SBI Life Insurance Smart Horizon Plan

Introduction
:
SBI Life Insurance Smart Horizon Plan is a non participating Unit Linked Life Insurance Plan. With Smart Horizon, we give you a hassle free way to get market linked returns through the unique feature of Automatic Asset Allocation, so you truly don’t need to be an expert to grow your money! Should you be keen on managing your money actively, we also give the freedom to take charge of your investments.
 

Key Features:

 

No Premium Allocation Charge from 2nd year onwards, thereby enhancing your fund value.
Hassle free investment management by way of Automatic Asset Allocation, also a choice to manage your investments actively by choosing between 4 diverse fund options at your disposal.
You can also enjoy the best of both worlds, by a combination of Automatic Asset Allocation and the Active Fund Management options.
Life Insurance coverage, with minimum Sum Assured based on your age.
Flexible product with an option to increase or decrease your Sum Assured, from 6th year onwards.
Switch and redirection facilities, to give you the power for active management of your investments.
Option to customize the product with a wide range of riders: SBI Life – Criti Care 13 Rider (UIN: 111A018V01), SBI Life – Accidental Death Benefit Linked Rider (UIN: 111A019V01), SBI Life – Premium Payor Waiver Benefit Rider (UIN: 111A017V01) and SBI Life – Income Sustainer Rider (UIN: 111A020V01).
Product Snapshot

 

 

Age at Entry* Minimum: 7 years      Maximum: 60 years
Age at Maturity 70 years
Policy Term 10 yrs, 15 to 30 years (both inclusive)
Regular Premium Amount (X 100)
Minimum Maximum
Yearly Rs 24,000 Rs 74,000
Half-yearly Rs 15,000 Rs 37,000
Quarterly Rs   8,000 Rs 18,500
Monthly Rs  3,000 Rs   6,200
Premium Modes Yearly / Half-yearly / Quarterly / Monthly***
Sum Assured Minimum:
For Ages below 45 yrs : Higher of {10 x Annual Premium (AP) or (0.5 x Term x AP)}For Ages  45yrs & above: Higher of {7 x AP  or (0.25 x Term x AP)}Maximum:For All Ages – 20 x AP
*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: Higher of the Fund Value or Sum Assured# is payable; with a minimum of 105% of total basic premiums paid# till the time of death.
Rider Benefits:
SBI Life – Criti Care 13 Rider: Provides lump sum amount to take care of 13 Critical Illnesses which include Cancer, Coronary Artery Bypass Graft Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neurone Disease and Multiple Sclerosis.
Accidental Death Benefit Linked Rider:Provides additional death benefit if the death occurs as a result of an accident.
Premium Payor Waiver Benefit Rider: In the event of the death of the Proposer, the cover for the Life Assured under the base policy continues and the future premiums under the base policy, payable during the rider term, will be paid by the Company.
Income Sustainer Rider: Provides additional benefit in the case of death or in the case of Total & Permanent Disability due to Accident or Sickness, whichever is earlier. A 25% of income sustainer benefit sum assured is paid upfront and 1% of income sustainer benefit sum assured is paid monthly in arrears for 10 years or till the end of the base policy term (capped at a maximum of 30 years) whichever is higher.
 

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 deduction under Section 80 (D) is available for premiums paid towards Criti Care 13 Rider.
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.
Rider Brochures:
SBI Life – Criti Care 13 Rider
SBI Life – Accidental Death Benefit Linked Rider
SBI Life – Premium Payor Waiver Benefit Rider
SBI Life – Income Sustainer Rider
* Net of partial withdrawals
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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