SBI Life Flexi Smart Plus Plan: Features & Benefits | PolicyX
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SBI Life Smart Flexi Term Plus

SBI Life Flexi Smart Plus is a non-linked life insurance plan that off ...Read More

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About SBI Life Smart Flexi Term Plus

A quick read on what this SBI Life Insurance term plan covers and why it might be a fit for you.

SBI Life Flexi Smart Plus is a non-linked life insurance plan that offers 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 offers regular and guaranteed benefits along with other advantages such as bonus interest rates, premium holidays, etc. It also provides the flexibility to adapt to your ever-changing needs, helping you accomplish all your goals.

This plan offers various benefits including:

  • Guaranteed Minimum Bonus
  • Interim Bonus
  • Flexibility
  • Surrender Benefit
  • Partial Withdrawals
  • Revival/renewal

Eligibility Criteria for SBI Life Smart Flexi Term Plus

Entry age
Entry age
Minimum Age - 18 years, Maximum Age - 60 years
Maturity age
Maturity age
Maximum Maturity Age - 65 years
Policy tenure
Policy tenure
Minimum 5 years, Maximum 30 years
Premium payment term
Premium payment term
Annual, half-yearly, quarterly & monthly
Premium payment frequency
Premium payment frequency
Annual, half-yearly, quarterly & monthly
Sum assured
Sum assured
10 times annual premium

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Guaranteed Bonus
  • Partial Withdrawals
  • Interim Bonus

Cons

  • No Policy Loan
  • Funds to invest
  • Spouse cover

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age - 18 years
Maximum entry age - 60 years
Minimum policy term - 5 years
Maximum policy term - 30 years
Maximum sum assured - Rs. 50

How Does SBI Life Flexi Smart Plus Plan?

Let’s understand how the SBI Life Flexi Smart Plus Plan works with the help of a simple illustration.

Problem

Mr. Verma is looking for a savings plan that provides him guaranteed returns along with a return on the amount he has invested.

Solution

His financial advisor advised him to buy the SBI Life Flexi Smart Plus Plan to get the dual benefits of a life insurance plan and a savings plan. He visited PolicyX.com

Let's understand how the SBI Life Flexi Smart Plus Plan works for him with a premium illustration table.

Age of policyholder Annual premiums Policy tenure Premium payment term Total premiums paid Basic sum assured Guaranteed additions Maturity benefits
40 years Rs. 5,000 15 years 10 years Rs 50,000 Rs 50,000 Rs 39,400 Rs 89,400

Key Takeaways: In case of Mr. Verma's demise during the policy tenure, Rs 1 crore will be paid to their nominee.

Benefits of SBI Life Smart Flexi Term Plus

There are various benefits to buying the SBI Life Flexi Smart Plus Plan. Let’s understand each of them in detail:

  • 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.
  • 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.
  • 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.

Features of SBI Life Smart Flexi Term Plus

Key features that make SBI Life Smart Flexi Term Plus stand out.

Guaranteed MinimumBonus

The policy account balance earns interest at 1% p.a., credited annually and added to the principal for the next financial year.

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.

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.

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.

Documents Required for SBI Life Smart Flexi Term Plus

Keep these documents handy when applying for SBI Life Smart Flexi Term Plus.

Photo ID Proof

Photo ID Proof (any one of these) - Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Age Proof (any one of these) - Passport, Aadhaar card, PAN card, Driving license.

Address Proof

Address Proof (any one of these) - Utility bill, passport, voter ID, ration card.

Medical Records

Medical Records of the policyholder if requested.

Income Proof

Income Proof (any one of these) - bank statement, last three months' salary slips (for salaried individuals).

Exclusions of SBI Life Flexi Smart Plus

  • If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.

Other Features of SBI Life Smart Flexi Term Plus

Here are the key features of the SBI Life Smart Flexi Term Plus.

Plan At a Glance

What's Good Here What's Missing
Guaranteed Minimum bonus Funds to invest
Flexible premium paying term Policy loan
Choice to alter the premium payment mode Spouse cover
Option to take a policy loan Top-up premium

In a nutshell

If you are looking for an insurance plan that not only protects your family financially but also provides maturity benefits if you outlive the policy tenure, then consider buying SBI Life Flexi Smart Plus Plan. This plan offers guaranteed additions along with maturity benefits. If you are still confused about whether this plan is right for you, contact us at PolicyX.com.

For more information related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best solution for you.

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SBI Flexi Smart Plus: FAQs

The 3 most-asked questions about SBI Life Smart Flexi Term Plus, answered.

No, there are no riders available under the plan.
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.
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.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Himanshu Kumar — Term & Life Insurance Reviewed by Raj Kumar — Health Insurance
Last updated: 7 Aug 2023 · Originally published: 19 Nov 2024

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