SBI Life Smart Power Plan

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SBI Life Smart Power is a non-participating Unit Linked plan with customized cover options at lower rates providing the dual benefit of insurance and market investment.

Key Features

  • It is a unit linked insurance plan with regular premium payment option
  • There are 2 protection cover options namely – Level Cover option and Increasing Cover option
  • The Sum Assured increases under the Increasing cover option by 10% from the 6th policy year and thereafter every 5 years
  • Inbuilt Disability rider for increased protection
  • There are 2 funds options - Trigger Fund Option and Smart Fund Option
  • The Trigger Fund Option automatically allocates the premium in equity and bond funds in the ratio of 80:20 and the ratio is maintained as it automatically adjusts any shortfall or excesses
  • The Smart Fund option has 7 funds to choose from:
  1. Equity Fund
  2. Top 300 Fund
  3. Equity Optimizer Fund
  4. Growth Fund
  5. Balanced Fund
  6. Bond Fund
  7. Money Market Fund


  • The insured will get the total Fund Value on Maturity
  • Under the Settlement Option, the Fund Value can be withdrawn in five equal instalments over 5 years after the end of the policy term
  • On death, 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 rider benefit, 100% of the death benefit is paid immediately following a disability
  • 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:




Entry Age (Last Birthday)

18 years

45 years

Maturity Age (Last Birthday)


65 years

Policy Term (PT) in years



Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Yearly, half-yearly, quarterly, monthly

Yearly Premium

Yearly – 15,000

Half-yearly – 9500

Quarterly – 5500

Monthly – 2000

No limit

Sum Assured

Higher of 10*annual premium


0.5 * term*annual premium

20*annual premium

Details About Premium

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


35 years

45 years




Sum Assured

5 lakhs

5 lakhs

Fund Value @ 4%



Fund Value @ 8%



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.


  • Two free partial withdrawals are allowed every year which should be a minimum of Rs.2000 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
  • Fund options can also be altered from trigger fund to smart fund option and vice-versa under the Portfolio Transfer option

Additional Features or Riders

  • There is an inbuilt Accelerated Total and Permanent Disability Rider.


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

Written By: PolicyBazaar - Updated: 12 December 2018