SBI Life Flexi Smart Plus is a non-linked, variable insurance policy that offers the required comprehensive life insurance cover along with investment opportunities. It is a participating variable insurance plan that allows the beneficiary to receive the sum assured or 105% of total premiums paid as of the date of intimation of death claim in the form of death benefits.
This plan comes out with regular and guaranteed benefits along with few other advantages such as bonus interest rates, premium holidays, etc. It also offers the flexibility to adapt to your ever-changing needs, thus, it helps to accomplish all your goals.
Before buying a plan, it is important for you to have a thorough understanding of the features and benefits of the plan. In the below section, we will be discussing the key features of SBI Life Flexi Smart Insurance. Take a look:
It allows the insured to receive an interest rate of 1.00% p.a on the balance of the policy account daily on a pro-rated basis. Under the same, the accrued interest will be directly credited to the balance at the end of every financial year. It will form a part of the principal at the starting of the financial year.
The plan comes out with an interim bonus for its customers. The same will be declared at the start of the year.
The plan offers the flexibility to increase or decrease your sum assured and the insured can also choose policy terms according to his requirements.
Insured is free to surrender the plan at any time during the entire policy term. After surrendering the policy, the insured is not allowed to revive the policy.
Your policy can be reinstated within two years from the date of the first unpaid premium. For this, you are required to pay all outstanding premiums.
The SBI Life Flexi Smart Plus Plan comes with a grace period of 30 days from the due date for year/half-yearly/quarterly premium and 15 days for the monthly premium. It is extra time that the plan offers to make your payment after the due date.
The plan comes out with a free look period of 15 days. Under the same, policyholders can cancel the plan in case of dissatisfaction with the terms and conditions of the policy.
The premium that you pay under this life insurance plan is eligible for tax exemption under Section 80C.
SBI Life Flexi Smart shells out several benefits that enable the policyholder to build a sufficient corpus for their family. Below mentioned are some of the benefits of SBI Flexi Smart Plus:
In the case of the insured's death, the plan will offer the following death benefits:
If the policy gets discontinued during the first 5 years of policy then the account value of the same policy is payable at the time of claim intimation.
If the policy gets discontinued after the completion of 5 policy years, then the death benefit is payable:
At the time of maturity, the insured will receive the policy account value that includes a terminal bonus. The maturity benefit will be paid in a lump sum amount.
Every year after the completion of 5 years of the policy, the insured will get a choice to increase the policy tenure. If the insured increases the policy tenure, the corresponding premium payment term will also be increased. You can grab this benefit only once during the entire policy term.
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Policy Administration Charges
The charges equal to Rs.70 in the initial year and Rs.50 from the second year onwards. The policy administration charges will keep on increasing every year at 3% per annum.
Fund Management Charges
Fund management charges are levied as a percentage of the policy value account. The same will be reflected in the value of the policy account. The annual charge is 0.75 p.a and for the discontinued policy, it is 0.50%.
|1||Lower of 6% of (AP or FV) subject to a maximum of Rs. 6000|
|2||Lower of 4% of (AP or FV) subject to a maximum of Rs. 5000|
|3||Lower of 3% of (AP or FV) subject to a maximum of Rs. 4000|
|4||Lower of 2% of (AP or FV) subject to a maximum of Rs. 2000|
Premium Allocation Charge
|Year||Premium Allocation Charge (% of Premium)|
Mortality charges are recovered every month on the first date of every month. It will be based on your age and sum at risk.
|Entry Age||Minimum: 18 years||Maximum : 60 years|
|Maturity Age||Minimum: 23 years||Maximum: 65 years|
|Policy Term||Minimum: 5 years||Maximum: 30 years|
|Premium Amounts||Minimum Yearly: Rs. 50,000, Half-yearly: Rs. 30,000, Quarterly: Rs. 20,000, Monthly: Rs. 9,000
Maximum: No Limit
This graph illustrates the maturity benefit which will be paid to the claimant under SBI Life Flexi Smart Plus Plan Gold and Platinum for policy term 5 years, Premium amount - Rs. 9000/- at different ages and maturity value at 4%.
|Age (in years)||Gold- Maturity Value @4%||Platinum- Maturity Value @4%|
Maturity Benefits of SBI Life Flexi Smart Plus Plan
Suicide Exclusion: if the policyholder commits suicide within the first year of the policy from the issuance date or revival date of the insurance policy, the policy will get void. In such a case, the company will pay the policy account value to the nominee.
1. Does SBI Life Flexi Smart Plus Insurance offer any Riders for enhanced protection?
No, there are no riders available under the plan.
2. When can I make changes in my policy terms?
One can make an increase in policy terms only after the completion of 6 years. For making changes, one needs to give a 2 months notice prior to the policy anniversary.
3. I have not paid my premiums of SBI Life Flexi Smart Plus Insurance for the last one year. Can I revive my policy? What other options do I have?
On discontinuation of premiums, the plan allows your to
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