settlement Option: The nominee can choose to receive the death benefit in instalments over a settlement period of 2 to 5 years. The amount payable at death is invested in the same fund proportions that existed on the date of death, and the investment risk during this period is borne by the beneficiary.
- Switching Option: You can switch your investments across the 12 available funds anytime during the policy term and during the settlement period. The minimum switch amount is ₹5,000. Two switches per policy year are free, and each extra switch costs ₹100. Unused free switches cannot be carried forward.
- Rider Benefit Accident Benefit Rider – Linked (UIN: 111A042V01): You can add the Accident Benefit Rider to get extra protection through accidental death or disability coverage, with payout limits linked to the base sum assured and options for Accidental Death Benefit or Accidental Partial Permanent Disability.
- Premium Redirection Option: You can redirect future premiums into different funds from the 2nd policy year onwards. This facility is completely free of charge.
- Fund Choices: Being a ULIP, this plan allows you to choose from 12 different funds according to your risk appetite. You can invest in one or more funds in multiples of 1% and switch between them as your needs change.
- Investment & Liquidity Benefits: You can invest across 12 fund options, switch funds, redirect premiums, and make partial withdrawals from the 6th policy year or from age 18, with limits on the number and amount of withdrawals for safety.
- Partial Withdrawals: Partial withdrawals are allowed from the 6th policy year or after the life assured turns 18, whichever is later. One partial withdrawal per policy year is free, and additional withdrawals cost ₹100 each. Unused free withdrawals cannot be carried forward. You can make up to two partial withdrawals in a single policy year.
- Tax Benefits: Premiums and pay-outs may qualify for tax benefits under Section 80C and 10(10D) as per the prevailing income tax laws.
Latest ULIP NAVs
| Fund Name | NAV  |
AUM |
5 Yr Returns |
10 Yr Returns | |
|---|---|---|---|---|---|
| SBI Life Balanced Fund | ₹71.09 | ₹18807 Cr | 5.01% | 8.44% | |
| SBI Life Bond Fund | ₹51.1 | ₹14964 Cr | 5.12% | 5.97% | |
| SBI Life Equity Fund | ₹188.33 | ₹77251 Cr | 5.16% | 10.03% | |
| SBI Life Equity Optimiser Fund | ₹53.11 | ₹2477 Cr | 6.09% | 10.09% | |
| SBI Life Growth Fund | ₹91.22 | ₹2699 Cr | 5.36% | 9.68% | |
| SBI Life Money Market Fund | ₹37.89 | ₹483 Cr | 6.08% | 5.87% | |
| SBI Life Top 300 Fund | ₹54.15 | ₹1874 Cr | 5.25% | 10.55% | |
| SBI Life Pure Fund | ₹26.94 | ₹1191 Cr | 4.86% | 9.18% | |
| SBI Life Bond Optimiser Fund | ₹22.4 | ₹3142 Cr | 5.92% | - | |
| SBI Life Midcap Fund | ₹49.05 | ₹64395 Cr | 11.81% | 15.21% | |
| SBI Life Corporate Bond Fund | ₹16.65 | ₹1010 Cr | 5.09% | - | |
| SBI Life Balanced Pension | ₹71.49 | ₹854 Cr | 5.52% | 9.24% | |
| SBI Life Equity Optimiser Pension | ₹57.15 | ₹1081 Cr | 6.49% | 10.78% | |
| SBI Life Equity Elite II | ₹49.81 | ₹11198 Cr | 5.63% | 9.65% | |
| SBI Life Index | ₹44.29 | ₹81 Cr | 5.14% | 10.03% | |
| SBI Life Index Pension | ₹46.27 | ₹22 Cr | 5.22% | 10.09% | |
| SBI Life Top 300 Pension | ₹53.39 | ₹745 Cr | 5.68% | 10.77% | |
| SBI Life Discontinued Policy Fund | ₹25.99 | ₹10947 Cr | 5.61% | 5.75% | |
| SBI Life Bond Pension | ₹45.55 | ₹558 Cr | 5.13% | 6.24% | |
| SBI Life Equity Elite | ₹83.59 | ₹11 Cr | 7.28% | 12.29% | |
| SBI Life Equity Pension | ₹72.22 | ₹13267 Cr | 6.13% | 10.77% | |
| SBI Life Growth Pension | ₹72.3 | ₹678 Cr | 6.23% | 10.24% | |
| SBI Life Money Market Pension | ₹35.01 | ₹172 Cr | 6.03% | 5.84% | |
| SBI Life P-E Managed | ₹37.67 | ₹185 Cr | 6.08% | 8.53% | |
| SBI Life Guaranteed Pension GPF070211 | ₹26.9 | ₹1 Cr | 4.93% | 5.68% | |
| SBI Life Bond Pension II | ₹23.62 | ₹27769 Cr | 4.8% | 5.55% | |
| SBI Life Equity Pension II | ₹39.48 | ₹10436 Cr | 4.95% | 10.16% | |
| SBI Life Money Market Pension II | ₹21.36 | ₹1466 Cr | 5.79% | 5.59% | |
| SBI Life Discontinue Pension Fund | ₹21.95 | ₹6012 Cr | 5.64% | - | |
| SBI Life Group Growth Plus Fund | ₹56.31 | ₹3 Cr | 5.7% | - | |
| SBI Life Group Debt Plus Fund | ₹39.31 | ₹114 Cr | 4.84% | - | |
| SBI Life Group Balance Plus Fund | ₹47.78 | ₹10 Cr | 5.49% | - | |
| SBI Life Group Balance Plus Fund II | ₹27.28 | ₹1290 Cr | 6.25% | - | |
| SBI Life Group Debt Plus Fund II | ₹26.42 | ₹480 Cr | 5.56% | - | |
| SBI Life Group Growth Plus Fund II | ₹26.5 | ₹282 Cr | 6.03% | - | |
| SBI Life Group Short Term Plus Fund II | ₹21.81 | ₹22 Cr | 5.74% | - | |
| SBI Life Group Money Market Plus Fund | ₹14.21 | ₹2 Cr | 3.36% | - |
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Policy Details of SBI Life Smart Fortune Builder Plan
- Free Look Period: You get a 30-day free look period from the date you receive the policy document, whether physically or electronically. If you disagree with the policy terms and have made no claim, you may return the policy for cancellation by stating your reason.
- Grace Period: A grace period of 30 days is allowed for yearly premium payments. The policy stays active during this period, and applicable charges continue. If the life assured dies during the grace period, the death benefit payable under an in-force policy will be paid.
- Key Charges: Charges include premium allocation charges in early years, policy administration charges after the 5th year, fund management charges depending on the chosen fund, and small charges for switches, partial withdrawals, and discontinuance.
- Lock-in, Discontinuance & Revival: The policy has a 5-year lock-in, and if stopped early, the fund moves to a Discontinued Policy Fund that pays after the lock-in, while after the lock-in the policy becomes reduced paid-up unless revived within 3 years.
How Does the SBI Smart Fortune Builder Plan Work?
The following steps can help you understand the working of the SBI Life Smart Fortune Builder Plan:
- Choose plan type, term (15-30 years), premium, and fund allocation (e.g., 100% Bluechip).
- Pay premiums; net amount (post allocation charge) invests in funds, earning market returns.
- Receive guaranteed additions if the policy is in force. Access switches/partial withdrawals post lock-in.
- On maturity, you get Fund value payout; death: Higher of fund value/sum assured/105% premiums.
Conclusion
The SBI Life Smart Fortune Builder Plan is a rewarding SBI Life ULIP Plan which is apt for young families who wish to invest for their children at a young age, along with people with long-term financial goals such as buying a house, retirement, marriage, etc. It can act as a valuable plan for tax-conscious individuals with its tax benefits. It is best for individuals who seek immediate liquidity, as it has a mandatory 5-year lock-in period during which no withdrawals or surrenders are permitted.
FAQs
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Is SBI Smart Fortune Builder a guaranteed return plan?
No. SBI Smart Fortune Builder is a ULIP, so returns depend on market performance, but it also gives guaranteed additions at specific milestones and on maturity to boost your fund value if the policy stays active. -
When can I make partial withdrawals?
You can make partial withdrawals from the 6th policy year or after the life assured turns 18, whichever is later, as long as the fund value does not fall below 50% of the total premiums paid. -
What happens if I stop paying premiums in the first 5 years?
If you stop paying premiums in the first 5 years, the policy is treated as discontinued and the fund value—after applying discontinuance charges—moves to the Discontinued Policy Fund, and is paid only after the 5-year lock-in ends. -
Can I change my fund allocation later?
Yes. You can switch between funds anytime during the policy term, with two free switches per year and a small charge for additional switches.
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