SBI Life Smart Power Insurance Policy Introduction
SBI Life Smart Power insurance policy is a non-participating unit linked insurance plan which gives protection to your family as well as investment needs. This SBI Life Smart Power insurance policy comes to you at reasonable premium and is in tune with the current investment scenario. This SBI Life Smart Power insurance policy is a flexible plan, which also takes care of your liquidity needs. Additional protection requirement due to changing personal and financial circumstances is also taken care by this SBI Life Smart Power insurance product. Under this SBI Life Smart Power insurance policy 2 plan options are available. They are Level cover option and Increasing cover option.
- Level cover option: Under this option the Sum Assured chosen at inception remains the same throughout the policy term.
- Increasing cover option: The initial Sum Assured by the policyholder increases by 10%, starting from 6th policy year and after every 5 years without any additional underwriting.
Terms and Eligibility Conditions SBI Life Smart Power Insurance policy
|Premium payment term||
|Minimum Premium amount(multiples of 100)||
|Maximum Premium amount(multiples of 100)||
|Sum assured(AP- Annualised Premium)Note: The Sum Assured can never go beyond Rs. 1 Crore at any point of time||
SBI Life Smart Power Insurance policy Key features
- Flexibility through 2 free switches in a policy year.
- Liquidity through Partial Withdrawals.
- Two Fund options are available to choose under this policy. They are
- Trigger Fund Option – This option has advantage of Buying Low and Selling High.
- Smart Funds Option – This option to choose from 7 varied funds
Benefits of SBI Life Smart Power Insurance policy
Maturity Benefits: On survival of the life assured up to maturity, the fund value shall be paid in a lump sum. Alternatively, maturity benefits are available in periodic installments within 5 years from date of maturity.
Death benefits: Higher of the fund value or Sum assured is payable with a minimum of 105% of total basic premiums paid till the date of intimation of death claim.
In-built Accelerated Total and Permanent Disability (TPD) Benefit: In case disability due to accident or sickness 100% of death benefit will be paid immediately after that policy would terminate.
SBI Life Smart Power Insurance policy Buying procedure
Documents needed to apply for an SBI Life Smart Power insurance policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Policy document of SBI Life Smart Power Insurance policy is attached below
Policy Document SBI Life Smart Power Insurance Form 68
Claim Procedure of SBI Life Smart Power Insurance 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 Smart Power Insurance Policy claim form
SBI Life Smart Power Insurance policy Customer care
If any doubts regarding this SBI Life Smart Power insurance policy then call toll-free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161.
SBI Life Smart Power Insurance policy Premium Calculator
Details required to calculate the premium for SBI Life Smart Power Insurance policy are
- Premium Frequency mode
- Policy term
- Premium amount
- SAMF(Sum assured multiple factor)
- No.of years elapsed since inception
- Select Fund
- Increasing cover option
SBI Life Smart Power Insurance policy Example
Suppose Arjun was interested to take the SBI Smart Power Insurance policy, his following details are given below
Age: 30 years
Premium Frequency mode: Yearly
Maturity age: 55 years
Policy term: 25 years
Premium amount: Rs. 20,000
SAMF(Sum assured multiple factor): 15
No.of years elapsed since inception: 25 Years
Select Fund: Trigger fund
Increasing cover option: No
First Year Regular Premium : Rs.20,000
Allocation and FMC to the funds chosen
|Fund Option||Amount interested(%)||FMC(Fund Management charges)|
|Top 300 Fund||0||1.35|
|Equity Optimiser Fund||0||1.35|
|Money market fund||0||0.25|
Reduction in yield for No.of years elapsed are given below
|No.of years elapsed since inception||Reduction in yield @ 8%|
At maturity reduction in yield in %
|Maturity at||Reduction in yield @ 8%|
Additional Information of SBI Life Smart Power Insurance Policy
NAV Computation: NAV of the fund shall be computed as
(Market Value of Investment held by the fund + Value of Current Assets – Value of Current Liabilities & Provisions (if any)) / Number of Units existing on Valuation Date (before creation/redemption of units)
Surrender Value: The policyholder can surrender his policy at any time during the Policy Term. Once the policy is surrendered there will be no option to revive the policy.
If surrender is requested during the first 5 Policy Years,then
- The lock-in condition applies.
- Your Fund Value after deduction of applicable discontinuance charge (if any), will be transferred to the ‘Discontinued Policy Fund’.
- You will earn a minimum interest rate of 4% p.a.,or as prescribed in the prevailing regulation on this Fund.
- Life Cover and in-built Accelerated TPD Benefit will cease to apply.
- The Fund Value will be payable on the 1st working day of the 6th Policy Year.
- If the surrender is requested any time after completion of 5th Policy Year, then the Fund Value will be paid immediately.
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. If you choose to revive by paying all due premiums till date,the policy will continue as in-force.
- Completely withdraw from the Policy
- Convert the policy into paid-up policy (option available only when 5 years full premium has been paid).
Tax Benefits: Tax deduction under Section 80CCC 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 Income Tax Benefits, visit www.taxqueries.in.
Suicide clause: If the policyholder 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.
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).
FAQ’s of SBI Life Smart Power Insurance Policy
Is any loan facilities available under this policy?
No, there is no loan facilities available under this policy.
Is Rider Benefits are available in this policy?
No, Rider benefits are not available under this SBI Life Smart power Insurance 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 within 12 months, then the Surrender Value will be paid on the first working day of the fourth policy year.
SBI Life Smart Power Insurance Policy forms and documents
mortality rates SBI Life Smart Power