Overview
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.
Key Benefits of SBI Smart Elite Plan
- 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
How to Buy SBI Life Smart Elite Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Hover over the ‘Life Insurance’ tab.
- Choose the ULIP plan you want to buy.
- 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.
Benefits of the SBI Life Smart Elite Plan
There are various benefits to buying the SBI Life Smart Elite Plan. Let’s understand each of them in detail:
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.
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.
How to Buy SBI Life Smart Elite Plan on SBI Life Insurance Website
- Visit the official website of SBI Life Insurance.
- Hover over 'Products' from the top menu.
- Click on 'Individual Life Insurance' and choose the SBI Life Smart Elite Plan.
- Click on ‘Buy Now’ to be redirected to a new page.
- Enter your name and contact information. A representative will contact you to discuss quotes.
- After discussion, you can make the premium payment and receive the policy documents.
Exclusions
- 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.
Documents Required to Buy SBI Life Smart Elite Plan
Here is the list of documents required to buy the SBI Life 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).
Plan at a Glance
| What’s Good Here |
What’s Missing |
| Flexible Premium Payment |
Premium Offset |
| Switching |
Premium Continuance |
| Maturity Benefit |
Auto Cover Continuance |
| Choice of Plan Option |
Top-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.
ChatGPT
Claude
Perplexity
