SBI Life Smart Elite Plan
SBI Life Smart Elite Plan
  • Wide Range of Funds
  • No Premium Allocation Charges
  • Tax Benefits Under 80C
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SBI Life Smart Elite Plan

SBI Insurance company has been serving the finest insurance plans to us, be it life insurance, health insurance, motor insurance or travel insurance. SBI Life Insurance Company cares for you and your loved ones, so it has launched a new life insurance plan named SBI Life Smart Elite Plan.

The uncertainties of life motivate us to buy a life insurance policy. Life insurance provides a person with life coverage and his/her family with financial support in case of any mishap. The plan is one of the similar types. SBI Life has designed the Smart Elite policy for the individuals. It is a unit-linked and non-participating in nature.

SBI Smart Elite Policy brings you absolute returns as per its balanced fund feature. This ULIP has been crafted for HNIs (High Net Worth Individuals). It helps you increment your fund through market-linked returns. There are two plan options available under SBI Smart Elite Policy.

Plan Options:

  1. Gold Option
  2. Platinum Option

Features Of SBI Life Smart Elite Policy

  • It is a market-linked product which brings you better returns in the long-time period.
  • The liquidity of the fund value is possible only after the completion of the lock-in period. The lock-in period is for 5 years.
  • A free look period of 15 days is provided to online buyers and 30 days to offline buyers. The policy buyer can cancel the policy within the free look period in the case of any type of dissatisfaction concerning the terms and conditions of the policy.
  • Every individual is busy in his/her modern lifestyle and it happens at times that you miss out on the premium payment date. For such a situation, the insurance company provides the insured with a grace period of 30 days. The policyholder can pay the due policy premium within the grace period failing which the policy is subject to lapse.
  • You do not need to panic as you can get your lapsed policy revived within 3 consecutive years from the date of last paid premium. All that needs to be done is, you have to pay for all the due premiums of the policy.
  • You can surrender the policy any time after the lock-in period.
  • Miscellaneous charges are applied like partial withdrawal charges (Rs.100), switching charges (Rs.100), premium redirection charges (Rs.100), etc.

Benefits Of SBI Life Smart Elite Policy

  • The plan provides death benefits to the beneficiary in the case of death of the insured as per the chosen plan option.
  • Maturity benefits are provided under the plan on the completion of the term of the policy.
  • Survival benefits are provided to the insured in case s/he outlives the policy term period.
  • The plan comes with a single premium payment option. You can also pay the premium for 7 years/ 10 years/ 12 years and get the benefits for the desired policy term.
  • The fund value enhances from the 6th policy year onwards as there are no premium allocation charges applicable.
  • You get the freedom to invest in a wide range of funds.
  • You get life insurance coverage under the Smart Elite Policy. The coverage provided is 10 times of the annualized premium for a limited premium payment term. In case of single premium payment, the coverage provided is 1.25% of the single premium paid under the plan.
  • You get the benefit to pilot your investments. You can switch among the funds to get better maturity output.
  • Rider facilities are available under the SBI Life Smart Elite Policy.
  • The premiums paid under the Smart Elite plan are tax-free. The death benefits/ maturity benefits/ survival benefits provided under the plan are also tax exempted. Section 80C and 10(10D) of the Income Tax Act,1961 provides tax leverage on the policy premiums and after death benefits respectively.

Who Can Buy SBI Life Smart Elite Policy?

All the insured who fulfils the below-mentioned eligibility criteria can buy the plan. All that you have to do is finalize a fund and do your investments. The fund options have been mentioned further in the plan after the eligibility table.

CriteriaDetails
MinimumMaximum
Entry Age18 YearsFor Limited Premium Payment Term: 55 years
For Single Premium Payment: 60 years
Maturity AgeNot mentioned65 Years
Premium AmountYearly: Rs.1,50,000No limit. Subject to policy underwriting.
Half-Yearly: Rs.75,000
Quarterly: Rs.37,500
Monthly: Rs.12,500
Premium Payment TermPlan TypePolicy TermPremium Payment Term
Limited Premium Payment Term10 Years - 30 Years7 Years
12 Years - 30 Years10 Years
15 Years - 30 Years12 Years
Single-Premium5 Years - 30 YearsOne time payment at the time of policy inception.
Basic Sum AssuredPlan TypeBasic Sum Assured
Limited Premium Payment Term10 x annualized premium
Single-Premium1.25 x single premium
Plan TypeLimited Premium/ Single Premium
Premium FrequencySingle/ yearly/ half-yearly/ quarterly/ monthly

SBI Smart Elite Plan Funds Option

SBI Life Insurance Company has always been renowned for offering a wide range of fund options under ULIP plans. The insurance company supports you in nurturing your dreams. So, SBI provides you with different fund options to invest and grow as per your financial requirements. Here we have mentioned all the 8 fund options available under the plan. You can choose one or a combination of plans as per your needs to make better investments.

Fund Options

  1. Equity Elite fund
  2. Balanced Fund
  3. Bond Fund
  4. Money Market Fund
  5. Bond Optimiser Fund
  6. Pure Fund
  7. Midcap Fund
  8. Corporate Bond Fund

SBI Life Smart Elite Policy Riders

Rider facility is not mandatory but necessary when you plan to buy an investment cum life protection plan. It provides you with extra coverage in case of any mishap like accidental death or permanent disability due to the accident. Here is mentioned two of the rider options available under SBI Smart Elite Plan.

  1. Accidental Death Rider:
    In the case of accidental death, the accidental death rider coverage is provided to you.
  2. Accidental Permanent and Total Disability Rider:
    It happens many times that an accident leaves you helpless. In such a situation of permanent and total disability, this rider is helpful.

NOTE:- Accidental death benefit rider and accidental permanent/ total death benefit rider are an integral part of SBI Life - Smart Elite Plan. When you buy the plan, you get the rider coverage automatically.

Net Asset Value (NAV) Calculator

It is a normal human tendency to get confused while buying a product. The confusion is the hope to search for better and get the best of all. SBI Life Insurance Company provides its insured with the most refined facilities concerning insurance products; one of them is an online NAV calculator. The NAV calculator helps you calculate and compare the future fund’s benefits that you can cultivate after a longer policy term.

The calculator helps you get a rough idea of the long-term output of the fund. The calculations are done following the market risk factor. So, it can be trusted wholeheartedly.

SBI Smart Elite Plan Review

The fund options provided under the plan are highly appreciated by the policy buyers. The wide range of coverage and online accessibility features of the plan like NAV calculator has attracted a huge number of buyers towards Smart Elite Plan. The integrated accidental and permanent/ total disability riders benefit have won the hearts of the insured. you get the rider benefit without any extra premium payment.

FAQs

Balanced Fund is the low-risk fund in comparison to Equity Elite fund II. Equity Elite fund II is a high-risk fund. A detailed table of both the plans have been mentioned below for your better understanding:

The net asset value (NAV) can be calculated through NAV calculator available on SBI Life insurance official site.

The documents required to buy any of the funds under SBI Life Smart Elite Policy are:

  • Photograph
  • Address proof like driving license, aadhar card, voting card, passport etc.
  • Identity proof like pan card, aadhar card, voting card etc.
  • Age proof like aadhar card, voting card, passport, driving license etc.
  • Income proof like salary slip, income tax returns, bank statement etc.

For calculating your Net Asset Value (NAV), you can click on the given link (https://nav.sbilife.co.in/UI/ReturnCalculator.aspx) and follow the below-mentioned steps:

  • Step 1: Select product
  • Step 2: Select fund
  • Step 3: Select time duration
  • Step 4: Click on submit option

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Last updated on 07-02-2020