SBI Life Smart Wealth Assure Plan

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Introduction/Overview

SBI Life Smart Wealth Assure is a non-participating Unit Linked Plan which augments savings by participation in capital markets thus creating a sufficient corpus for future requirements

Key Features

  • It is a unit linked plan with Single Pay option
  • Plan can be customized with additional rider
  • The following 2 funds are available for investment:
  1. Equity Fund
  2. Bond Fund

Benefits

  • The insured will get the total Fund Value on Maturity
  • On death, higher of the basic SA net of any partial withdrawals already made from the Fund Value or the Fund Value will be payable subject to 105% of the total premiums paid
  • 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)

8 years

 65 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

30

Premium Paying Term (PPT) in years

Single Pay

Premium Paying Frequency

Yearly

Yearly Premium

50,000

No limit

Sum Assured

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

Single Pay – 5 * Single premium for ages<45 yrs. & 3* Single premium for ages >45 yrs

Details About Premium

Illustration for a policy term of 25 years with a premium of Rs.50,000 and SA Rs.62,500

Age

30 years

35 years

40 years

Fund Value @ 6%

136,029

135,959

135,826

Fund Value @ 10%

345,172

345,106

344,948

Policy Details

Grace Period: grace period is not applicable under Single Pay plan

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 20% of the Fund Value as on the date of withdrawal
  • 2 free switches are allowed per policy year
  • Under the Settlement option, the Fund Value can be taken in 5 equal instalments over 5 years after maturity

Additional Features or Riders

  • Accident Benefit Rider is available under the plan with a minimum coverage of Rs.25,000 and maximum coverage equal to SA or 50 lakhs whichever is lower

Exclusions

  • The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
  • For 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.