SBI Life Smart Platina Assure

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With SBI Life Smart Platina Assure, give your family an assurance that you are always there to fulfil their dreams. 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.

Key Features Of SBI Life Smart Platina Assure

1. Guaranteed Additions

   This policy provides guaranteed additions of 5% to 5.5% 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.

   Take a look at the below table to get a better understanding:

   Annualized Premium Slabs	Less than Rs 1,00,000	Greater than or equal to Rs 1,00,000
   Rate of Guaranteed additions	5.00% p.a.	5.50% p.a.

   **Last Updated on July, 2021

2. Flexible-Premium Payment Options

   The policy offers the flexibility to choose your premium payment option, which means that 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 only for the first 7 years.

3. 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.

4. Loans on Policy

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

5. Free-look Period

   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.

6. Reviving your Lapsed Policy

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

Eligibility Criteria of SBI Life Smart Platina Assure

**Last Updated on July, 2021

Benefits Of SBI Life Smart Platina Assure

1. Maturity Benefits

   If the policyholder survives his policy term, then he will receive Guaranteed Sum Assured on maturity plus Accrued Guaranteed additions, as applicable.

2. Death Benefits

   In the unfortunate death of the policyholder, the Sum Assured on Death along with accrued Guaranteed Additions will be paid to the nominee where 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.

3. Reduced Paid-Up Value

   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.

   • Death Benefit for Reduced Paid-Up Policy would be Paid-up Sum Assured on Death plus Accrued Guaranteed Additions.

   To make it simpler, Paid-Up Sum Assured On Death=Sum Assured on Death X Number of Premium Paid/Numbers of Premium Originally Payable

   • Maturity Benefit for Reduced Paid-Up Policy would be Paid-up Sum Assured on Maturity plus Accrued Guaranteed Additions.

   To make it simpler, Paid-Up Sum Assured On Maturity=Basic Sum Assured X Number of Premium Paid/Numbers of Premium Originally Payable

Sample Illustration of SBI Life Smart Platina Assure

To get a clear picture of how this plan works, take a look at the below example where a woman (25 years) is investing Rs. 50,000 p.a. Now, let's have a look at how much amount she will get at the time of maturity under both the options:

**Last Updated on July, 2021

Major Exclusions

• 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.