SBI Life Smart Bachat Plan: Features, Benefits & Premiums | PolicyX
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SBI Smart Bachat

SBI Life Smart Bachat is an investment plan by SBI Life that offers du ...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 Smart Bachat

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

Save yourself and your family from rising inflation with SBI Life Smart Bachat. It is important to plan for future savings and expenses wisely while considering the present inflation rate. Investing in a plan that helps you save enough to fulfill your long-term financial goals is crucial, and SBI Life Smart Bachat is one such plan. It is an individual, non-linked, and participating life insurance savings product. SBI Life Smart Bachat is available in two plan types: Endowment plan and Endowment plan with Accidental Death and Total Permanent Disability Benefit. The plan offers a Limited Premium Paying Term (LPPT) option, reducing the obligation of long premium payment tenures.

SBI Life Smart Bachat Plan offers a range of benefits including:

  • Financial Protection
  • Tax Benefits
  • Policy Revival
  • Multiple Policy Renewal Payment Options
  • Maturity Benefits
  • Death Benefits

Eligibility Criteria for SBI Smart Bachat

Entry age
Entry age
Minimum Age: 3 years, Maximum Age: 50 years
Maturity age
Maturity age
Maximum Maturity Age: 65 years
Policy term
Policy term
Minimum term: 15 years, Maximum term: 30 years
Sum assured
Sum assured
7/10/15 years
Policy loan
Policy loan
Annual, half-yearly, quarterly and monthly
Payment Modes
Payment Modes
Rs 2 lakh to No limit

Pros & cons

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

Pros

  • Maturity Benefits
  • Death Benefits
  • Choice of Plan Option

Cons

  • No coverage for pre-existing conditions
  • Suicidal exclusion
  • No auto-cover continuance

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 3 years
Maximum entry age: 50 years
Minimum sum assured: Rs 2
Maximum sum assured: No limit
Maximum policy term: 21 minus entry age

How Does the SBI Life Smart Bachat Plan Work?

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

Problem

Mr. Verma is looking for an investment plan to create long-term wealth.

Solution

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

Let's understand how the SBI Smart Bachat Plan works for him with a premium illustration table.

Age of policyholderAnnual PremiumsPPTPolicy tenureSum AssuredMaturity Benefits
30 yearsRs 57,4056 years20 yearsRs 5,00,000Rs 5,80,500

Key Takeaway: At the end of the policy tenure, maturity benefits of Rs 5,80,500 are paid to the policyholder.

Benefits of SBI Smart Bachat

There are various benefits to buying the SBI Smart Bachat Plan. Let's understand each of them in detail:

  • Maturity Benefit: On completion of the endowment term, the SBI Life Smart Bachat plan will pay maturity benefits along with additions.
  • Death Benefit: In the case of regular premium policies, an amount higher of (sum assured along with vested Simple Reversionary Bonuses and terminal bonus) or (105% of all premiums paid till death) is provided.
  • Accidental Death & Total Permanent Disability (AD&TPD) Benefit: An additional amount equivalent to the basic sum assured is paid as a lump sum AD&TPD Benefit, in addition to the Death Benefit as explained under 'Death Benefit for both Options'.
  • Tax Benefits: You can claim a deduction of Rs 1.5 lakhs on your total income under section 80C of the Income Tax Act, 1961.

Features of SBI Smart Bachat

Key features that make SBI Smart Bachat stand out.

Free Look Period

If the policyholder is not satisfied with the plan's features, they can cancel it within 15 days of receiving the policy documents.

Policy Loan

If you need financial assistance during an emergency, you can avail a loan against this plan once it acquires a surrender value.

Surrender Value

If you surrender the plan within the initial 2 years, no value will be returned. However, if you surrender after paying premiums for 2 years, the policy will acquire a surrender value.

Revival

If premiums are not paid on time, even within the grace period, the policy will lapse. However, the plan allows you to revive a lapsed policy within 2 years.

Documents Required for SBI Smart Bachat

Keep these documents handy when applying for SBI Smart Bachat.

Photo ID Proof

Photo ID Proof (any one of the following): Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Age Proof (any one of the following): Passport, Aadhaar card, PAN card, Driving license.

Address Proof

Address Proof (any one of the following): Utility bill, passport, voter ID, ration card.

Medical Records

Medical records (if requested).

Income Proof

Income Proof (any one of the following): bank statement, last three months' salary slips (for salaried individuals).

Exclusions of SBI Life Smart Bachat Plan

  • If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such cases, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.

Other Features of SBI Smart Bachat

Here are the key features of the SBI Smart Bachat.

Plan At a Glance

What's Good HereWhat's Missing
Maturity BenefitsPremium Offset
Death BenefitsHigh sum assured rebate
Policy Loan FacilityAuto cover continuance
Multiple Plan Options to Choose FromTop-up premium

In a nutshell

If you are looking for an investment plan that offers guaranteed returns for you and your family, the SBI Life Smart Bachat Plan is an excellent choice, providing guaranteed benefits.

For more information about this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.

Life Insurance Articles

FAQs: SBI Life Smart Bachat

The 4 most-asked questions about SBI Smart Bachat, answered.

Yes, loans are possible after the policy has acquired surrender value. It will be limited to 90% of the surrender value.
SBI Life Smart Bachat plan does not offer any additional riders.
SBI Life Smart Bachat plan option A can be bought by people aged between 8 to 50 years, whereas Option B of SBI Life Smart Bachat can be bought by people who fall within the age bracket of 18 to 50 years. Moreover, this plan is ideal for your investment needs. It offers you long-term financial security for your family.
SBI Smart Bachat plan offers 2 years of revival period which means you can revive your lapsed policy within 2 years from the date of the first unpaid premium.

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 Raj Kumar — Health Insurance
Last updated: 7 Aug 2023 · Originally published: 20 Dec 2024

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