Do not save what is left after spending, spend what is left after saving.
Save yourself and your family from the rising inflation with SBI Life Smart Bachat. It is important to plan for future savings and expenses wisely while considering the present inflation rate. And what could be better than investing in a plan that helps you save enough to fulfill your long-term financial goals? 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 i.e. Endowment plan and Endowment plan with Accidental Death and Total Permanent Disability Benefit. The plan comes out with the Limited Premium Paying Term (LPPT) option, designed to keep the obligation of paying the premium over a long tenure at bay.
The plan comes out with the required financial protection for you and your family through two different plan options:
If in case the policyholder is not happy with any of the features and doesn't want to continue with the plan, then they can cancel the plan within 15 days of receiving the documents. This period is known as the free look period and under the same, a policyholder will get a refund on cancelling the policy.
In case an emergency knocks at your door and you want financial help, then you are allowed to avail of a loan against this plan once it acquires a surrender value. However, it will be limited to 90% of the surrender value.
In case you choose to surrender the plan in the initial 2 years of the plan, you will not be able to get anything back. In case you opt for surrendering after paying 2 years' premiums, the policy will get a surrender value.
Under yearly, half-yearly, and quarterly premium payment modes, you will get a grace period of 30 days from the due date of the premium in case you miss it. In the case of the monthly premium payment mode, it is for 15 days.
In case you are not able to pay your premiums on time even in the grace period, your policy will lapse. But the good thing is that the plan allows you to revive the lapsed policy within 2 years of the plan from the first unpaid premium.
The plan allows premium payments easily. It comes out with multiple channels and even allows you to choose the payment method at your convenience.
The plan offers two options to choose from. However, once chosen a policyholder cannot change their preference.
Option A: Endowment option
Under this plan option, the insured will receive a simple reversionary bonus along with a terminal bonus on maturity.
The simple reversionary bonus is offered throughout the policy tenure which is great enough to build a corpus.
Option B: Endowment option with in-built AD & TPD benefit
Along with the benefits that you get under Option A, the plan will offer AD & TPD benefits in a lump sum. Moreover, all future premiums would be waived off and the base policy will remain active till surrender, death, or maturity.
SBI Life Smart Bachat offered Maturity Benefit and Death Benefit (applicable to both plan types) and the Accidental Death and Total Permanent Disability (AD&TPD) Benefit (applicable to just plan option B). Below mentioned are the benefits offered under SBI Smart Bachat Plan:
On survival till the maturity date, the insured will get the basic sum assured + vested simple reversionary bonuses + terminal bonus. However, in the case of a paid-up policy, the insured will receive a paid-up sum insured instead of the basic one.
In an unfortunate event of the policyholder's death during the policy term, the nominee or beneficiary is eligible to get the get higher of:
Or,
a) In case of Accidental Death of the life assured during the policy term, the beneficiary will get
b) In case of Accidental Total and Permanent Disability of the life assured during the policy term.
One can avail of tax benefits under section 80C of the Income Tax Act, 1961.
Options | Option A: Endowment Option Option B: Endowment Option with in-built Accidental Death and Total Permanent Disability(AD & TPD) Benefit | |
Entry Age | Minimum Option A: 6 Years Option B: 18 years Maximum: 50 years | |
Maturity Age | 65 Years | |
Basic Sum Assured | Minimum: Rs. 100,000 (in multiples of 1,000) Maximum: No Limit, subject to Board approved underwriting policy | |
Premium Frequency | Yearly/Half-yearly/Quarterly/Monthly |
**Last Updated on July, 2021
Below are a few premium charges for a 30-year-old customer looking for the cover of INR. 5,00,000 for 20 years.
Plan option | Premium payment term (in years) | Policy term (in years) | Sum assured (in INR.) | Yearly premium (in INR.) | Maturity Benefits |
Option A - Endowment option | 6 | 20 | 5,00,000 | 57,405 | At an assumed rate of returns @ 4% 5,80,500 or @ 8% 9,71,500 |
Option B - Endowment with AD & TPD benefit | 6 | 20 | 5,00,000 + 5,00,000 (AD & TPD benefit) | 58,305 | At an assumed rate of returns @ 4% 5,80,500 or @ 8% 9,71,500 |
**Last Updated on July, 2021
Two types of conditions are not covered under the SBI Life Smart Bachat policy:
Suicide Exclusion
Apart from basic exclusions, AD & TPD benefit has its own list. Let's check them below.
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