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Overview
The 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.
Key Benefits of SBI Life New Smart Samriddhi Plan
- Coverage through policy tenure
- Tax benefits
- Maturity benefits
- Grace period
- Guaranteed additions
- Death benefits
How to Buy SBI Life New Smart Samriddhi Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of SBI Life New Smart Samriddhi Plan
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.
Limited Premium 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.
How to Buy SBI Life New Smart Samriddhi Plan on SBI Life Insurance Website
- Visit the official website of SBI Life Insurance.
- Hover over 'Investment Plans' from the top menu.
- Click on 'SBI Life New Smart Samriddhi'.
- Click on ‘Buy Now’ and you will be redirected to a new page.
- Enter your name and contact information. A representative will reach out to you to discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- 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.
Documents Required to Buy SBI Life New Smart Samriddhi
Here is the list of documents required to buy the SBI Life New Smart Samriddhi:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
- Address Proof: Utility bill, passport, voter ID, ration card (any one).
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Bank statement, last three months' salary slips (if salaried) (any one).
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.
For more information related to this plan, visit PolicyX.com or call us at 1800-420-0269. Our insurance experts will listen to your unique needs and suggest the best possible solution for you.
