SBI Life Smart Elite Plan: Features, Benefits & Reviews | PolicyX
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SBI Smart Elite Plan

SBI Life Insurance Company has launched a new life insurance plan, the ...Read More

🛡️ IRDAI Approved
⭐ 4.6/5 · 923 reviews
📊 70 years solvency ratio
✅ Minimum Age- 14 year% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India

About SBI Smart Elite Plan

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

SBI Life Insurance Company offers a range of insurance products, including life, health, motor, and travel insurance. The SBI Life Smart Elite Plan is a new life insurance offering designed to provide financial protection for your future.

The SBI Smart Elite Policy is a unit-linked, non-participating insurance plan that combines life cover with investment growth. It offers flexibility to pay premiums for a limited term or as a single premium, providing long-term protection. This ULIP is specifically designed for High Net Worth Individuals.

SBI Smart Elite Plan offers a range of benefits, including:

  • Flexibility to pay premiums for 7, 10, or 12 years
  • Accidental Death and Accidental Total and Permanent Disability Benefit
  • Free look period of 15 days
  • Tax Benefits
  • Life Insurance Coverage
  • Switching Option

Eligibility Criteria for SBI Smart Elite Plan

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
5 to 30 years
Premium payment term
Premium payment term
LPPT: 7/10/12 years, Single-Premium
Premium payment frequency
Premium payment frequency
Annual, half-yearly, quarterly & monthly
Sum assured
Sum assured
105% of total premiums

Pros & cons

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

Pros

  • 9 Investment Fund Choices
  • Switching Option Available
  • Surrender Policy Anytime

Cons

  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 18 years
Maximum entry age: 60 years
Maximum sum assured: 105% of premiums
Maximum policy term: 30 years

How Does the SBI Life Smart Elite Plan Work?

Let's understand how the SBI Life Smart Elite Plan works with a simple premium illustration.

Problem

Mr. Verma is looking for a ULIP plan that helps him create a lump sum amount to fulfill his financial needs.

Solution

His financial advisor advised him to buy the SBI Life Smart Elite Plan. He visited PolicyX.com.

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

Age of policyholderAnnual PremiumsSum AssuredPolicy tenurePremium Payment TenureMaturity Benefits
30 yearsRs 1 lakhRs 15 lakh15 years15 yearsRs 18,38,518

Key Takeaway: At the end of the policy tenure, maturity benefits of Rs 18,38,518 are paid to the policyholder.

Benefits of SBI Smart Elite Plan

  • Death Benefits: The plan provides death benefits to the beneficiary in case of the insured's death, as per the chosen plan option.
    • Gold Option: The beneficiary will receive the higher of the fund value as on the date of intimation of claim, the sum assured, or 105% of total premiums received in case of death.
    • Platinum Option: The beneficiary will receive the fund value as on the date of claim intimation, along with the sum assured or 105% of total premiums received till the death date.
  • Maturity Benefit: Maturity benefits are provided under the plan upon completion of the policy term. The fund value shall be paid as a lump sum amount on the date of maturity.
  • Premium Payment Option: The plan comes with a single premium payment option. You can also pay the premium for 7, 10, or 12 years and get the benefits for the desired policy term.
  • Switching Option: The insured can switch among the 8 available funds as per convenience to get better maturity output. The minimum switch amount is Rs. 5,000. In a policy year, two switches are allowed without charges.

Features of SBI Smart Elite Plan

Key features that make SBI Smart Elite Plan stand out.

Free Look Period

Once you receive the policy documents, the policyholder has a period of 15 days to check the terms and conditions of the plan. If dissatisfied or if the policy does not suit your requirements, you can return it.

Grace Period

The plan provides the assured with a grace period of 30 days. The policyholder can pay the due policy premium within this period, failing which the policy is subject to lapse.

Surrender

If the policy is surrendered before the completion of the 5th policy year, the Fund Value will be transferred to the discontinued policy fund.

Premium Charges

The fund value enhances from the 6th policy year onwards as there are no premium allocation charges applicable.

Documents Required for SBI Smart Elite Plan

Keep these documents handy when applying for SBI Smart Elite Plan.

Photo ID Proof

Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Passport, Aadhaar card, PAN card, Driving license.

Address Proof

Utility bill, passport, voter ID, ration card.

Medical Records

Medical records of the policyholder if requested.

Income Proof

Bank statement, last three months' salary slips (if salaried).

Buying from their branch office

You can buy the SBI Smart Elite Plan offline by visiting one of their nearest branch offices. A representative will assist you with the purchase.

Exclusions of the SBI Smart Elite Plan

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

Other Features of SBI Smart Elite Plan

Here are the key features of the SBI Smart Elite Plan.

Plan At a Glance

What’s Good HereWhat’s Missing
Flexible Premium PaymentPremium Offset
SwitchingPremium Continuance
Maturity BenefitAuto Cover Continuance
Choice of Plan OptionTop-up Premium

In a Nutshell

If you are looking for a ULIP plan that allows you to manage your policy with your own strategy and choice of funds, then the SBI Life Smart Elite Plan is a suitable option.

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 possible solution for you.

Life Insurance Articles

FAQs: SBI Smart Elite Plan

The 3 most-asked questions about SBI Smart Elite Plan, answered.

Premium redirection IN sbi smart elite plan is available from the 2nd policy year, wherein one premium redirection request would be free of cost, and after that the policyholder will be charged INR 100 for any such requests.
In the event of death, the beneficiary will receive the higher fund value as on the date of claim notification or sum assured, or 105 percent of total premiums received.
Step 1: Choose the policy term for which you want the coverage. Step 2: Then decide your sum assured and premium payment term Step 3: Choose any of the palm variants as per your life requirements. Step 4: If the Gold Option is chosen, the Death Benefit under this plan will be the higher of the Sum Assured or the Fund Value, up to 105 percent of the total premiums paid to date. If the Platinum Option is chosen, a double Death Benefit of Sum Assured + Fund Value is available under this plan, subject to a minimum of 105 percent of all premiums paid to date. The Fund Value is given to the policyholder as Maturity Benefit if the policy survives to the end of the Policy Tenure. This plan includes a rider for accidental death and accidental total and permanent disability (Accidental TPD).

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: 27 Dec 2024

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