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Overview
SBI Life Flexi Smart Plus is a non-linked, participating variable life insurance plan that offers comprehensive life insurance cover along with investment opportunities. It allows the beneficiary to receive the sum assured or 105% of total premiums paid as of the date of intimation of the death claim, in the form of death benefits.
This plan offers regular and guaranteed benefits along with other advantages such as bonus interest rates and premium holidays. It also provides the flexibility to adapt to your ever-changing needs, helping you accomplish all your goals.
Key Features and Benefits
Guaranteed Death Benefit
- For Gold Benefit: The death benefit will be the higher of the account value, sum assured, or 105% of the total premiums paid as of the date of intimation of the claim.
- For Platinum Benefit: The death benefit will be the higher of the policy account plus sum assured, or 105% of the total premiums paid as of the date of intimation of the claim.
Maturity Benefit
At the time of maturity, the insured will receive the policy account value, which includes a terminal bonus. The maturity benefit will be paid as a lump sum.
Increase Policy Term
Every year after the completion of 5 years of the policy, the insured gets a choice to increase the policy tenure. If the insured increases the policy tenure, the corresponding premium payment term will also be increased. This benefit can be availed only once during the entire policy term.
Guaranteed Minimum Bonus
The policy account balance earns interest at 1% p.a., credited annually and added to the principal for the next financial year.
Interim Bonus
The plan offers an interim bonus, which will be declared at the start of the year.
Flexibility
The plan offers the flexibility to increase or decrease your sum assured, and the insured can also choose policy terms according to their requirements.
Surrender Benefit
This plan offers a surrender benefit.
Partial Withdrawals
This plan allows for partial withdrawals.
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 yearly, half-yearly, or quarterly premiums, and 15 days for monthly premiums. This is extra time the plan offers to make your payment after the due date.
How to Buy SBI Life Flexi Smart Plus Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
How to Buy SBI Life Flexi Smart Plus Plan on SBI Life Website
- Visit the official website of SBI Life Insurance Company.
- Hover over ‘Plans’ and click on ‘Saving Plans’.
- Click on ‘Online Plans’ and choose 'SBI Life Flexi Smart Plus Plan'.
- Click on ‘Know More’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy SBI Life Flexi Smart Plus Plan
Here is the list of documents required to buy the SBI Life Flexi Smart Plus Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, or Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, or Driving license.
- Address Proof: Utility bill, passport, voter ID, or ration card.
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement or last three months' salary slips (for salaried individuals).
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.
