SBI Life Smart Privilege Plan

What is the SBI Life Smart Privilege Plan?

The SBI Life - Smart Privilege Plus is an Individual, Unit-Linked, Non-Participating, Life Insurance, Savings Product. It is designed for high-achievers looking for a combination of insurance protection and long-term wealth creation. As a Unit-Linked Insurance Plan (ULIP), it offers flexibility to manage your investments through market-linked returns.

Features of SBI Life Smart Privilege Plan

The plan provides several key features to offer flexibility and growth potential:

• Fund Choice: Opportunity to invest in a wide range of 12 diverse fund options, allowing you to choose a strategy based on your risk appetite.
• Flexible Premiums: Offers flexibility in premium payment with options for Regular Pay, Limited Pay, or Single Pay.
• Loyalty Additions: The plan rewards in-force policies with Loyalty Additions starting from the end of the 6th policy year and continuing at specific regular intervals to boost your fund value.
• Unlimited Switches: Provides unlimited free switches and Premium Re-directions throughout the Policy Term and during the Settlement Period, giving you complete control over your investment strategy.
• No Allocation Charge Advantage: There is no Premium Allocation Charge applied from the 6th policy year onwards.
• Rider Option: Option to enhance coverage by opting for a Rider on payment of additional premium.

Eligibility Criteria of SBI Life Smart Privilege Plan

Benefits of SBI Life Smart Privilege Plan

Below are the benefits of SBI Life Smart Privilege Plan: 

1. Death Benefit

   In the event of the unfortunate death of the Life Assured during the policy term, provided all due premiums are paid, the beneficiary will receive the highest of the following:

   • Fund Value as on the date of intimation of the death claim, OR
   • Sum Assured less Applicable Partial Withdrawals (APW), OR
   • 105% of the Total Premiums Paid up to the date of death.

2. Maturity Benefit

   On survival of the Life Assured up to the date of maturity, provided the policy is in-force, the Fund Value as on the date of maturity shall be paid in a lump sum.

3. Liquidity/Partial Withdrawal Benefit

   • Partial withdrawals are allowed only after the 5th policy anniversary or on the attainment of age 18 years by the Life Assured, whichever is later.
   • A maximum of 4 partial withdrawals can be made in one policy year, subject to a maximum number of withdrawals over the entire policy term (10 or 15 depending on the policy term).

Riders Under SBI Life Smart Privilege Plan

The plan offers one linked rider to enhance the protection cover:

• SBI Life - Accident Benefit Rider - Linked (UIN: 111A042V01)

This rider offers a choice between two options on payment of additional premium:

• Option A: Accidental Death Benefit (ADB)
• Option B: Accidental Partial Permanent Disability Benefit (APPD)

Policy Details of SBI Life Smart Privilege Plan

Additional details of the SBI Life Smart Privilege Plan are as follows: 

1. Grace Period

   The Grace Period is the time granted from the Premium Due Date, during which the policy is considered to be in-force with the risk cover:

   • 30 days for Yearly, Half-yearly, and Quarterly premium payment frequencies.
   • 15 days for Monthly premium payment frequency.

2. Revival Period

   If the policy has been discontinued, the policyholder can revive the policy within a period of 3 consecutive complete years from the date of the first unpaid premium. Revival is subject to applicable terms and conditions and underwriting acceptance.

3. Free Look Period

   If you disagree with any of the terms and conditions of the policy, you have the option to return the policy:

   • 30 days from the date of receipt of the Policy Document for policies sourced through Distance Marketing (Online/Telesales) and electronic policies.
   • 15 days from the date of receipt of the Policy Document for policies sourced through any other channel mode.

4. Surrender Period

   The plan has a lock-in period of 5 years from the Date of Commencement of Policy.

   • Surrender within the Lock-In Period (First 5 years): The risk cover will cease. The Fund Value will be transferred to a Discontinued Policy Fund and will be payable only on the 1st working day of the 6th policy year.
   • Surrender after the Lock-In Period (After 5 years): The Fund Value will be paid immediately, and the policy will terminate.

5. Fund Switching

   Unlimited free switches and Premium Re-directions are allowed throughout the Policy Term and during the Settlement Period, free of charge.

6. Loan Facility

   The SBI Life - Smart Privilege Plus plan does not offer a loan facility against the policy.

Exclusions Under SBI Life Smart Privilege Plan

Suicide Exclusion

If the Life Assured commits suicide within 12 months from the Date of Commencement of the Policy or from the Date of Revival of the Policy, the following will be paid, and the risk cover will cease:

• The Fund Value as on the date of intimation of death.
• Any charges other than Fund Management Charges (FMC) recovered subsequent to the date of death shall be added back to the Fund Value.