SBI Smart Platina Supreme Plan

At a Glance

• The plan is a savings product, and its performance does not depend on the market
• Offers dual protection: life insurance and a guaranteed regular income.
• The plan allows you to pick a premium payment term.
• The Plan returns 110% of the total premiums paid.

What is the SBI Life Smart Platina Supreme Plan?

The SBI Life Smart Platina Supreme Plan, offered by SBI Life Insurance Company Ltd., is an individual, non-linked, non-participating life insurance guaranteed income plan.

It is designed to offer two important financial supports:

• Life Insurance Cover: It is provided during the policy term to financially protect your family if you are met with unforeseen circumstances.
• Regular Guaranteed Income: It is offered after the policy matures and can help you meet long-term goals or earn a fixed amount of income throughout a period of time.

Features of SBI Smart Platina Supreme Plan

The key features of the SBI Smart Platina Supreme Plan are as follows:

• Security: This investment plan provides life cover during the policy term for the financial protection of your family. 
• Flexibility: You can choose your Premium Payment Term (PPT), Policy Term, income pay-out period, and frequency. 
• Guaranteed Income on Maturity: Option to receive guaranteed income (level or increasing) during the payout period. 
• Return of Premiums: At the end of the pay-out period, you receive 110% of the total premiums you paid (excluding taxes and extra premiums). 
• Option to Take Lump Sum: Instead of periodic income, you have the option to take the discounted value of all future benefits (future guaranteed income + 110% of premiums paid) as a lump sum.
• Rider for Enhanced Protection: Option to add the SBI Life Accident Benefit Rider to get additional cover, such as Accidental Death Benefit (ADB) or Accidental Partial Permanent Disability Benefit (APPD). 
• Policy Loan Facility: The policy can be used as collateral for a loan if you need funds in an emergency. 

Eligibility Criteria for SBI Life Smart Platina Supreme Plan

What are the Income Options under SBI Life Smart Platina Supreme Plan?

The SBI Smart Platina Plan is a guaranteed savings plan that allows you to choose how you want your guaranteed income to be structured and paid:​

• Option 1 – Level Guaranteed Income: Same guaranteed income amount throughout the payout period.​
• Option 2 – Increasing Guaranteed Income: Guaranteed income increases every year at a simple rate of 5% per annum from the 2nd year of payout.​

NOTE: You can also choose the income frequency (Yearly, Half-yearly, Quarterly, Monthly); Guaranteed Income is calculated using a Guaranteed Income Factor, your annualised premium, and a modal factor for the chosen frequency.

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Fund Name	NAV	AUM	5 Yr Returns	10 Yr Returns
SBI Life Balanced Fund	₹70.4	₹19726 Cr	5.37%	8.45%	View More
SBI Life Bond Fund	₹51.37	₹15328 Cr	5.16%	6.07%	View More
SBI Life Equity Fund	₹184.62	₹81746 Cr	7.6%	10.53%	View More
SBI Life Equity Optimiser Fund	₹52.11	₹2606 Cr	6.76%	10.02%	View More
SBI Life Growth Fund	₹90.06	₹2837 Cr	5.96%	9.69%	View More
SBI Life Money Market Fund	₹37.81	₹482 Cr	6.05%	5.89%	View More
SBI Life Top 300 Fund	₹53.1	₹1972 Cr	5.82%	10.52%	View More
SBI Life Pure Fund	₹26.95	₹1251 Cr	5.94%	9.48%	View More
SBI Life Bond Optimiser Fund	₹22.41	₹3214 Cr	6.1%	-	View More
SBI Life Bluechip Fund	₹9.37	₹3671 Cr	-	-	View More
SBI Life Midcap Fund	₹48.82	₹67697 Cr	13.39%	15.6%	View More
SBI Life Corporate Bond Fund	₹16.72	₹1009 Cr	5.14%	-	View More
SBI Life Balanced Pension	₹70.79	₹867 Cr	5.81%	9.3%	View More
SBI Life Equity Optimiser Pension	₹56.38	₹1105 Cr	7.1%	10.88%	View More
SBI Life Equity Elite II	₹48.99	₹11844 Cr	6.03%	9.66%	View More
SBI Life Index	₹43.18	₹87 Cr	5.39%	9.93%	View More
SBI Life Index Pension	₹45.11	₹24 Cr	5.46%	9.98%	View More
SBI Life Top 300 Pension	₹52.5	₹772 Cr	6.12%	10.8%	View More
SBI Life Discontinued Policy Fund	₹25.98	₹10931 Cr	5.62%	5.81%	View More
SBI Life Bond Pension	₹45.75	₹552 Cr	5.18%	6.36%	View More
SBI Life Equity Elite	₹82.34	₹12 Cr	7.94%	12.39%	View More
SBI Life Equity Pension	₹70.76	₹13758 Cr	6.79%	10.88%	View More
SBI Life Growth Pension	₹71.35	₹692 Cr	6.73%	10.29%	View More
SBI Life Money Market Pension	₹34.94	₹160 Cr	6%	5.87%	View More
SBI Life P-E Managed	₹37.14	₹195 Cr	6.53%	8.65%	View More
SBI Life Guaranteed Pension GPF070211	₹26.92	₹1 Cr	4.94%	5.72%	View More
SBI Life Bond Pension II	₹23.76	₹28119 Cr	4.92%	5.67%	View More
SBI Life Equity Pension II	₹38.68	₹11378 Cr	5.54%	10.17%	View More
SBI Life Money Market Pension II	₹21.32	₹1488 Cr	5.76%	5.61%	View More
SBI Life Discontinue Pension Fund	₹21.95	₹6203 Cr	5.65%	-	View More
SBI Life Group Growth Plus Fund	₹56.02	₹3 Cr	6.08%	-	View More
SBI Life Group Debt Plus Fund	₹40.71	₹115 Cr	5.67%	-	View More
SBI Life Group Balance Plus Fund	₹47.85	₹11 Cr	5.8%	-	View More
SBI Life Group Balance Plus Fund II	₹27.36	₹1273 Cr	6.67%	-	View More
SBI Life Group Debt Plus Fund II	₹26.53	₹363 Cr	5.76%	-	View More
SBI Life Group Growth Plus Fund II	₹26.34	₹291 Cr	6.42%	-	View More
SBI Life Group Short Term Plus Fund II	₹21.91	₹24 Cr	5.86%	-	View More
SBI Life Group Money Market Plus Fund	₹14.19	₹2 Cr	3.33%	-	View More
SBI Life Group Balanced Pension Fund	₹10.13	₹194 Cr	-	-	View More

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Benefits of SBI Smart Platina Supreme Plan

The key benefits of the SBI Smart Platina Supreme Plan are as follows:

1. Maturity Benefit

   You receive a steady Guaranteed Income during the pay-out period and 110% of the total premiums paid at the end, with an option to take the entire amount as a single lump sum.

2. Death Benefit

   Your nominee gets a lump-sum amount, which will always be the highest value among the plan’s guaranteed calculations, and the policy ends.

3. Guaranteed Income Options

   You can choose to receive guaranteed income for 15, 20, 25, or 30 years and select yearly, half-yearly, quarterly, or monthly payouts as per your preference.

4. Extra Income Benefits

   Higher premium payments and SBI Group or SBI Life staff eligibility can give you extra guaranteed income as an additional benefit.

5. Surrender & Loan Facility

   After paying the required premiums, you can surrender the policy for a value or take a loan of up to 50% of the surrender value at the applicable interest rate.

6. Optional Accident Rider

   You can add an Accident Benefit Rider to get extra financial protection in case of accidental death or accidental permanent partial disability.

Policy Details of SBI Smart Platina Supreme Plan

• Premium Payment & Grace Period: You can choose your premium payment mode and still get a grace period to pay if you miss the due date while keeping the policy active
• Policy Lapse & Revival: If premiums stop, the policy may lapse or become Reduced Paid-up, but you can revive it within five years by paying the pending amounts with interest.
• Surrender Value Rules: You receive a surrender value after paying the mandatory premiums, and the value may vary depending on guaranteed and special calculations.
• Loan Rules: You can borrow up to half of the surrender value, but the policy may end if the loan and interest together exceed this value.
• Free Look Period: 30 days from receipt of policy (including online), with refund of premium minus proportionate risk premium, medical costs and stamp duty if returned.
• Other Features:
  • No participation in profits/bonuses (non-participating product).​
  • Provisions for assignment, nomination, non-disclosure and prohibition of rebates follow the Insurance Act, 1938, as amended.

How Does the SBI Smart Platina Supreme Plan Work?

Following is a step-by-step guide to how the SBI Smart Platina Supreme Plan works:

• Choose Premium & Payment Mode: Decide how much you want to pay each year (minimum ₹50,000) and whether you want to pay yearly, half-yearly, or monthly.
• Select Terms & Income Option: Pick your Premium Payment Term (7, 8, or 10 years), Policy Term (e.g., 10–15 years), Pay-out Period (15, 20, 25, or 30 years), and type of Guaranteed Income (Level or Increasing by 5% yearly from 2nd year).
• Choose Income Frequency: Decide if you want income yearly, half-yearly, quarterly, or monthly. Income is calculated using a simple formula:
  Guaranteed Income = Guaranteed Income Factor × Annual Premium × Modal Factor
• Pay Premiums: Pay your chosen premium regularly for the selected term. Life cover stays active throughout the policy.
• Receive Guaranteed Income: After the policy term ends, you start receiving the guaranteed income for your chosen payout period. Income can be level or increase 5% yearly from year 2.
• Get 110% of Total Premiums: At the end of the pay-out period, 110% of all premiums paid is given as a lump sum, whether the life assured is alive or not.
• Optional Lump-sum: You or your nominee can choose to receive the discounted value of all future guaranteed income plus 110% of premiums as a single lump sum instead of periodic payments.

Example: You set up the SBI Smart Platina Supreme Plan at the age of 35 and pay an annual premium of ₹2,00,000 lakh for the next 10 years. The plan matures in 15 years. From the 16th year, you start receiving an income of ₹2,73,000 as a guaranteed income for the next 25 years.

• Total money paid: 20,00,000
• Total money received: 90,25,000
• Internal rate of return: 6.3%

Who Should Buy The SBI Smart Platina Supreme Plan?

• Retirement Planners: Individuals who wish to maintain their lifestyle and need a regular source of income to do so during their retirement can invest in this plan.
• Parents planning their child’s future: Parents who wish to sustain their child’s higher education and financial endeavours through regular sources of income can choose this plan.
• Aspiring Entrepreneurs: Individuals who wish to start their own business and would need a regular flow of income to do so can buy this plan.
• Family Breadwinners: Individuals who wish to ensure their family’s well-being in their absence can choose this plan as it also contains a life plan.

Exclusion Criteria

If the life assured dies by suicide within 12 months from the start of the policy or from policy revival, the nominee gets 80% of the total premiums paid or the surrender value, whichever is higher. After 12 months, normal death benefit rules apply.