SBI Life Smart Humsafar Plan: Features & Benefits | PolicyX
Buy Now
Summarize with
ChatGPT Claude Perplexity
SBI Investment Plans SBI Investment Plans ★ 4.6

SBI Life Smart Hamsafar Plan

SBI Life Smart Humsafar Plan is an insurance-cum-savings plan that off ...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 Life Smart Hamsafar Plan

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

SBI Life Smart Humsafar Plan is an insurance-cum-savings plan that offers dual benefits of protection and savings. It is a joint life insurance plan that covers you and your spouse under a single policy. You can choose a sum assured ranging from ₹1 lakh to ₹5 crores as per your financial requirements. SBI Life Humsafar is a versatile savings <a href="/life-insurance/">life insurance plan</a>.

SBI Life Humsafar Plan offers a range of benefits including:

  • Maturity benefits on survival
  • Tax Benefits
  • Waiver of premiums
  • Policy Loan
  • Larger Discounts
  • Policy Revival

Eligibility Criteria for SBI Life Smart Hamsafar Plan

Entry age
Entry age
Minimum entry age: 30 years Maximum entry age: 60 years
Maturity age
Maturity age
Maximum maturity age: 65 years
Policy term
Policy term
10 to 30 years
Sum assured
Sum assured
Same as the policy term
Policy loan
Policy loan
Monthly, Quarterly, Half-yearly, and Yearly
Payment Modes
Payment Modes
Minimum sum assured: 1 Lakh Maximum sum assured: 5 Crores

Pros & cons

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

Pros

  • Guaranteed bonuses
  • Accidental death benefit
  • Staff discounts

Cons

  • No coverage for pre-existing conditions
  • Suicide exclusion
  • Aviation accident exclusion

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 18 years
Maximum entry age: 46 years
Minimum sum assured: ₹1 lakh
Maximum sum assured: ₹5 crores
Maximum policy term: 30 years

How Does the SBI Life Smart Humsafar Plan Work?

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

Problem

Mr. Sharma, aged 39, wanted an insurance plan to secure him and his wife, Mrs. Sharma, aged 36.

Solution

His financial advisor advised him to buy the SBI Life Smart Humsafar. He visited PolicyX.com. Let's understand how the SBI Life Smart Humsafar works for him with a premium illustration table.
Age of policyholder Spouse Age Annual premiums Policy tenure Premium payment tenure Basic sum assured Maturity benefits
39 years 36 years ₹1,50,305 20 years 20 years ₹25 lakhs ₹33,99,875 @4% ₹48,00,000 @8%

Benefits of SBI Life Smart Hamsafar Plan

Benefits of SBI Life Smart Humsafar Plan

There are various benefits to buying the SBI Life Smart Humsafar Plan. Let's understand each of them in detail: * Death benefits: Death benefits are paid under the SBI Smart Humsafar Plan in different ways for the first death and second death. * Participation in profits: The company shares a portion of the profits with policyholders in the form of bonuses. A revisionary bonus of 2.5% of the sum assured is offered for the first three years. A terminal bonus may be declared by the company on the policyholder's death or maturity of the policy. * Waiver of premiums: In case of any partner's death, the premiums are waived off for the other partner. This relieves the surviving partner from the liability of premium payments. * Maturity benefits: If any one or both of the partners outlive the policy tenure, maturity benefits are paid to them, which include the Basic Sum Assured + Terminal Bonus + Revisionary Bonus (if any). * Rider benefits: You can avail of the Accidental Death and Disability Benefit Rider with your base plan at an affordable cost to cover yourself and your spouse from the risk of accidental disability or death.

Features of SBI Life Smart Hamsafar Plan

Key features that make SBI Life Smart Hamsafar Plan stand out.

Joint life policy

SBI Humsafar Plan covers you and your spouse under a single plan. You don't have to spend any additional amount to purchase an insurance policy for your spouse.

Free Look Period

You can return your policy to SBI Life within 15 days of the free look period if you don't need it anymore after providing the reason for cancellation. The company will refund your amount after deducting the applicable charges.

Grace period

There are certain times when you miss your premium payments. The company offers you a 30-day grace period if premiums are paid quarterly, half-yearly, or yearly, and a 15-day grace period for monthly premium payments.

Policy Revival

If your policy is terminated or cancelled due to non-payment of premiums, you can revive it within five years from the date of the first unpaid premium.

Documents Required for SBI Life Smart Hamsafar Plan

Keep these documents handy when applying for SBI Life Smart Hamsafar Plan.

Photo ID Proof

Any one of the following: Passport, Aadhaar card, PAN card, Driving license. *

Age Proof

Any one of the following: Passport, Aadhaar card, PAN card, Driving license. *

Address Proof

Any one of the following: Utility bill (e.g., electricity, telephone), Passport, Voter ID, Ration card. *

Medical Records

Medical records of the policyholder, if requested. *

Income Proof

Any one of the following: Bank statement, Last three months' salary slips (for salaried individuals).

Exclusions of SBI Life Smart Humsafar Plan

* Suicide within 12 months of the policy purchase is not covered. * Death due to consumption of intoxicants. * Death due to aviation accidents. * Death due to adventurous sports.

Life Insurance Articles

SBI Life Smart Humsafar Plan: FAQs

The 5 most-asked questions about SBI Life Smart Hamsafar Plan, answered.

You can choose a maximum of 5 crores of sum assured under the SBI Smart Humsafar Plan.
The maximum age to purchase SBI Life Smart Humsafar Plan is 46 years.
Yes, the SBI Smart Humsafar Plan is a joint life plan that covers you and your spouse under a single policy at no additional cost.
In case of any partner’s demise, the surviving partner does not have to pay the premiums to continue their policy. This premium waive-off is called a waiver of premium option.
Yes, policyholders of the SBI Humsafar Plan get a profit share in the form of various types of bonuses.

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 &amp; Life Insurance Reviewed by Anchita Bhattacharyya — Health, Term &amp; Life Insurance
Last updated: 4 Feb 2025 · Originally published: 4 Feb 2025

Compare life Insurance Plans

Select a company and plan for each side to see a detailed side-by-side comparison.

Share your Valuable Feedback

Rating Icon 4

Rated by 62 customers

Was the Information Helpful?

Select Your Rating

We would like to hear from you

Let us know about your experience or any feedback that might help us serve you better in future.

Reviews and Ratings

Do you have any thoughts you'd like to share?

📞 Call Free