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SBI Smart Elite Life Insurance Calculator

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.

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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.  

Why Should You Use SBI Smart Elite Life Insurance Calculator?

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. 

How to Use SBI Smart Elite Life Insurance Calculator?

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.

Understanding with an Example

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%

    • Pure 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. 

Advantages of SBI Smart Elite Life Insurance Calculator

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.

Information Required

The various inputs required for using the SBI Smart Elite Life Insurance calculator are listed below:

  • Policy duration

  • Plan type

  • Premium payment options like frequency, investment amount, payment term, and life cover option

  • Different proportions of market-linked instruments

Benefits of Buying an SBI Smart Elite Life Insurance Plan

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. 

In Conclusion

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

FAQ's

  • Ans: The policy term of an SBI Smart Elite Life Insurance Plan can be anywhere between 5 to 30 years. 
  • Ans: Eight market-linked instruments are available in the SBI Smart Elite Life Insurance calculator. 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.
  • Ans: The minimum premium amount that can be entered in the SBI Smart Elite Life Insurance Calculator is Rs 12,500.
  • Ans: The different premium payment term options in SBI Smart Elite Life Insurance Calculator are 7, 10, and 12 years. 
  • Ans: The different payment frequencies available in SBI Smart Elite Life Insurance Calculator are LPPT (Limited Premium Payment Term) and SP (Single Payment).

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