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Overview
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
Key Features
The SBI Life Smart Bachat Plan offers the following key features:
- Limited Premium Paying Term (LPPT) option.
- Available in two plan types: Endowment plan and Endowment plan with Accidental Death and Total Permanent Disability Benefit.
- Individual, non-linked, and participating life insurance savings product.
How to Buy SBI Life Smart Bachat Plan Online via 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 the SBI Smart Bachat Plan
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.
Additional Features
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.
How to Buy SBI Life Smart Bachat Plan Online via SBI Life Insurance
- Visit the official website of SBI Life Insurance.
- Hover over 'Investment Plans' from the top menu.
- Click on 'SBI Life Smart Bachat Plan'.
- Click on 'Buy Now' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you to discuss quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- 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.
Documents Required to Buy SBI Smart Bachat Plan
Here is the list of documents required to buy the SBI Smart Bachat Plan:
Photo ID Proof
- Passport
- Aadhaar card
- PAN card
- Driving license
Age Proof
- Passport
- Aadhaar card
- PAN card
- Driving license
Address Proof
- Utility bill
- Passport
- Voter ID
- Ration card
Medical Records
- Medical records (if requested)
Income Proof
- Bank statement
- Last three months' salary slips (for salaried individuals)
Plan At a Glance
| What's Good Here | What's Missing |
|---|---|
| Maturity Benefits | Premium Offset |
| Death Benefits | High sum assured rebate |
| Policy Loan Facility | Auto cover continuance |
| Multiple Plan Options to Choose From | Top-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.
