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SBI Life Smart Elite
- 9 Investment Fund Choices
- Switching Option Available
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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.
Plan Options
- Gold Option
- Platinum Option
Both Gold and Platinum options allow the assured to choose a higher sum assured or fund value or both.
Key Features of SBI Life- Smart Elite
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:
- Flexibility to pay premiums for 7, 10, or 12 years or a single payment as per your requirements.
- Premium allocation charges are not applicable from the 6th policy year onwards.
- The plan also offers Accidental Death and Accidental Total and Permanent Disability Benefit automatically.
- The liquidity of the fund value is possible only after the completion of the lock-in period i.e. 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.
- The plan provides the assured with a grace period of 30 days. The policyholder can pay the due policy premium within the grace period, failing to which the policy is subject to lapse.
- Insured can get their lapsed policies revived within 3 consecutive years from the date of last paid premium.
- Insured can surrender the availed policy anytime during the time period where investors are not allowed to sell or redeem shares.
- 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
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:
1 Death Benefits
The plan provides death benefits to the beneficiary in the case of 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.
2 Maturity Benefits
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.
3 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.
4 Premium Charges
The fund value enhances from the 6th policy year onwards as there are no premium allocation charges applicable.
5 Life Insurance Coverage
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.
6 Switching Option
Insured can switch among the 8 available funds as per the convenience to get better maturity output.
- The minimum Switch amount is Rs. 5000.
- In a policy year, two switches are allowed without charges.
7 Partial Withdrawals
- They are available from the 6th year of policy onwards.
- 1 free partial withdrawal is allowed in a policy year.
8 Tax Benefits
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.
9 Surrender Option
Policyholders can surrender the policy anytime during the entire policy term. Once the policy is surrendered, it cannot revive again.
Plan Options
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.
-
Equity Fund
Provides higher targeting returns and equity exposures in the long term.
-
Balanced Fund
Fund accumulation by investing in both fixed income sec securities and equities. This helps maintain a balance between safety and return.
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Bond Fund
Offers less volatile options for investment through income accumulation and debt instruments.
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Money Market Fund
Provides the fund in safe and liquid instruments to avoid market risk on a temporary basis.
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Bond Optimiser Fund
Provides easy returns i.e., higher than a pure fixed income fund. The insured benefits from interest earned in income from Fixed Income Investments.
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Pure Fund
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.
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Midcap Fund
Offers high Equity exposure and targets higher returns in the long term by investing through Midcap companies.
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Corporate Bond Fund
Helps earn a steady income for insured persons by investing in debt instruments and optimizing the returns.
-
Discontinued Policy Fund
Offers comparatively less volatile investments return, predominantly through liquid assets and debt instruments.
Ulip Plans Companies
Invest and secure your life goals by choosing any of the below-mentioned ULIP plans as per your requirements.
Riders
Accidental Death Rider
In the case of accidental death, the accidental death rider will offer benefits equal to the basic sum assured as a lump sum.
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 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.
Eligibility
| Parameters | Minimum | Maximum |
| 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 | |
Sample Premium Chart
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
Exclusions
- The nominee or the beneficiary will be eligible for the fund value, in case of an unfortunate event such as the death of the life assured because of suicide within the 12 months from the date of inception of the policy..
- Self-inflicted injuries.
- Drug/Substance Abuse.
- Involvement of life assured in a criminal act.
- Hazardous sports injuries.
- Participation of life assured in a flying activity.
- War, invasions, or riot.
- Death or disability caused by any kind of infection.
SBI Smart Elite: FAQs
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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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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