SBI Life Insurance Smart Elite Plan

Introduction:
SBI Life Insurance Smart Elite Plan is a Unit Linked Insurance plan – an exquisitely crafted product, exclusively for special customers like you. It gives you flexibility to pay premium(s) for limited term or single premium, with the freedom to stay invested and protected for long term. What’s more, you have the power of choosing the option best suited to your needs. All this and more, coming from SBI Life – your preferred insurer, adds enormous value to your investments.

Key Features:

Pay premiums only for a limited term of 5, 8 or 10 years or a Single Payment, as per your convenience and enjoy benefits throughout the chosen policy term.
No Premium Allocation Charges from 6th policy year onwards, thereby enhancing your fund value.
Two protection options available: Gold Option & Platinum Option
Invest in wide range of funds and manage them as per your convenience.
Life Insurance coverage with minimum Sum Assured of 10 or 7 times of your Annual Premium (AP), based on your age.
Switch and redirection facility, to pilot your investments.
Option to increase/decrease your Sum Assured from 6th policy year onwards.
Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) benefit automatically comes to you as an integral part of the plan!
Product Snapshot : 

 

 

Age at Entry* Min: 18 years Max: 60 years
Age at Maturity 65 years
Policy Term 5 to 20 years (both inclusive)
Premium Payment Term
For Limited Premium Payment Term (LPPT) – 5 or 8 or 10 years.
For Single Premium – Single Payment.
Minimum Limited Premium Amount (X 100) Minimum Single Premium Amount (X 100)Maximum Limited/Single Premium Amount (X 100)
Yearly Rs 150,000
Half-yearly Rs   75,000
Quarterly Rs   37,500
Monthly Rs   12,500

Rs 200,000

No limit

Premium Modes Single /Yearly /Half-yearly /Quarterly / Monthly***
Sum Assured Minimum:
For LPPT –
For Ages  below 45 yrs : 10 * Annual Premium (AP)
For Ages  45yrs & above: 7 * APFor Single Premium (SP) –
For All Ages : 1.25 * SPMaximum:
For LPPT –  For All Ages – 20 * AP

For SP – For All Ages – 5 * SP


* All the references to age are age as on last birthday.
 
***For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT
Benefits:

 

 

Maturity Benefit:On completion of Policy Term, Fund Value will be paid.
Death Benefit:
For Gold Option: Higher of Fund Value or Sum Assured is payable; with a minimum of 105% of total premiums paid# till the time of death.
For Platinum Option: Fund Value plus Sum Assured# is payable; with a minimum of 105% of total premiums paid# till the time of death.
In-built Benefit:
Accidental Death and Accidental Total and Permanent Disability (Accident Benefit):Provides an additional benefit for Accidental Death or Accidental TPD.
Tax Benefits
Tax deduction under Section 80C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
# Net of partial withdrawals**Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

 



Brochure

 

You may view or download the official brochure of this plan from here.
Benefit Illustration
You may check the customized benefit illustration of this plan as per your premium, age, S.A. etc. from here.

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