SBI Life Smart Privilege is a unit-linked, non-participating life insurance plan offered by SBI Life Insurance Company Limited. This plan is designed to offer a combination of investment and insurance benefits. SBI Life Smart Privilege provides its policyholders with the ability to customize their strategy and achieve their financial goals with a range of investment options.
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Let us learn the details and key features of this ULIP plan in this article.
SBI Life Smart Privilege Plan is a savings and protection-oriented life insurance policy. It is a non-participating, Unit Linked Insurance Plan (ULIP) that provides a combination of life insurance coverage and savings benefits.
It is among the best investment plans that offer a range of benefits like:
Guaranteed additions
Maturity benefits
Life cover
All the features and benefits are designed to provide financial security and stability to the policyholder and their loved ones.
The key features of the SBI Life Smart Privilege Plan are listed in the table below:
Features | Details |
Plan Type | Non-Participating Unit Linked Insurance Plan (ULIP) |
Life Insurance and Investment Benefits | Provides life coverage benefits along with investment corpus-building opportunities to secure the financial needs of your family in your absence |
Premium Payment Flexibility: |
|
Investment Fund Options | 11 Funds:
|
Charges |
|
Loyalty Additions | From the 6th policy year of active policy |
Free Switches |
|
Premium Redirection |
|
Partial Withdrawals |
|
*Fund Value cannot go below 50% of the total amount of premiums paid
**You can use online SIP calculator to estimate your maturity returns and interest earned.
The eligibility criteria for SBI Life Smart Privilege Plan are as follows:
Particulars | Eligibility Criteria Details |
Entry Age |
|
Maturity Age | 18 - 70 years |
Plan Type |
|
Policy Tenure |
|
Tenure of Premium Payment |
|
Premium Modes |
|
Premium Amount |
|
Sum Assured |
|
Suicide Exclusion | If Policyholder Dies Within 1st Policy Year: Fund Value+ Deducted Charges (except FMC) are provided to the nominee/ beneficiary |
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insured.
Fund Name | Investment in Equity/ Equity-Related Instruments | Investment in Debt Instruments | Investment in Money Market Instruments/ Cash | Risk Profile of the Fund |
Top 300 | 60% - 100% | -- | 0 – 4-% | High Risk |
Balanced Fund | 40% - 60% | 20% - 60% | 0 – 40% | Medium Risk |
Bond Fund | -- | 60% - 100% | 0 – 40% | Low – Medium Risk |
Equity Optimizer Fund | 60% - 100% | 0 – 40% | 0 – 40% | High Risk |
Bond Optimizer | 0 – 25% | 75% - 100% | 0 - 25% | Low – Medium Risk |
Money Market Fund | -- | 0 – 20% | 80% - 100% | Low Risk |
Equity Fund | 80% - 100% | 0 -20% | 0 – 20% | High Risk |
Growth Fund | 40% -90% | 10% - 60% | 0 -40% | Medium-High Risk |
Pure Fund | 80% - 100% | -- | 0 -20% | High Risk |
Midcap Fund | 80% - 100% | 0 – 20% |
|
High Risk |
Corporate Fund | -- |
|
0 – 20% | Low – Medium Risk |
Discontinued Policy Fund | -- | G- Securities: 60% -100% | 0 – 40% | Low Risk |
Let us understand the working of the SBI Life Smart Privilege Plan from the steps mentioned below:
Step 1: Decide a policy term that suits your needs
Step 2: Select the premium amount and premium payment term as per your wish
Step 3: Choose among the 11 fund options available to you
Step 4: Upon payment of the premium, the applicable taxes and premium allocation charges are deducted. The remaining amount is invested to buy the units of your selected fund option.
Some of the benefits offered by the plan are as follows:
Benefits | Details |
Maturity Benefit | Survives of Policyholder up to End of Policy Tenure: Fund Value is paid in Lump Sum |
Death Benefit |
|
Loyalty Additions |
|
Tax Benefit |
|
Following is the list of documents you must provide to open an SBI Life Smart Privilege Plan account:
Particulars | Document Required |
Proof of Identity |
|
Address proof |
|
SBI Life Smart Privilege Plan offers several advantages that make it a popular choice among individuals looking for a comprehensive life insurance solution.
Here are some of the advantages of the plan:
Offers a combination of savings and protection benefits
Offers guaranteed additions to enhance the policy value and provides an additional source of income
On policy maturity, the policyholder is entitled to receive the fund value, including any bonuses or guaranteed additions
Offers flexible premium payment options
Policyholders are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961
SBI Life Smart Privilege Plan is a comprehensive life insurance solution that offers a combination of investments and life coverage benefits. With multiple features and a range of investment funds, the plan allows policyholders to customize their investment strategy to build wealth while protecting against unforeseen events.
Top 300 Fund
Balanced Fund
Bond Fund
Equity Optimiser Fund
Bond Optimider Fund
Money Market Fund
Equity Fund
Growth Fund
Pure Fund
Midcap Fund
Corporate Bond Fund
Payment Mode | 1 year to 5 years | From 6th year |
Regular or Limited Premium | 2.50% | NIL |
Single-Premium | 2% |
Fund Allocation Charges for SBI Smart Privilege:
During 1st - 5th Policy Year: 2.50% (for Limited and Regular Premium Options) and 2% (for Single Premium Option)
From 6th Policy Year Onwards: No Charges
3-year Annualised Returns: 29% growth
5-year Annualised Returns:12.3% growth
Tax deductions of up to Rs. 1.5 lakhs u/Section 80C of the IT Act, 1961
Tax benefits u/ Sec 10(10D) of the IT Act (if Annual Premium Payment < Rs. 2.5 Lakhs)
Market-linked returns
Tax benefits
Life insurance coverage
However, they also involve market risks, and the returns are subject to the performance of the underlying investment funds.
It is important to carefully consider the charges associated with ULIPs, including premium allocation charges, policy administration charges, and fund management charges.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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