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.
Both Gold and Platinum options allow the assured to choose a higher sum assured or fund value or both.
Before going further, let us first explore the features of the SBI Smart Elite Plan which will help you to understand the plan in a better way. Have a look:
SBI Life Smart Elite Plan ensures that your family's future financial needs are looked after even when you are not around. With several benefits the plan helps you in making a financial corpus for a secure future of your family. Let's discuss the benefits of SBI ELite Plan:
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. The fund value shall be paid as a lump sum amount on the date of maturity.
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.
The coverage provided is 10 times the annualized premium for a limited premium payment term. In the case of single premium payment, the coverage provided is 1.25 times the single premium paid under the plan.
Insured can switch among the 8 available funds as per the convenience to get better maturity output.
Get Tax benefits on the premium paid as per the provisions of Income Tax Laws. 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.
Policyholders can surrender the policy anytime during the entire policy term. Once the policy is surrendered, it cannot revive again.
SBI Life Insurance Company has always been known for offering a wide range of fund options under ULIP plans. Hence, the SBI Life Smart Elite plan comes with 9 fund options to invest and grow as per your financial requirements. You can choose one or a combination of plans at your convenience.
Provides higher targeting returns and equity exposures in the long term.
Fund accumulation by investing in both fixed income sec securities and equities. This helps maintain a balance between safety and return.
Offers less volatile options for investment through income accumulation and debt instruments.
Provides the fund in safe and liquid instruments to avoid market risk on a temporary basis.
Provides easy returns i.e., higher than a pure fixed income fund. The insured benefits from interest earned in income from Fixed Income Investments.
High Equity exposure and targeting higher returns in the long term. The fund invests in equities other than banks, financial institutions, entertainment, hotels, gambling, contests, leather, animal products and breweries, distilleries.
Offers high Equity exposure and targets higher returns in the long term by investing through Midcap companies.
Helps earn a steady income for insured persons by investing in debt instruments and optimizing the returns.
Offers comparatively less volatile investments return, predominantly through liquid assets and debt instruments.
Invest and secure your life goals by choosing any of the below-mentioned ULIP plans as per your requirements.
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In the case of accidental death, the accidental death rider will offer benefits equal to the basic sum assured as a lump sum.
It happens many times that an accident leaves you helpless. In such a situation of permanent and total disability, this rider will pay the benefit in 10 equal annual instalments to the life assured.
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.
|Entry Age||18 years||For Limited Premium Payment Term (LPPT): 55 years, For Single Premium: 60 years|
|Maturity Age||-||65 years|
|Plan Type||Limited Premium/Single Premium|
|Premium Payment Term||LPPT: 7/10/12 years, Single-Premium: One-time payment option at the starting of the policy|
|Limited Premium Payment||Yearly: Rs. 1,50,000||No Limit|
|Half-Yearly: Rs. 75,000|
|Quarterly: Rs. 37,500|
|Monthly: Rs. 12,500|
|Single Premium Payment||2,00,000|
This graph illustrates the maturity value of a healthy male of 30 and 40 years of age under SBI Life Smart Elite for Sum Assured 15 lakhs, premium Rs. 12,500, and policy term 15 years.
Maturity Value of SBI Life - Smart Elite
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).
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