SBI New Smart Samriddhi Investment Plan & Benefits | PolicyX
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SBI Life New Smart Samridhi

SBI Life New Smart Samriddhi Plan is an insurance-cum-savings plan tha ...Read More

🛡️ IRDAI Approved
⭐ 4.6/5 · 917 reviews
📊 80 years solvency ratio
✅ Minimum Age - 5 year% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India

About SBI Life New Smart Samridhi

A quick read on what this SBI Investment Plans term plan covers and why it might be a fit for you.

SBI Life Smart Samriddhi Plan is a fusion of an insurance plan and a savings plan. This SBI plan offers life coverage throughout the policy tenure along with maturity benefits, which range from 143% to 229% of annual premiums, in exchange for limited-term premium payments. Along with dual benefits, it also offers guaranteed annual additions based on your premium payments. These benefits ultimately increase your maturity payment or life cover.

For premiums less than Rs 30,000, the guaranteed benefits rate is 5.5%, while for premiums greater than Rs 30,000, the rate is 6%. You can purchase this plan without a medical test. This plan is an ideal choice if you are looking for life cover along with a guaranteed lump sum to meet your financial obligations.

SBI Life New Smart Samriddhi is a versatile savings life insurance plan. We will discuss the plan in detail in the section below for more clarity and better understanding.

SBI Life New Smart Samriddhi Plan offers a range of benefits, including:

  • Coverage through policy tenure
  • Tax Benefits
  • Maturity Benefits
  • Grace period
  • Guaranteed additions
  • Death benefits

Eligibility Criteria for SBI Life New Smart Samridhi

Entry age
Entry age
Minimum Entry Age: 30 days, Maximum Entry Age: 50 Years
Maturity age
Maturity age
Maximum Maturity Age: 65 years
Policy term
Policy term
12,15 and 20 years
Sum assured
Sum assured
Same as the policy term
Policy loan
Policy loan
Monthly,Yearly
Payment Modes
Payment Modes
Minimum sum assured: 65,000 Maximum sum assured: 10,18,000

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • No Medical Needed
  • Joint Cover
  • Grace Period

Cons

  • No Pre-existing Condition Coverage
  • Suicide Exclusion
  • Aviation Accident Exclusion

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum Entry Age: 30 Days
Maximum Entry Age: 50 Years
Minimum Sum Assured: 65
Maximum Sum Assured: 10
Maximum Policy Term: 20 Years

How Does the SBI Life New Smart Samriddhi Plan Work?

Let's understand how the SBI Life New Smart Samriddhi Plan works with a simple premium illustration.

Problem

Mr. Raghubir, aged 34 years, wanted a versatile insurance plan.

Solution

His financial advisor advised him to buy the SBI Life New Smart Samriddhi Plan. He visited PolicyX.com.

Let's understand how the SBI Life New Smart Samriddhi works for him with a premium illustration table.

Annual PremiumsTotal Premiums PaidPolicy TenurePremium Payment TenureSum AssuredMaturity Benefits
Rs 50,000Rs 3,50,00015 years7 YearsRs 3,88,000Rs 6,40,000

Benefits of SBI Life New Smart Samridhi

There are various benefits to buying the SBI Life New Smart Samriddhi Plan. Let’s understand each of them in detail:

  • Death Benefits: In case of a policyholder’s uncertain demise, their family members will receive death benefits, which helps them fulfill their financial requirements.
  • Guaranteed Additions: This plan offers guaranteed annual additions, which increase your maturity benefits. These guaranteed additions depend on the amount of premium paid. If you are paying premiums less than Rs 30,000 annually, then guaranteed additions would be 5.5%, and if it is greater than Rs 30,000, additions would be 6%.
  • Policy Loan: You can avail of a loan against your SBI New Smart Samriddhi Policy to meet your needs. The loan is a maximum of 90% of the surrender value acquired to date.
  • Maturity Benefits: At the end of the policy tenure, policyholders are paid maturity benefits along with guaranteed additions. These maturity benefits help policyholders to complete their financial needs such as children's education, medical needs, or retirement planning.
  • Paid-up Value: Your policy acquires a paid-up value when you have paid premiums for at least 2 years. If you stop paying premiums, you can get a paid-up value, which is called reduced sum assured.

Features of SBI Life New Smart Samridhi

Key features that make SBI Life New Smart Samridhi stand out.

Limited Payment Term

You have to pay premiums for a limited term while you enjoy life cover for the entire policy tenure. For policy tenures of 12, 15, and 20 years, the premium payment terms are 6, 7, and 10 years, respectively.

No Medical Test Required

There is no need to undergo a medical test if you purchase the SBI Life Smart Samriddhi Plan, unlike most insurance plans where medical tests are required.

Grace Period

If you choose the SBI New Smart Samriddhi Plan, you will get a 15-day grace period to check the terms and conditions of the policy. During the grace period, you can also return your policy after paying certain charges.

Easy Policy Processing

This plan offers easy processing as fewer documents are required to purchase it. The processing is simple and swift.

Documents Required for SBI Life New Smart Samridhi

Keep these documents handy when applying for SBI Life New Smart Samridhi.

Photo ID Proof

Photo ID Proof (any one) - Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Age Proof (any one) - Passport, Aadhaar card, PAN card, Driving license.

Address Proof

Address Proof (any one) - Utility bill, passport, voter ID, ration card.

Medical Records

Medical Records of the policyholder, if requested.

Income Proof

Income Proof (any one) - Bank statement, last three months' salary slips (if salaried).

Buying from their branch office

You can buy the SBI Life New Smart Samriddhi Plan offline by visiting one of their nearest branch offices. A representative will help you buy the plan.

Exclusions of SBI Life New Smart Samriddhi Plan

  • Suicide within 12 months of the policy purchase is not covered.
  • Consumption of any intoxicants.
  • Death due to any aviation accident.
  • Death due to any adventurous sports.

Other Features of SBI Life New Smart Samridhi

Here are the key features of the SBI Life New Smart Samridhi.

Conclusion

If you are looking for a plan that provides life coverage along with savings, consider the SBI Life New Smart Samriddhi. This plan also offers guaranteed annual additions, which increase the amount paid at maturity.

Life Insurance Articles

SBI Life New Smart Samriddhi: FAQs

The 5 most-asked questions about SBI Life New Smart Samridhi, answered.

Yes, you can purchase the SBI Life Smart Samridhhi Plan without undergoing medical tests.
The paid-up value refers to the reduced sum assured acquired by your policy after paying premiums for at least two years. Paid-up value- Sum assured * Number of paid premiums / Total premiums originally payable
If you have paid premiums for a minimum of 2 years then your policy acquires a guaranteed surrender value.
The premium payment term of SBI New Smart Samridhhi is 5,7 or 10 years.
Yes, you can purchase the SBI Life New Smart Samridhhi plan online by visiting their official website.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Himanshu Kumar — Term & Life Insurance Reviewed by Anchita Bhattacharyya — Health, Term & Life Insurance
Last updated: 25 Feb 2025 · Originally published: 25 Feb 2025

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