SBI Smart Elite Plan
  • 9 Investment Fund Choices
  • Switching Option Available
  • Surrender Policy Anytime
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SBI Smart Elite Plan

SBI Insurance company has been serving the finest insurance products to their customers, such as life insurance, health insurance, motor insurance, or travel insurance. SBI Life Insurance Company has launched a new life insurance plan named SBI Life Smart Elite Plan that provides financial protection for your better tomorrow.

SBI Smart Elite Policy is a unit-linked and non-participating insurance plan that provides life cover along with investment growth. The plan provides flexibility to pay premiums for limited-term or a single premium, thus offering protection for the long term. This ULIP has been crafted for High Net Worth Individuals.

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

why-choose
  • 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

Your Occupation

Entry age

Minimum Age - 18 years Maximum Age - 60 years

Mukhyamantri Amrutam Yojana

Maturity age

Maximum Maturity Age - 65 years

Your Gender

Policy tenure

5 to 30 years

Maternity Benefit Rider

Premium payment term

LPPT: 7/10/12 years, Single-Premium

Dr YSR Aarogyasri Trust

Premium payment frequency

Annual, half-yearly, quarterly & monthly

Maternity Benefit Rider

Sum assured

105% of total premiums

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.

Why Buy Term Insurance Online?

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 policyholder Annual Premiums Sum Assured Policy tenure Premium Payment Tenure Maturity Benefits
30 years Rs 1 lakh Rs 15 lakh 15 years 15 years Rs 18,38,518

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

Features of SBI Smart Elite Plan

Here are some features of SBI Smart Elite Plan:

SBI ULIP Plans

SBI Smart Elite Plan

SBI Smart Elite Plan

SBI Insurance company has been serving the finest insurance products to their customers, such as life insurance, health insurance, motor insurance, or...

Unique Features

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

SBI Smart Elite Plan (Pros)

SBI Smart Elite Plan
  • 9 Investment Fund Choices
  • Switching Option Available
  • Surrender Policy Anytime

SBI Smart Elite Plan (Cons)

SBI Smart Elite Plan
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Smart Elite Plan (Other Benefits)

SBI Smart Elite Plan
  • Death Benefits
  • Maturity Benefits
  • Fund Switching

SBI Smart Elite Plan (Eligibility Criteria)

SBI Smart Elite Plan
  • Minimum entry age- 18 years
  • Maximum entry age- 60 years
  • Maximum sum assured- 105% of premiums
  • Maximum policy term- 30 years

SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder is an individual, unit-linked, and non-participating life insurance plan. It comes out with a dual benefit of insurance ...

Unique Features

  • Guaranteed Bonus During Policy Term
  • Free Look Period of 15 Days
  • 1 Free Partial Withdrawal

SBI Life Smart Wealth Builder (Pros)

SBI Life Smart Wealth Builder
  • Death Benefits
  • Maturity Benefits
  • Guaranteed Additions

SBI Life Smart Wealth Builder (Cons)

SBI Life Smart Wealth Builder
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Life Smart Wealth Builder (Other Benefits)

SBI Life Smart Wealth Builder
  • Guaranteed Bonus During Policy Term
  • Free Look Period of 15 Days
  • 1 Free Partial Withdrawal

SBI Life Smart Wealth Builder (Eligibility Criteria)

SBI Life Smart Wealth Builder
  • Minimum entry age- 7 years
  • Maximum entry age- 55 years
  • Maximum sum assured- 10* Annualized Premium
  • Maximum policy term- 30 years

SBI Saral Maha Anand

SBI Saral Maha Anand

SBI Life Saral Maha Anand is a unit-linked non-participating life insurance product that offers growth opportunities through capital market participat...

Unique Features

  • Accidental Death Rider Benefits
  • Availability of 3 Fund Options
  • No medical Examination Required

SBI Saral Maha Anand (Pros)

SBI Saral Maha Anand
  • Guaranteed Additions of up to 30%
  • Requires no medical examination
  • Flexibility to choose from 3 fund options

SBI Saral Maha Anand (Cons)

SBI Saral Maha Anand
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Saral Maha Anand (Other Benefits)

SBI Saral Maha Anand
  • Accidental Death Rider Benefits
  • Availability of 3 Fund Options
  • No medical Examination Required

SBI Saral Maha Anand (Eligibility Criteria)

SBI Saral Maha Anand
  • Minimum entry age- 18 years
  • Maximum entry age- 55 years
  • Minimum sum assured- Rs 10* AP
  • Maximum sum assured- Higher of 20 x annualized premium
  • Maximum policy term- 30 years
Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

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 the case of the death of the insured as per the chosen plan option. Gold Option: The beneficiary will receive the higher fund value as on the date of intimation of claim or sum assured or 105% of total premiums received in case of death.
    Platinum Option: The beneficiary will receive the fund value as on date of claim intimation along with 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 years/ 10 years/ 12 years and get the benefits for the desired policy term.
  • Switching Option Insured can switch among the 8 available funds as per convenience to get better maturity output. The minimum Switch amount is Rs. 5000.
    In a policy year, two switches are allowed without charges.

Documents Required to Buy SBI Life Smart Elite Plan 

Here is the list of documents required to buy the SBI Life Smart Elite Plan:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy SBI Smart Elite Plan?

You can buy the SBI Smart Elite Plan official website or one of their nearest branch offices.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Hover on the ‘Life Insurance’ tab.

  • Step 3

    Choose the ULIP plan you want to buy.

  • Step 4

    Fill out the form at the top of the page with the necessary details.

  • Step 5

    Select your income and city. Click on 'Proceed'.

  • Step 6

    Update your education and occupation details.

  • Step 7

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 8

    Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

Life Insurance
  • Step 1

    Visit the official website of SBI Life Insurance.

  • Step 2

    Hover over the 'Products' from the top of the menu.

  • Step 3

    Click on the 'Individual Life Insurance' and choose the SBI Life Smart Elite Plan.

  • Step 4

    Click on ‘Buy Now’ and you will be redirected to a new page.

  • Step 5

    Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.

  • Step 6

    Once discussed you can make the premium payment and get the policy documents.

Buying from their branch office

You can buy the SBI Smart Elite Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.

Your Occupation

Exclusions of the SBI Smart Elite Plan

  • In case the policyholder commits suicide within 12 months of policy purchase then 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.

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 you must choose the SBI Life Smart Elite Plan.

For more info 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.

FAQs: SBI Smart Elite Plan

1. What are Premium redirection charges in SBI Life Smart Elite plan?

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.

2. My husband bought SBI Smart Elite- Gold variant in 2018. Unfortunately he died two months back. Being his beneficiary, what will I get?

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.

3. How does the SBI Elite Plan work?

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).

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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Himanshu Kumar

Written By: Himanshu Kumar

Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.

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