SBI Life Smart Privilege - Details, Benefits & Reviews (2024)

FAQs

SBI Life Smart Privilege - Details, Benefits & Reviews? ›

The SBI Life Smart Privilege plan is a unit-linked, non-participating life insurance plan (ULIP). The plan offers liquidity at the end of the 5th year. It offers to invest your money between eight diverse funds, including mid-cap and pure funds, with unlimited free switches and redirections.

The SBI Life Smart Privilege Plan provides Life Cover Benefit and Maturity Benefit for policies that are in force. Life cover benefit provided will be the Sum Assured amount or an amount that is higher of the fund value (minimum of 105% of the overall premiums paid till date of death).

'SBI Life - Smart Privilege' is an individual, unit linked, non-participating life insurance product - with various benefits and advantages. It gives you the flexibility to make multiple switches and premium re-directions between eleven diverse funds with loyalty additions to boost your fund value.

Sbi life insurance company provides best services. I purchased ulip insurance policy from them and the premium is normal but the staff of the company and customer support team available for 24X7. Policy coverage and claims are good. The sbi life provided me the best traditional insurance policy in very low premiums.

The SBI Life Smart Privilege plan is a unit-linked, non-participating life insurance plan (ULIP). The plan offers liquidity at the end of the 5th year. It offers to invest your money between eight diverse funds, including mid-cap and pure funds, with unlimited free switches and redirections.

What is a non-participating life insurance policy? As you may have figured out by now, a non-participating insurance plan - also known as a non-par plan - does not offer any dividend payouts. In other words, the policyholder does not participate in the profits of the life insurance provider.

SBISMART Money is a mobile trading app from SBICAP Securities that enables you to seamlessly invest and trade in equity and derivatives anywhere, anytime.

SBI Life Smart Performer is 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.

SBI Life Insurance Pure Fund is a unit-linked insurance fund incorporated in India. The Fund's objective is to provide high equity exposure targeting higher returns in the long term.

Is SBI Life better than LIC? ›

LIC has lost its cost advantage, SBI Life is best among private insurers: CLSA report on insurance firms. The brokerage firm compared the benchmark cost ratios of Life Insurance Corporation of India and four other top private life insurers — SBI Life, Max Life, HDFC Life, and IPRU Life.

SBI Life Insurance has a claim settlement ratio (CSR) of 93.09% as per IRDAI Annual Report 2020-21. CSR is the percentage of the total claims settled by the number of received claims by the insurer. It indicates the insurer's credibility and reliability.

SBI Life is a private firm founded as a joint venture between BNP Paribas Cardiff, a French financial services provider and international bank based in Paris, and State Bank of India, India's largest financial services provider and state-owned bank.

SBI Life - Saral Swadhan+: This particular plan is an individual, non-linked, non-participating, term assurance plan that provides life cover as well as guaranteed benefit on maturity. The policy is for a period of 10 years minimum, with the sum assured being in the range of Rs. 30, 000 to Rs. 4.75 lakh.

As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15 days. Given the same, you can cancel your SBI Life Insurance policy as well by filling in the FLC request letter form.

Features of SBI Life Smart Platina Assure Plan

Provides maturity benefits along guaranteed returns at the end of the policy term. Guaranteed additions of 5.25% or 5.75% provided at the end of each policy year. Flexibility of paying premium for upto 6/7 years an avail policy benefits upto 12/15 years. Get tax benefits.

The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. The premium paid towards a ULIP is divided into two parts.

The objective of the fund is to earn returns higher than a pure fixed income fund by investing in a mix of Government Securities, Corporate Bonds, Money Market Instruments and upto 25 percent in Equity instruments.

Insurance is a means of protection from financial loss. It is a form of risk management primarily hedged against any uncertain future loss. The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance.

What is difference between par and non par? ›

A participating (par) insurance policy provides both guaranteed and non-guaranteed benefits, while a non-participating (non-par) policy typically provides guaranteed benefits.

In simplest of words, a bonus is an extra amount or reward you receive over and above you base salary/ amount. A similar concept aligns with life insurance companies, which make bonus payments to their policyholders on a yearly basis beyond the basic sum assured they are entitled to.

Learn how to manage Limits & Transfer Funds on our new web ...

Key Benifits : Market linked returns through 11 varied fund options as per risk appetite. Total Guaranteed Additions of upto 125%* of Annual Premium based on the policy term. Life cover and tax benefits.

Life insurance is considered a good option for tax saving, as premiums paid can be deducted from your total taxable income. Under section 80C, up to ₹1,50,000 in premiums paid can be reduced from your total taxable income.

The total monetary worth of the units owned by the policyholder is termed as fund value. You can calculate the fund value on a particular day by multiplying the net asset value (NAV) of each unit on that particular day by the number of units held. The fund value keeps changing basis the NAV.

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.

MUMBAI: Birla Sun Life Insurance (BSLI), on Monday announced the launch of 'Super 20', its new fund offering. It is a large-cap fund that will invest in 20 fundamentally strong large-cap stocks resulting in long-term capital appreciation for policy-holders, a press release issued here said.

What is new fund offer? ›

Definition: A new fund offer (NFO) is the first time subscription offer for a new scheme launched by the asset management companies (AMCs). A new fund offer is launched in the market to raise capital from the public in order to buy securities like shares, govt. bonds etc. from the market.

SBI Life is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte.

Our, Us, We * SBI Life Insurance Company Limited or its successors. We are regulated by the Insurance Regulatory and Development Authority (IRDA). The registration number allotted by the IRDA is 111.

Five-year term insurance, as the name implies, covers the insured for a period of five years. Along with annual renewable term plans, it is one of the shortest term insurance policies on the market. Five-year term insurance plans, on the other hand, give you the opportunity to convert the policy when it expires.

* Another life insurance tax benefit is that the maturity amount received on the policy is not taxed under Section 10D if the premium does not exceed 10% of the sum assured. This exemption is not available for premiums exceeding 10% of the sum assured.

SBI Life Retire Smart is a Unit Linked pure Pension plan which provides increased annuity payouts through participation in capital markets thus taking care of retirement needs.

SBI Life Insurance Company Limited (SBI Life) established in 2001 is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif S.A. and is one of the leading life Insurance companies in India.

The number of customers using internet banking facilities is nearly 81 million and mobile banking services stand a little more than 18 million. The integrated digital and lifestyle platform by SBI - YONO has crossed the landmark of 66 million downloads.

Call us toll free at 1800 267 9090(Available from 9:00 am to 9:00 pm everyday).

What is maturity claim? ›

Maturity Claim is associated with the Maturity Benefit of the Policy i.e. the claim which arises when the policy matures. It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured.

Death Claim is a formal request made by the nominee* in a life insurance policy to the life insurance company. This request is made for the payment** of the Life Cover amount in case of the unfortunate event of death of the Life Assured*.

The highest-paid insurance agent is Gideon du Plessis.

He earns an annual commission amounting to $70 million. A record he has maintained over the last 12-14 years, selling 700 policies yearly.

Max Life and LIC are the highest commission paying life insurers in India as their commission outgo is in excess of 5.5% of their total premium income, shows LIC's draft IPO prospectus. Max Life pays the highest commission to agents.

Even though the SBI Life Retire Smart Plan is an insurance-cum-investment policy, it does not offer any Sum Assured as Death Benefit. Hence, in any worst-case scenario, your nominee is likely to receive 105% of the premiums paid. For a life insurance policy and considering risk management, it is totally worthless.

You can cancel your SBI Life Insurance Policy. In case you have purchased an insurance policy and are not satisfied with the benefits it is offering to you, you can surely cancel the product.

Key Features of SBI Life Smart Privilege Plan

The policyholder gets the option of unlimited free switches between the available 11 funds. Tax benefit under section 80C of the Income Tax Act, 1961. The maximum deduction that can be claimed under this section during a financial year is Rs. 1,50,000.

Features of SBI Life Smart Platina Assure Plan

Provides maturity benefits along guaranteed returns at the end of the policy term. Guaranteed additions of 5.25% or 5.75% provided at the end of each policy year. Flexibility of paying premium for upto 6/7 years an avail policy benefits upto 12/15 years. Get tax benefits.

What is SBI wealth account? ›

Wealth Savings Account is a Premium Account offered only for Wealth Clients with add-on benefits viz. Free VISA Signature Debit Card, Fee Waivers, 25% Concession on Locker Rentals and many more.