SBI Life Smart Platina Assure
SBI Life Smart Platina Assure
  • Additional Yearly Benefits
  • Flexible Premium Payment Options
  • Tax Benefits Under 80C
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SBI Life Smart Platina Assure

SBI Life Smart Platina Assure is an individual, non-participating, non-linked and life endowment assurance savings product that combines life cover with guaranteed returns. This plan not only covers your life but also provides you with savings that can be redeemed upon maturity. With the Smart Platina Assure's wide range of features, you can be confident that your hard-earned money reaps benefits for you and your family.

SBI Life Smart Platina Assure: Eligibility Criteria

Entry Age18 years – 50 years
Maximum age at maturity65 years
Policy Tenure12 years - 15 years
Premium Payment FrequencyMonthly and Yearly
Grace Period15-30 days

Key Features & Benefits

Additional Yearly Benefits:

This policy provides guaranteed additions of 6.5% to 7% for each year in which the premium is paid. This sum will be paid to the policyholder during maturity or, to the beneficiary in case of the death of the policyholder. These regular additions to the corpus ensure that the insured and his family are well-cared for any unfortunate incident.

Flexible-Premium Payment Options:

Another benefit of the policy is that you don't need to pay a premium for all the years of your policy. If the policy is for 12 years, then you need to pay the premium only for the first 6 years, and if the policy is for 15 years, then the premium needs to be paid for only for the first 7 years.

If you encounter financial difficulties and are unable to make further premium payments, then instead of terminating their policy, you can convert it into a reduced paid-up insurance policy that reduces your premium but guarantees a limited benefit.

Convenience:

The policyholder has the option to choose a monthly or yearly premium payment frequency. The yearly option is the most hassle-free option as it helps in having minimum documents in check for income-tax deduction submission. Also, the option to pay monthly premiums is beneficial in cases where the premium amount is high and a lump sum outlay of funds is difficult.

Death Benefit:

On the unfortunate death of the policyholder, the benefit will be 10 times the annualized premium or 105% of the total premiums paid up to the date of death along with the guaranteed additions which have been accumulating every year.

Maturity Benefit:

If the policyholder survives his policy term, then he will receive the basic sum assured + the guaranteed additions that have accumulated throughout his policy term.

Loans on Policy:

Under certain terms and conditions, the policyholder can avail loans of up to 80% of the surrender value.

Cancelling The Policy:

The plan offers a 15 – 30 days grace period wherein the policyholder has the option to cancel the policy if he doesn't agree with the terms and conditions. On cancellation, the premiums paid will be refunded after making the necessary deductions.

Reviving your Lapsed Policy:

If a policy has lapsed due to any reason, you will be able to revive it after five years from the date of his last unpaid premium. In such cases, necessary proofs need to be furnished as demanded by the company.

Major Exclusion

Suicide: If the policyholder commits suicide within 12 months of his policy start date, the death benefit will not be paid.

If the death occurs after 12 months, the beneficiary of the policy can claim up to 80% of the total premiums paid till the date of the death of the policyholder. Or, the beneficiary can claim an amount higher than 80% of the total premiums from the date of the revival of the policy till the date of the policy holder's death, or the surrender value on the date of death.

Why should you opt for this policy?

Smart Platina Assure is one of the best policies when it comes to reliability and security. Its guaranteed additions add a bonus to the corpus. Similarly, its limited premium payment term ensures that you don't need to worry about lengthy premium payments and serves as protection during financial hardships. With assured returns, this policy lets individuals make informed decisions with regards to their investments.

SBI Life Smart Platina Assure: FAQs

1. Can I discontinue my SBI Life Smart Platina Assure policy?

Yes, the SBI Life – Smart Platina Assure policy can be surrendered after paying the first two premiums. During the surrender, the policyholder will be paid either the Special Surrender Value or the Guaranteed Surrender Value, whichever is higher.

2. Can I avail a loan on my SBI Life Smart Platina Assure policy?

Yes, you can avail a loan up to 80% of the insurance value offered by SBI Life.

3. For my SBI Life Smart Platina Assure policy, I have opted for a monthly premium payment option. Can I change it to an annual payment option?

Yes, the premium payment frequency can be changed. But it can be done only during a policy anniversary (subject to conditions mentioned on the policy document) and the request needs to be submitted a month in advance.

4. If my family member (beneficiary) wants to claim the insurance amount under my SBI Life – Smart Platina Assure policy, what documents does he need to submit?

Your beneficiary should intimate the company in writing the cause and the date of death by stating the policy number. The following documents need to be submitted:

  • Original Policy Document
  • Original Death Certificate
  • Claimant's Statement
  • Hospital Records of the Deceased
  • Any other relevant document as requested

Last updated on 11-03-2020