SBI Smart Elite is a non-participating ULIP product that offers life cover with returns on investment through market-linked instruments that helps secure your financial future. Gold and Platinum are the two options available for investment under this scheme.Read more
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Before investing, using SBI Smart Elite Life Insurance Calculator is advised to estimate the corpus received at maturity based on the premium amount invested.
SBI Smart Elite Life Insurance calculator helps prospective investors know beforehand the potential returns on their investment upon completion of the fixed policy term. The main reasons to use the SBI Smart Elite Life Insurance Calculator are:
Readily available: SBI Smart Elite Life Insurance calculator is readily available on the official portal and can be accessed at your convenience. Within a few clicks, you can get an estimated maturity benefit sum at the assumed rate of returns by entering a few details about the investment.
Easy Access: SBI Smart Elite Life Insurance calculator is a free online tool that can be used by any potential investor of a ULIP plan. The tool is accessible across the globe with an active internet connection.
Helps in decision making: Before deciding the investment, it is essential to know the principal amount and your current financial liability and affordability. SBI Smart Elite Life Insurance calculator will help you practically assess the risks as these are long-term plans and require regular premium payments to get maximum returns.
Compare different Options: Two life cover options are available in SBI Smart Elite Life Insurance Plan - Gold and Platinum. The tool allows you to change the input variable as per your needs and switch between these two options to make comparisons and arrive at the best solution.
SBI Smart Elite Life Insurance Calculator is a skillfully designed tool that shows input and corresponding output displayed side by side, making it easy for comparison.
The different steps required to be followed while using the SBI Smart Elite Life Insurance calculator are:
Step 1: Visit the SBI Smart Elite Life Insurance calculator on the official website. Enter the personal details like name, DOB, gender, working as staff or not, and whether you are a Kerala resident.
Step2: Choose the policy duration and the plan type.
Step3: Enter the premium payment options like premium frequency mode, premium amount, premium payment term option, and life cover option.
Step4: Mention the different split percentages of investments on market-linked instruments. The available options are equity elite fund II, balanced fund, bond fund, money market fund, bond optimizer fund, midcap fund, pure fund, and corporate bond fund.
Step5: Click on 'Calculate' to proceed. The results will be displayed on the right side of the screen.
Below an example of the SBI Smart Elite Life Insurance Calculator is provided for better understanding.
Step 1: Enter the personal details and click on applicable conditions
Step 2: Enter the policy duration and type of plan required
Policy term= 17 years
Plan type= LPPT
Step 3: Enter the premium payment options
Premium frequency mode= Yearly
Premium amount= Rs 1.5 lakhs
Premium payment term option= 10 years
Life cover option: Platinum
Step 4: Enter the split percentage of investments on market-linked instruments
Equity elite fund II= 12%
Balanced fund= 12%
Bond fund= 12%
Money market fund= 12%
Bond optimizer fund = 12%
Midcap fund= 12%
Corporate bond fund= 16%
Step5: Click on calculate to know the results
Sum assured = Rs 15 lakhs
Premium frequency = Yearly
Premium amount= Rs1.5 lakhs
Premium payment term=10 years
Policy term= 17 years
Maturity benefit at an assumed rate of returns of 4% = Rs19,00,036 and @8% = Rs 31,23,773.
The main advantages of using the SBI Smart Elite Life Insurance calculator are:
Complete Transparency: SBI Smart Elite Life Insurance Calculator provides a transparent and comprehensive breakdown of the investment fund details. It estimates approximate returns achieved at maturity based on the information entered.
Maximum Flexibility: It is a free online tool that allows you to change the input variables within the range available for the ULIP plan. This feature will allow the prospective investor to compare different Smart Elite Life Insurance plans and make the best choice that aligns with their financial goals.
Secure Investment: SBI Smart Elite Life Insurance calculator allows the investor to compare options available and assess the risk to reward ratio. After sufficient analysis based on the results, a safe investment plan can be chosen according to the needs and expected returns.
Financial planning: The main objective of investing in a ULIP plan is to achieve future financial goals. SBI Smart Elite Life Insurance calculator helps you interpret the best-suited investment plan for you.
The various inputs required for using the SBI Smart Elite Life Insurance calculator are listed below:
Premium payment options like frequency, investment amount, payment term, and life cover option
Different proportions of market-linked instruments
The main benefits of buying the SBI Smart Elite Life Insurance Plan are:
Maturity Benefit: This is applicable only for active policies wherein the investor is paid fund value on the completion of policy duration.
Death Benefits: In case of the policyholder's untimely demise, the family members will receive the benefits.
In the gold life cover option, death benefits include higher fund values or sum assured as on the date of claim with 105% of total premiums received up to the date of demise.
In the platinum option, death benefits include sum assured plus fund value with 105% of total premiums received up to the date of passing.
Besides, there is an additional accident benefit that includes a lump sum or settlement option on accidental death and accidental total and permanent disability.
Tax Benefits: The policyholders can avail of tax benefits under Section 80C of the Income Tax Act. The deductions allowed are 10% of the assured sum if the premium collection in a year exceeds 10% of the sum guaranteed.
Exemptions are also available under Section 10 (10D) when the policy is surrendered or matured. The premium paid in any year of the policy term does not exceed 10% of the assured sum. The death benefits are fully exempted from taxes.
SBI Smart Elite Life Insurance calculator is a useful online tool that helps prospective investors compare different ULIP plans to achieve long-term financial goals. In addition, the SBI Smart Elite Life Insurance calculator provides an estimate of the expected returns based on the premium amount investment to build a corpus