Smart Bachat Plan
  • Know All About SBI Life Smart Bachat
  • Explore the Key Features & Benefits
  • Understand the Exclusions
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SBI Life Smart Bachat

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.

Key Features of SBI Life Smart Bachat

  1. Financial Protection

    The plan comes out with the required financial protection for you and your family through two different plan options:

    • Endowment Option
    • Endowment Option with in-built AD & TPD Benefits
  2. Free Look Period

    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.

  3. Policy Loan

    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.

  4. 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.

  5. Grace Period

    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.

  6. Revival

    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.

  7. Multiple Policy Renewal Payment Options

    The plan allows premium payments easily. It comes out with multiple channels and even allows you to choose the payment method at your convenience.

Plan Options Available Under SBI Life Smart Bachat

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.

Benefits of SBI Life Smart Bachat

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:

  1. Maturity Benefits (for both options)

    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.

  2. Death Benefit (for both options)

    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:

    • Sum Assured on Death + Vested Simple Reversionary Bonuses + Terminal Bonus if any. where Sum Assured on death will be higher than Basic Sum Assured or 10 times the annualized premium.


    • 105% of the total premiums received up to the date of death
  3. Accidental Death & Total Permanent Disability Benefit (Applicable for only Plan Option B)

    a) In case of Accidental Death of the life assured during the policy term, the beneficiary will get

    • An additional amount equivalent to the basic sum assured in lump sum as an AD & TPD Benefit plus, Death benefit as explained under 'Death Benefit for both Options'.
    • However, once the benefit is paid, the policy will automatically terminate and no further benefits will be payable.

    b) In case of Accidental Total and Permanent Disability of the life assured during the policy term.

    • AD & TPD Benefit would be payable in a lump sum, and all the future premiums would be waived off.
    • The base policy will continue till surrender, death, or maturity, whichever is earlier.
  4. Tax Benefits

    One can avail of tax benefits under section 80C of the Income Tax Act, 1961.

Eligibility Criteria of SBI Life Smart Bachat

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

Sample Premium Illustration of SBI Life Smart Bachat

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
@ 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
@ 8% 9,71,500

**Last Updated on July, 2021

What Is Not Covered Under SBI Life Smart Bachat Plan?

Two types of conditions are not covered under the SBI Life Smart Bachat policy:

Suicide Exclusion

  • In the case where the life insured commits suicide (regardless of mind state) within a year from the policy commencement date or revival/reinstatement date, the insurance company will not pay any death benefit.
  • The nominee as stated in the document will get an amount equal to 80% of paid premium in case the insured commits suicide within 1 year of commencement of risk coverage date. After the benefits are paid, the plan will get terminated.

Exclusions Under AD & TPD Benefit

Apart from basic exclusions, AD & TPD benefit has its own list. Let's check them below.

  • Injury because of infection except for the one that takes place due to a visible wound sustained due to an accident.
  • Any disability or death that occurs under the consumption or influence of intoxicants, drugs, except those prescribed by a doctor.
  • Any self-inflicted injury. Includes injuries occurred during an attempt to suicide.
  • Disability or death because of participation in criminal or any unlawful acts.
  • Disability or death because of civil commotion, war, hostilities, invasion, rebellion, etc.
  • Disability or death because of exposure to hazardous nuclear fuel materials, nuclear contamination - radioactive, explosive, or accident because of the same.
  • Disability or death occurs because of insured activities associated with any air-borne activity.

SBI Smart Bachat: FAQs

1. Is the loan facility available under SBI Smart Bachat Plan?

Yes, loans are possible after the policy has acquired surrender value. It will be limited to 90% of the surrender value.

2. Are there any riders available under SBI Life Smart Bachat?

SBI Life Smart Bachat plan does not offer any additional riders.

3. Who Should Buy SBI Life Smart Bachat Plan?

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.

4. Does the SBI Smart Bachat plan offer revival period?

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.7/5 (45 Total Rating)

March 28, 2024

Sneha Nath


I would like to inform you that my maturity claims have been settled by SBI Life Insurance on 04.15.2024 and thanks all of you for helping me throughout the claim process.

March 18, 2024

kartik saxena


I had to add some riders to my Sbi life insurance, team helps to me to understand which rider is more important and which is not. Resulting helps me to save lots of money. Happy with the services.

February 16, 2024

Rakesh kumar


Great service! Quick claim processing for my sbi life insurance, Highly recommend for reliable insurance coverage at competitive rates.

January 25, 2024

Priyanshu raghav


I wanted a term insurance plan that was not too expensive, and gave me just that. The website let me compare quotes from different companies, so I found a plan that fits my budget.

October 4, 2023

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Thanks to, I found an affordable SBI Term Insurance policy that fits my family s needs perfectly. The platform is easy to navigate, and their customer support is top-notch. Highly recommended for insurance shopping!

Last updated on 16-07-2021

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