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Overview
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 life insurance plan.
Benefits at a Glance
- Maturity benefits on survival
- Tax Benefits
- Waiver of premiums
- Policy Loan
- Larger Discounts
- Policy Revival
Key Features
How to Buy the Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear.
- 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), then proceed to pay.
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.
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.
Inclusions
The SBI Life Smart Humsafar Plan includes the following key benefits:
- Death benefits for both partners.
- Participation in company profits through bonuses.
- Waiver of premiums in case of a partner's death.
- Maturity benefits if one or both partners survive the policy term.
- Option to add Accidental Death and Disability Benefit Rider.
Exclusions
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.
Documents Required to Buy SBI Life Smart Humsafar
Here is the list of documents required to buy the SBI Life Smart Humsafar:
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).
Conclusion
If you are a newly married couple, the SBI Life Smart Humsafar Plan is the right fit for you. It is a joint life plan that covers you and your spouse under a single policy and provides guaranteed maturity benefits to meet future financial needs.
For more information related to 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 solutions.
