SBI Life Smart Performer
SBI Life Smart Performeris a unit linked insurance plan (ULIP) where the highest NAV attained during the tenure, is provided to the policyholder at Maturity or higher of the Highest Daily NAV at Maturity. If the Life Insured dies during the policy tenure, the entire Sum Assured or the Fund Value, whichever is higher will be paid as Death Benefit.
Auto Rebalancing
Accidental Death Benefit rider
Highest NAV of 7 years
Compare this plan with other Investment Plans
Key Features
NAV at maturity
- Highest NAV of 7 years or NAV at maturity, whichever is higher, is guaranteed
Auto Rebalancing
- There is an option of Auto Rebalancing to lock in market gains
Option of paying premium
- Option of paying single premium or choosing the premium paying term of 5 years
Accidental Death Benefit
- Additional Accidental Death Benefit rider is available
Choice of investment strategies
- Choice of investment strategies of Guarantee and Market Upside together through Plan offerings of 'Secure Plan' and 'Secure N Grow’ Plan
Benefits
Death Benefit
In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.
Maturity Benefit
If the policy holder survives the policy term, then he gets the Fund Value. The Fund Value will be calculated according to higher of:
- Prevailing NAV as on Date Of Maturity OR
- Higher than the Highest Guaranteed NAV: There will be an increment of 5% to the Highest NAV achieved during the first seven years under the 'Daily Protect Fund'. The guarantee will be available only if all the due premiums have been paid.
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Riders
There is1 rideravailable in this policy
- Accidental Death Benefit rider
Investment Fund Options
Under this plan the policy holder gets the following 2 investment options:
- Secure Plan
- Secure and Grow Plan
And there are 2 Investment Fund Options
- Daily Protect Fund
- Index fund.
Top-up
Not allowed under this plan
Switching
Switching is not allowed in this plan.
Partial Withdrawal
You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.One Partial Withdrawal is allowed in each Policy Year.
Eligibility
| Minimum | Maximum | |
| Sum Assured(in Rs.)in Limited PPT | Annual Premium x 7 | Annual Premium x 20 |
| Sum Assured(in Rs.)in Single Premium | 1.25 X SP | 5 X SP |
| Policy Term(in years) | 10 | |
| Premium Payment Term(in years) | Single | 5 |
| Entry Age of Policyholder(in years) | 9 | 65 |
| Age at Maturity(in years) | NA | 75 |
| Premium for PPT= 5 yrs(in Rs.) | Yearly : Rs. 50,000 | |
Half-yearly : Rs. 44,000
Quarterly : Rs. 36,000
Monthly : Rs. 20,000No LimitSingle Premium(in Rs.)60,000No LimitPayment modesSingle, Yearly, Half-Yearly, Quarterly and Monthly
FAQs
What happens if You stop paying the premium before 5 years?
If the policy holder stops paying the premium,the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
What happens if You stop paying the premium after 5 years?
The maximum period for premium payment is 5 years. Hence there is no question of paying more than 5 years in this plan.
What happens if You want to surrender the policy?
If the policy holder wants to surrenderthe policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
What happens if You want a loan against your policy?
No Loan allowed in this plan.
