- 1 SBI Life Smart Elite Plan Introduction
- 2 SBI Life Smart Elite Plan Eligibility Criteria
- 3 SBI Life Smart Elite Plan Features
- 4 SBI Life Smart Elite Plan Benefits
- 5 SBI Life Smart Elite Plan Exclusions
- 6 Suicide exclusion:
- 7 Exclusions for in-built accidental death benefit and Accidental permanent disability Benefit:
- 8 SBI Life Smart Elite Plan Buying Procedure
- 9 SBI Life Smart Elite Plan Claim Procedure
- 10 SBI Life Smart Elite Plan Additional Features
- 11 SBI Life Smart Elite plan premium and Maturity calculator
- 12 SBI Life Smart Elite Customer Care Details
- 13 FAQ on SBI Life Smart Elite plan?
- 14 SBI Life Smart Elite Documents and Forms
SBI Life Smart Elite Plan Introduction
SBI Life Smart Elite Insurance plan is introduced by the SBI Life Insurance company which adds value to your investments. SBI Life Smart Elite is an unit linked Insurance plan. It gives you flexibility to pay premiums for limited term or single premium according to your needs. You will have the freedom to stay invested and protected for long term in SBI Life Smart Elite plan. In SBI Life Smart Elite you have the facility to choose policy term, premium payment term and premium amount according to your needs.
SBI Life Smart Elite Plan Eligibility Criteria
Premium Payment Term
|For Age below 45 years||For Age above 45 years||For all types|
SBI Life Smart Elite Plan Features
- You have the facility to choose one of the premium paying terms, either limited premium term of 5/8/10 years or single premium, and you can enjoy the benefits throughout the policy term.
- No Premium Allocation Charges will be charged from 6th policy year onwards, thereby your fund value will be increased.
- In SBI Life Smart Elite plan Two protection options are available they are Gold Option and Platinum Option.
- By using SBI Life Smart Elite you can invest in wide range of funds and manage them as per your convenience.
- Life Insurance coverage with minimum Sum Assured of 10 or 7 times of your Annual Premium will be payable based on your age.
- Switch and redirection facility is available, to pilot your investments.
- You have an option to increase/decrease your Sum Assured from 6th policy year onwards, in SBI Life Smart Elite Plan.
- Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) benefit automatically comes to you as an integral part of the plan.
- The Premium amount invested in Funds of your choice gives you market related returns.
SBI Life Smart Elite Plan Benefits
- On Survival of the insured person up to the maturity, the fund value will be paid in lump sum.
- The maturity Benefit will be available in installments under settlement option.
- In case death of insured before the settlement period the fund value will be paid to the nominee.
For Gold Option:
- Higher of Fund Value or Sum Assured is payable to the nominee, with a minimum of 105% of total premiums paid till the time of death.
- Sum Assured will be reduced to the extent of partial withdrawals made in the last 2 years for age on death below 60 years and for age at death 60 years and above.
For Platinum Option:
- Fund Value + Sum Assured is payable, with a minimum of 105% of total premiums paid till the time of death.
- This benefit provides you additional benefit for Accidental Death or Permanent Disability.
- Basic Sum assured will be paid as this benefit which is subjected to an overall maximum of 50 lacs.
- 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. Under this, there is no need for you to pay tax on the premium not exceeding 10% of the sum assured during the policy term. However, death proceeds are completely exempt. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
SBI Life Smart Elite Plan Exclusions
- If the Life assured whether sane or insane commits suicide within one year from the date of commencement of policy, the policy will be expired.
- In such case the fund value as on date of intimation of death to the company will be payable.
- And all benefits under this policy will cease.
Exclusions for in-built accidental death benefit and Accidental permanent disability Benefit:
- Infection: Benefits will not be applicable if the death arises due to any infection except infection caused by any external visible wound accidentally sustained.
- Drug abuse: If the death arises due to influence of drugs or alcohol, no accidental death benefits will be applicable to the insured person.
- Self-inflicted injury: The accidental death benefits are not applicable for International self inflicted injury including the injury arising out of the suicide attempt.
- Criminal Acts: If the life assured involved in any criminal or unlawful acts the accidental death benefit will not be applicable.
- War and Civil Commotion: If the life assured involved in any war,invasion,civil war,rebellion or taking part in a riot or civil commotion this benefit will not be applicable.
- Nuclear contamination: Accidental death benefit will not be applicable for the accidents arising due to nuclear activities.
- Aviation: If the life assured participated in a flying activity,other than as a passenger in commercially licensed aircraft this benefit will not be applicable.
- Hazardous sports and pastimes: Taking part or participated in any hazardous hobby,pursuit, or any race this benefit will not be applicable.
SBI Life Smart Elite Plan Buying Procedure
Documents needed to apply SBI Life Smart Elite Plan are given below.
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
SBI Life Smart Elite Plan Claim Procedure
List of documents to be submitted during claim settlement.
- Death certificate
- Duly filled claim form
- Policy document
Required claim documents are attached below.
SBI Life Smart Elite Plan Additional Features
Free Look Period:
- You can review the terms and conditions of the policy within 15 days for the policies sourced through any of the channel mode other than distance marketing and 30 days for distance marketing.
- You have the option to return the policy by stating the reasons for objection.
- A grace period of 30 days will be available for yearly, half-yearly and quarterly premium frequencies.
- A grace period of 15 days will be available for monthly premium.
Discontinuance of Premium:
On discontinuance of premium, you can:
- Revive your policy within a period of 2 years from the date of discontinuance. If you have paid all the due premiums the policy will continue.
- Completely withdraw from the policy.
- Convert the policy into paid up policy (Option is available only after paying premium for 5 policy years).
- SBI Life Smart Elite plan Provides you a Revival period of 2 years from the date of discontinuance.
- You can continue your policy by paying all due premiums during this revival period.
- If you stop paying premium during first five years the policy and if you want to revive your policy, discontinuance charges will be added to your premium to revive your policy.
- If you stop paying the premium after five policy years, you can revive your policy by paying due premium.
- Partial withdrawal facility is available from 6th policy year.
- One free partial withdrawal in a policy year is allowed. 100/- per withdrawal will be charged on excess of partial withdrawals.
- A maximum of 2 partial withdrawals can be made in one policy year and not more than 5 partial withdrawals are allowed in entire policy term.
- Minimum Partial withdrawal allowed is 5000/- and maximum partial withdrawal is allowed up to 15% of the Fund value.
- Partial withdrawals will not be allowed if the fund value is reduced to less than 50% of the total premium paid.
- If you surrender the policy during first 5 policy years,then the following conditions applies:
- Additional surrender facility is available in SBI Life Smart Elite Insurance Plan. You can surrender your policy at any time during policy period.
- The lock in condition applies.
- Your fund value after deduction of applicable discontinuance charges will be transferred to the discontinued policy fund.
- You will earn a minimum interest rate of 4% p.a.
- Fund management charge of discontinued policy will be deducted.
- Life cover and accidental death benefit will cease.
- The fund value will be payable on the 1st working day of the sixth policy year.
If Surrender is requested at any time after 5th policy year, the fund value will be paid immediately.
NAV of the Fund shall be computed as (market value of investment held by fund + value of current assets – value of current liabilities & provisions) / (number of units existing in valuation date).
You can Switch your investments among the 4 fund options available in SBI Life Smart Elite pension plan.
In SBI Life Smart Elite Plan You can invest in any one of the combination of the funds mentioned below
- Equity Elite Fund: The main objective of this fund is to provide high equity exposure targeting higher returns in the long term.
|Money market instruments||0%||40%|
- Balanced fund: The main objective of this fund is to provide accumulation of income through investments.
|Money market instruments||0%||40%|
- Bond Fund: The objective of this fund is to provide relatively safe and less volatile safe investment through debt instruments.
|Debt instruments||60%||100%||Low to Medium|
|Money market instruments||0%||40%|
- Money Market Fund: The objective of this fund is to provide an option to deploy the fund in liquid and safe instruments to avoid market risk.
|Money market instruments||80%||100%|
- Discontinued policy fund: The objective of this fund is to achieve relatively less volatile investment through debt instruments. This Fund will earn a minimum guaranteed rates of 4% p.a.
|Money market instruments||0%||40%|
Charges are deducted from the fund value when discontinuing policy. Different charges available in SBI Life and details about charges are available in SBI Life Smart Elite Plan Brochure.
SBI Life Smart Elite plan premium and Maturity calculator
By using SBI Life Smart Elite Premium calculator you can find minimum premium has to be paid to buy SBI Life Smart elite Insurance Plan. By using this you can also compare your insurance plan with other plans and you can select your preferred scheme. The below information is required to calculate minimum Premium has to be paid.
- Proposer Name.
- Date of Birth.
- Policy Term.
- Plan Type.
- Premium Amount.
- Fund Options.
- Premium paying term.
SBI Life Smart Elite Customer Care Details
- Call center number:1800 22 9090.
- Email id: email@example.com
- Contact address:
- SBI Life Insurance company Ltd,
- Registered & corporate office:Natraj,
- M.V Road & western express highway junction,
- Andheri(east),mumbai-400 069.
FAQ on SBI Life Smart Elite plan?
1.What happens if i want to surrender my policy?
Ans. You can Surrender your policy at any time, during the policy period. But discontinuance charges will be deducted from the fund value if you discontinued your policy before the 5th policy year. If you surrender your policy after fifth policy year the total fund value will be paid to you.
2.What are the different funds available in SBI Life Smart Elite Plan?
Ans: There are 4 funds available in SBI Life Smart Elite plan
- Equity Elite Fund.
- Balanced Fund.
- Bond Fund.
- Money Market Fund.
- Discontinued policy Fund.
3.What happens if I want to surrender my policy?
Ans. You can Surrender your policy at any time during the policy period in SBI Life Smart Elite plan. But if you surrender your policy during first five policy years some conditions will apply, and if you surrender your policy after 5th policy year fund value will be paid to you immediately.