SBI Life Flexi Smart Plus Policy Introduction
SBI Life Flexi Smart Plus Policy is a wealth creation plan with guaranteed benefits and provides protection cover to your family. SBI Life Flexi Smart Plus Policy is individual, participating traditional endowment life insurance policy and helps the customers to save and invest their money in a guaranteed return investment opportunity along with some flexibility like premium holiday of 1 to 3 years during policy term, top up, etc. SBI Life Flexi Smart Plus Policy provides minimum bonus interest rate of 1.00% p.a. is guaranteed for the whole term and at the end of every financial year regular bonus interest rates will be declared. Under this SBI Life Flexi Smart Plus plan partial withdrawals are allowed from the 6th policy year to fulfill your liquidity needs. Under this SBI Life Flexi Smart Plus policy there is a flexibility to increase or decrease your chosen Sum assured and to increase your chosen policy term. In this SBI Life Flexi Smart Plus plan two Protection options are available. They are
- Gold Option: This option provides higher of your policy account value or sum assured.
- Platinum Option: This option provides both policy account value and sum assured.
Terms and Eligibility conditions of SBI Life Flexi Smart Plus Policy
| Entry age |
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| Maturity age |
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| Policy term |
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| Minimum Sum Assured Multiple Factor (SAMF) |
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| Maximum Sum Assured Multiple Factor (SAMF) |
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| Premium paying term |
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| Premium Frequency |
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| Premium Amounts (in multiples of Rs 100)In case of mode change it may be in multiples of Re 1 |
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| Premium Amounts (in multiples of Rs 100)In case of mode change it may be in multiples of Re 1 |
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| Grace period |
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SBI Life Flexi Smart Plus Policy Key features
- At the beginning of each financial year, an Interim bonus interest rate will be declared which will apply to the policies.
- Terminal bonus interest rate may be credited to your policy account at the time of exit on account of death or surrender and maturity.
- Your policy will be credited with the Regular Bonus interest rates and Terminal Bonus interest rate(if any).
Benefits of SBI Life Flexi Smart Plus Policy
Maturity Benefits: The policyholder will be entitled to policy account value including Terminal Bonus interest rate (if any), which is calculated on the maturity date and will be payable as a lump sum on maturity.
Death Benefits: If Policy is in force then,
In case of any unfortunate death of policyholder, then nominee will receive the following benefits for 2 different options.
- Gold Option: Sum assured or higher of the policy account value or 105% of total premiums paid as on the date of intimation of death claim.
- Platinum Option: Higher of the policy account value + Sum assured or 105% of total premiums paid as on the date of intimation of death claim.
If policy is discontinued during first 5 policy years:
Account value of discontinued policy account at the time of intimation of claim to the company.
If policy is discontinued after completion of 5th policy year:
Case 1 : If policyholder requested to revive the policy and after that death occurs then same death benefit will be provided as mentioned above if policy is in force.
Case 2 : If policyholder requested to convert the policy to paid up policy and after that death occurs, then the following death benefits are provided for nominee are given below
- Gold Option: Higher of the policy account value as on the date of intimation of death claim to the company (or) Paid up sum assured as applicable less amount to the nominee.
- Platinum Option: Paid up sum assured + policy account value as on the date of intimation of claim to the company.
SBI Life Flexi Smart Plus Policy Buying procedure
Documents needed to apply for an SBI Life Flexi Smart Plus Policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Policy documents of SBI Life Flexi Smart Plus Policy are
SBI Life Flexi Smart Plus Policy Document Form 50 Uploaded
Claim Procedure of SBI Life Flexi Smart Plus Policy
List of documents to be submitted during claim procedure.
- Duly filled claim form
- Original policy document
- Original death certificates
In detail documents to be submitted for claim procedure are attached below
SBI Life Flexi Smart Plus Policy Claim form
SBI Life Flexi Smart Plus Policy Customer care
If any doubts regarding this SBI Life Flexi Smart plus policy then call toll-free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to info@sbilife.co.in.
SBI Life Flexi Smart Plus Policy Premium Calculator
Details required to calculate the premium for SBI Life Flexi Smart Plus Policy are
Age
Policy term
Premium frequency mode
Premium amount
SAMF (Sum Assured Multiple Factor)
Type of option (gold/platinum)
SBI Life Flexi Smart Plus Policy Example
Suppose Uday aged 30 years is decided to take SBI Life Flexi Smart Plus Policy for 25 years policy term. He is interested to pay Yearly mode premium of Rs.60,000. Now, the premium calculation and benefits of Uday are illustrated below.
Age: 30 years
Policy term: 25 years
Premium frequency mode: Yearly
Premium amount: Rs. 60,000
SAMF (Sum assured multiple factor) : 15
Type of option (gold/platinum) :
Case 1: If Uday had taken the Gold plan option then his following benefit details are tabulated below.
| Sum Assured (Rs.) : Rs. 9,00,000 |
| Maturity Benefit @ 4% : Rs.21,05,255 |
| Maturity Benefit @ 8% : Rs.37,95,753 |
| Maturity age of life insured: 55 years |
Case 2: If Uday had taken the Platinum plan option then his following benefit details are tabulated below.
| Sum Assured (Rs.) : Rs. 9,00,000 |
| Maturity Benefit @ 4% : Rs.20,04,161 |
| Maturity Benefit @ 8% : Rs.36,52,438 |
| Maturity age of life insured: 55 years |
Additional Information of SBI Life Flexi Smart Plus Policy
Free look period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and medical examination(if any).
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then the policy will become null and void. In such cases, as on intimation of death to company the policy account value will be payable on the policy.
Policy revival: If the premium is not paid within the grace period, then your policy cover will cease and you can re-instate your policy within 2 years from first unpaid premium.
Tax Benefits: Tax deduction under Section 80C is available. However, in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. For more information regarding Tax Benefits, visit www.taxqueries.in.
Surrender benefits: The policyholder can surrender his policy at any time during the policy term. Once policy is surrendered there will be no option to revive the policy.
If surrender is requested in first 5 years then,
- Lock in condition applies.
- Life cover will cease to apply.
- Your policy account value after deduction of applicable discontinuance charge will be transferred to the Discontinued policy account.
- Fund management charge of discontinued policy account shall be deducted. No other charge will be deducted.
- The discontinuance policy account value will be payable on 1st working day of 6th policy year.
If surrender is requested any time after completion of 5th year policy, then policy account value will be immediately.
FAQ’s of SBI Life Flexi Smart Plus Policy
What happens if you stop premium before 3 months?
If the policyholder stops paying the premium, the insurance cover will cease. After ceasing the policy will be converted into Paid Up Policy. However, the policy can be revived within 12 months from the date of first unpaid Premium. If the policy is still not revived with in 12 months, then the Surrender Value will be paid on the first working day of the fourth policy year.
Is Rider Benefits are available in this policy?
No, Rider benefits are not available under this SBI Life Flexi Smart Plus Policy.
Is any loan facilities available under this policy?
No, there is no loan facilities available under this policy.
SBI Life Flexi Smart Plus Policy forms and documents
SBI Life Flexi Smart Plus Mortality Charges
Flexi Smart Plus Single Pager v05