SBI Flexi Smart Plus
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  • Tax Benefits Available
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SBI Flexi Smart Plus

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.

Key Features of SBI Life Flexi Smart Plus Plan

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:

  1. Guaranteed Minimum Bonus

    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.

  2. Interim Bonus

    The plan comes out with an interim bonus for its customers. The same will be declared at the start of the year.

  3. Flexibility

    The plan offers the flexibility to increase or decrease your sum assured and the insured can also choose policy terms according to his requirements.

  4. Surrender Benefit

    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.

    • If you surrender the policy during the first 5 policy years, the life cover will cease and the fund management charge of the discontinued policy account will be deducted.
    • If you surrender the policy after completing 5 policy years, the insured will get plan account value immediately.
  5. Partial Withdrawals

    • The plan allows the insured to make partial withdrawals from the 6th policy year onwards.
    • One free partial withdrawal during a policy year is allowed. In case of an extra withdrawal, a charge of Rs. 100 will be levied.
    • 3 partial withdrawals are allowed during one policy year and not more than 10 partial withdrawals during the entire policy term.
    • Minimum Partial withdrawal allowed is Rs. 2000.
    • Maximum Partial Withdrawal is up to the sum of all accrued bonuses are allowed.
  6. Revival/renewal

    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.

  7. Grace Period

    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.

  8. Free Look Period

    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.

  9. Income Tax Benefit

    The premium that you pay under this life insurance plan is eligible for tax exemption under Section 80C.

Benefits of SBI Life Flexi Smart Plus Plan

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:

1 Guaranteed Death Benefit

In the case of the insured's death, the plan will offer the following death benefits:

  • For Gold Benefit - The death benefit will be higher of the account value or sum assured or 105% of the total premiums paid as on the date of intimation of the claim form.
  • For Platinum Benefit - The death benefit will be of higher of the policy account plus sum assured or 105% of the total premiums paid as on the date of intimation of the claim form.

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:

  • If the insured requested to revive the policy and death occurs after this case
  • If the insured is requesting to convert the policy to paid up and death occurs after this case.

2 Maturity Benefit

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.

3 Increase Policy Term

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.

Life Insurance Companies

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

SBI Life Flexi Smart Plus: Charges

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%.

Discontinuance Charges

Year Discontinuation Charge
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
5 NIL

Premium Allocation Charge

Year Premium Allocation Charge (% of Premium)
1 9.00%
2-4 6.50%
5 6.00%
6 5.00%

Mortality Charges

Mortality charges are recovered every month on the first date of every month. It will be based on your age and sum at risk.

Eligibility Criteria

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 Frequency Yearly/Half-yearly/Quarterly/Monthly
Premium Amounts Minimum Yearly: Rs. 50,000, Half-yearly: Rs. 30,000, Quarterly: Rs. 20,000, Monthly: Rs. 9,000
Maximum: No Limit

Sample Illustration

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%
30 523055 520783
35 520264 517228
40 514303 509698

Maturity Benefits of SBI Life Flexi Smart Plus Plan

Maturity Benefits of SBI Life Flexi Smart Plus Plan

Exclusions

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.

SBI Flexi Smart Plus: FAQs

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

  • Surrender your policy
  • Revive your policy within 2 years from the date of discontinuation, or
  • Convert the policy into paid-up policy.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. 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 PolicyX.com Insurance Web Aggregator.

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