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

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About SBI Life Smart Privilege Plan

The SBI Life Smart Privilegeplan 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 benefits of the plan are accompanied with a death cover.

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

98.31

USPs of the Policy

  • The plan is a unit-linked insurance plan with 8 growth fund options and also provides a death cover
  • The plan offers flexibility in premium payments; it even has the one-time premium payment option
  • Unlimited switching is allowed
  • No policy administration charges are levied throughout the policy term
  • No premium allocation charges from 6th policy year onwards
  • Loyalty additions are offered right from the 6th year of the policy
  • Tax benefits

Bonus Rate

-

Illustration

If a 40-year-old individual chooses a policy term of 30 years and pays a single premium of INR 10 Lakhs, the sum assured will be INR 12,50,000. The maturity benefit at 4% growth will be INR 25,27,000 and at 8% will be INR 78,25,157.

If a 40-year-old individual chooses a policy term of 30 years, chooses the limited payment option, and pays INR 10 Lakhs per year for 10 years, the sum assured will be INR 1.5 crore. The maturity benefit at 4% growth will be INR 2,19,21,282 and at 8% will be INR 5,88,91,996.

In both cases, 50% money was invested in high growth funds and the rest was distributed in similar amounts among remaining funds.

How Does the Plan Work?

Firstly, an individual is required to choose a policy term from 5 to 30 years. The individual then has to select a plan type from three options of limited premium payment (flexibility to pay premiums over 5 to 30 years), regular payment (payment should be made throughout the policy term), or single premium.

Furthermore, the individual is required to select a combination from eight funds and decide the percentage of money to be invested in the funds. The following are the funds offered for investment:

  • Top 300 Fund:
    • Equity and equity-related securities: 60% to 100%
    • Money market and cash instruments: 0% to 40%
    • Risk rating: High
  • Balanced Fund:
    • Equity and equity-related securities: 40% to 60%
    • Debt instruments: 20% to 60%
    • Money market and cash instruments: 0% to 40%
    • Risk rating: Medium
  • Bond Fund:
    • Debt instruments: 60% to 100%
    • Money market instruments: 0% to 40%
    • Risk rating: Low to medium
  • Equity Optimizer:
    • Equity and equity-related securities: 80% to 100%
    • Debt instruments: 0% to 20%
    • Money market and cash instruments: 0% to 20%
    • Risk rating: High
  • Growth Fund:
    • Equity and equity-related securities: 40% to 90%
    • Debt instruments: 10% to 60%
    • Money market and cash instruments: 0% to 40%
    • Risk rating: Medium to high
  • Pure Fund:
    • Equity and equity-related securities: 80% to 100%
    • Money market instruments: 0% to 20%
    • Risk rating: High
  • Mid-cap Fund:
    • Equity: 80% to 100%
    • Debt instruments: 0% to 20%
    • Money market instruments: 0% to 20%
    • Risk rating: High
  • Discontinued Policy Fund:
    • Government Securities: 60% to 100%
    • Money market instruments: 0% to 20%
    • Risk rating: Low

Death Benefits

In case of the untimely demise of the insured, the nominee receives the highest of the following:

  • Sum assured
  • Fund value
  • 105% of the total premiums paid

Maturity Benefit

Maturity benefit payable will be the fund value and can be availed as a lump sum or in installments.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some additional features of this plan:

  • It invests in a variety of funds including high growth funds
  • Loyalty additions are offered
  • Money can be partially withdrawn as per needs
  • Unlimited free switches and premium redirection
  • Various premium payment options are available, including single pay

COMPARE & BUY SIMILAR PLANS

Who Should Buy This Plan?

The minimum entry age for the policy is 8 years for regular/ limited premium policies and 13 years for single premium policies. Maximum age to buy this plan is 55 years. The plan is a high growth investment plan which provides a death cover for an insured’s untimely death.

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. It continues to offer a wide range of life insurance and pension products at economical prices.

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  • Current Surrender Value
  • Bonus
  • Loan Available
  • Paid-up Value
  • Projected Maturity Value

Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.

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FAQ's

  1. How do I locate the Branch Address of SBI Life Insurance?
  2. How To Link Aadhaar To Your SBI Life Insurance Policy?
  3. How to generate premium paid receipt for SBI Life Insurance?

Popular Plans

  1. BSLI Income Assured Plan
  2. Aviva Wealth Builder Plan
  3. Kotak Assured Savings Plan
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.

How good is SBI Life Smart privilege? ›

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).

What is SBI Life Smart privilege? ›

'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.

Is SBI Life trustworthy? ›

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.

Which plan is best for SBI Life Insurance? ›

SBI Life Insurance Plans in India
SBI Insurance PlansPlan TypeEntry Age
SBI Life – Smart HumsafarTraditional Joint Life Insurance Plan18 – 46 years
SBI Life – CSC Saral SanchayTraditional Non-Participating Endowment Plan18 – 55/60 years
SBI Life – Smart PowerNon-Participating Unit Linked Insurance Plan18 – 45 years
2 more rows

Is SBI Smart privilege a mutual fund? ›

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 non-participating plan? ›

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.

What is SBI smart? ›

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

What is SBI Life Smart performer? ›

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.

What is pure fund? ›

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.

Is SBI Life Insurance safe investment? ›

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.

Is SBI Life Insurance government or private? ›

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.

What is the maturity amount of SBI Life Insurance? ›

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.

What is the Commission for SBI Life Insurance agent? ›

Single-Premium Products (insurance agent commission structure)
Category1st Maximum Commission payable
All Life insurance products (except term plans)2%
Term plans7.5%
Immediate/Deferred pension or Annuity plans2%
1-year renewable Group Term plan5% of the premium paid or Rs.10 lakhs (whichever is lower)
1 more row
Jun 21, 2019

Can we close SBI Life Insurance? ›

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.

How is SBI Platina assure? ›

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 unit linked policy? ›

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.

What is Bond Optimiser fund? ›

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.

Which of the following is NOT benefit of insurance? ›

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.

What is guaranteed bonus in insurance? ›

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.

How can I add money to my SBI Smart account? ›

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

What is the benefit of SBI Life Smart wealth Builder? ›

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.

How can I know my SBI Life fund value? ›

  1. Online through our Customer Portal. Login to your account on Smart Care - Our Self Service Portal. ...
  2. By giving a missed call. Get your Fund Value by giving us a missed call at 022-62458501.
  3. Via SMS. Send this SMS to 56161 or 9250001848 from your registered mobile number.

Is SBI Life Insurance tax free? ›

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.

What is fund value? ›

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.

How is SBI Smart Elite plan? ›

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.

What is the NAV of SBI Life Equity Fund? ›

SBI Life Equity Fund NAV
Updated DateNAV
Apr 25, 2022135.56
Apr 24, 2022133.68
Apr 21, 2022135.52
Apr 20, 2022134.43
38 more rows

What is Super 20 fund? ›

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.

Who owns SBI Life? ›

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.

Which insurance policy is best? ›

Top 10 Life Insurance Policies in India
Plan NamePlan TypePolicy Term (Min/Max)
SBI Life eShieldTerm5 years to 30 years
HDFC Life Click 2 Protect PlusTerm10 years to 40 years
Aviva i-LifeTerm10 years to 35 years
Future Generali Care PlusRural5 Years to 30 Years
6 more rows

Is SBI Life Insurance under IRDA? ›

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.

What is a 5 year term life insurance policy? ›

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.

Is SBI Life Insurance maturity amount taxable? ›

* 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.

What is SBI Retire Smart Plan? ›

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.

What is the full form of SBI Life? ›

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.

How many customers does SBI Life Insurance have? ›

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.

How can I claim my SBI maturity amount? ›

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.

What is death claim? ›

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*.

What are the benefits of SBI life insurance agent? ›

Who can apply ?
  • Unlimited earning potential.
  • No investment of capital required.
  • A chance to be your own boss and enjoy flexibility in work timings.
  • A chance to make a real difference by helping people achieve their financial goals.

Who is the highest paid insurance agent? ›

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.

Which insurance company pays the highest commission? ›

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.

Which policy is best in SBI Life? ›

SBI Life Insurance Plans in India
SBI Insurance PlansPlan TypePolicy Term
SBI Life – Smart HumsafarTraditional Joint Life Insurance Plan10 – 30 years
SBI Life – CSC Saral SanchayTraditional Non-Participating Endowment Plan10 / 15 years
SBI Life – Smart PowerNon-Participating Unit Linked Insurance Plan10/ 15 – 30 years
2 more rows

How good is SBI Life Retire Smart Plan? ›

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.

Can I surrender my SBI Life policy after 2 years? ›

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.

Is SBI Smart privilege tax free? ›

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.

How is SBI Platina assure? ›

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.

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