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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About 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.

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (27 Total Rating)

October 4, 2021

Munmum Pathak

Pune

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti

Allahabad

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

Guni Das

Chandigarh

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

September 28, 2021

Himanta Biswa

Mysore

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A

Bengaluru

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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