Smart Platina Assure Plan
  • Explore SBI Life Smart Platina Assure
  • Key Features of The Plan
  • Get an idea of how the plan works
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SBI Life Smart Platina Assure

Don't save money to Save. Save Money To Invest & Fulfil your Long-term Goals.

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.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

Eligibility Criteria of SBI Life Smart Platina Assure

Entry Age Minimum: 18 years
Maximum: 50 years
Maturity Age 65 Years
Basic Sum Assured Minimum: Rs. 3,00,000 (in multiples of`1,000)
Maximum: No Limit, subject to Board approved underwriting policy
Premium Frequency Yearly/Monthly
Premium Payment Term 6 years for a policy term of 12 years
7 years for a policy term of 15 years

**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:

Annualized Premium chosen Rs. 50,000
Premium Payment Frequency Yearly
Policy Term (Years) 12 years 15 years
Premium Payment Term (years) 6 years 7 years
Maturity Benefit 4,57,500 6,30,000

**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.

Life Insurance Articles

Smart Platina Assure: FAQs

1. I forgot to pay the premium of my SBI Platina Assure Plan. Will my policy lapse?

The plan offers a grace period of 30 days wherein the premium can be paid even after the due date. If the policyholder fails to make payment within the grace period, the policy lapses.

2. Am I eligible for Tax Benefits under SBI Smart Platina Assure?

Under the Income Tax Act of 1961, one can avail tax exemptions against the premiums paid for the plan.

3. Can I avail loans against SBI Platina Assure Plan?

No, the loan is not available under the plan.

4. Will I be charged any loading on SBI Smart Platina Assure?

Yes, the plan has a loading as per the below table:

Half-yearly 51.00% of annual premium
Quarterly 26.00% of annual premium
Monthly 8.50% of annual premium

5. I want to revive my SBI Platina Assure Plan. How can I do that?

You can revive your policy within 5 consecutive years from the date of the first unpaid premium.

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May 1, 2023

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December 14, 2022

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December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

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Prerna Kumari


July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan


July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar


July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur


July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.