SBI Life Smart Privilege Plan: Benefits & Features

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. 

What is SBI Life Smart Privilege Plan?

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.

Features of SBI Life Smart Privilege Plan

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:
  • Single/ Regular/ Limited Premium Options 
  • Flexible Tenure: 5/ 10 - 30 Years 
  • Multiple Options for Premium Payment Frequency
Investment Fund Options 11 Funds:
  • Top 300 Fund
  • Balanced Fund
  • Bond Fund
  • Equity Optimizer Fund
  • Bond Optimizer Fund
  • Money Market Fund
  • Equity Fund
  • Growth Fund
  • Pure Fund
  • Midcap Fund
  • Corporate Fund
  • Discontinued Policy Fund
Charges
  • Premium Allocation Charges
  • 1st to 5th Policy Year: 2.50% (Limited / Regular Premium)
: 2% (Single Premium)
  • From 6th Policy Year: NIL
  • Policy Administration Charges: NIL
  • Fund Management Charges (FMC): 0.35% - 1.35% (for different fund options)
  • Discontinuance Charge: 
  • Regular/ Limited Premium: 2% - 6% of Annualised Premium or Fund Value (depending on the year of discontinuance)
  • Single Premium: 0.35% - 1% of Single Premium or Fund Value (based on year of discontinuance)
  • Mortality Charges: 
Loyalty Additions From the 6th policy year of active policy
Free Switches
  • Unlimited free switches
  • Among 11 investment funds
  • Minimum Switch Amount: Rs. 5,000
Premium Redirection
  • Available from 1st policy year
  • Unlimited premium redirections
  • Redirection applicable to future premiums
  • Existing fund units stay unaffected
  • No charges applicable
Partial Withdrawals
  • Allowed after the latter among the following:
  • After 5th policy year, or
  • At 18 years age of the policyholder
  • 2 Partial Withdrawals for free in a policy year
  • Rs. 100 for every withdrawal is charged from 3rd partial withdrawal in a policy year
  • Maximum 4 partial withdrawals in a policy year
  • Maximum 10 partial withdrawals in a policy term (PT <= 10 Years)
  • Maximum 15 partial withdrawals in a policy term (PT > 10 Years)
  • Amount of Partial Withdrawal: Rs. 5,000 – 15% of Fund Value*

*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.

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Eligibility Criteria

The eligibility criteria for SBI Life Smart Privilege Plan are as follows:

Particulars Eligibility Criteria Details
Entry Age
  • Regular and Limited Premium: 8 - 55 years
  • Single Premium: 13 - 55 years
Maturity Age 18 - 70 years
Plan Type
  • Regular Premium
  • Limited Premium
  • Single Premium
Policy Tenure
  • Regular/ Limited Premium Options: 10 - 30 years
  • Single Premium Option: 5 - 30 years
Tenure of Premium Payment
  • Regular Premium Option: Same as policy tenure
  • Limited Premium Option: 5 - Policy (tenure - 1 year)
  • Single Premium Option: One-time payment at policy inception
Premium Modes
  • Single/ Lump Sum
  • Annually
  • Half-yearly
  • Quarterly
  • Monthly
Premium Amount
  • Regular/ Limited Premium
  • Annually: Rs. 6 lakhs
  • Half-yearly: Rs. 3 lakhs
  • Quarterly: Rs. 1.5 lakhs
  • Monthly: Rs. 50,000
  • Single Premium: Rs. 6 lakhs yearly
Sum Assured
  • Regular/ Limited Premium Options: 10 x Annual Premium Payment
  • Single Premium Option: 1.25 X Lump Sum Premium
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.

SBI Life Privilege Fund Options

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%
  1. 20%
High Risk
Corporate Fund  --
  • Corporate Bonds: 70% - 100%
  • G- Securities: 0 – 30%
0 – 20% Low – Medium Risk
Discontinued Policy Fund -- G- Securities: 60% -100% 0 – 40% Low Risk

How Does SBI Life Smart Privilege Plan Works?

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.

Benefits of SBI Life Smart Privilege Plan

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
  • On unfortunate demise of the policyholder during the active policy, the death benefit is paid as the higher of:
  • Sum Assured (minus applicable partial withdrawals)
  • Fund Value
  • 105% of Annualised Premiums (minus applicable partial withdrawals)
  • Death Benefit Payment Option to Beneficiary:
  • Lump Sum
  • Settlement Option: Instalments spread over 2 – 5 years
Loyalty Additions
  • From the 6th policy year onwards
  • Loyalty additions in: 6th /10th /15th /20th /25th / 30th policy year
Tax Benefit
  • 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)

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Documents Required

Following is the list of documents you must provide to open an SBI Life Smart Privilege Plan account:

Particulars Document Required
Proof of Identity
  • Aadhar card
  • PAN card
  • Driving license
  • Voter ID card
  • Government ID card
Address proof
  • Passport
  • Electricity bill
  • Telephone bill
  • Driver’s license

Advantages of SBI Life Smart Privilege Plan

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

Wrapping it

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.

FAQ's

  • Can I surrender my SBI Life Smart Privilege policy?

    Just like other SBI policies, the Smart Privilege policy can also be surrendered at any time during the policy tenure. The policy can also be surrendered during the free-look period of the first 15-days of policy purchase.
  • Is there a grace period in the SBI Life Smart privilege policy?

    A 30 days grace period is allowed for quarterly, half-yearly, and yearly premium frequency and 15 days for monthly payments.
  • Is there any tax benefit?

    Tax benefits are available as per prevailing tax laws under the Income Tax Act, 1961. One may consult the tax consultant or visit the official website for further details.
  • What are the fund options available under SBI Life Smart Privilege policy?

    The following 11 fund options are available under the policy:
    • 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

  • What are the premium allocation charges under this policy?

    Premium allocation charges under different payment modes are as follows:
    Payment Mode 1 year to 5 years From 6th year
    Regular or Limited Premium 2.50% NIL
    Single-Premium 2%
  • What are allocation charges in SBI smart privilege?

    In the context of SBI Smart Privilege, allocation charges typically refer to the fees that are charged by the company for allocating new shares or securities to its customers during an initial public offering (IPO) or other primary market offerings.

    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

  • What is the performance of SBI Life Smart Privilege?

    SBI Smart Privilege Mid Cap Fund performance as of 04 May 2023 is as follows:
    • 3-year Annualised Returns: 29% growth

    • 5-year Annualised Returns:12.3% growth

  • Is SBI Smart Privilege tax-free?

    Tax benefits on SBI Smart Privilege are as follows:
    • 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)

  • Is SBI Life a good investment?

    ULIPs like SBI Life Smart Privilege offer potential benefits such as:
    • 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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