SBI Life Smart Wealth Assure Introduction
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance. SBI is the largest and most trusted bank in India. SBI Life – Smart Wealth Assure is a Unit Linked non-participating Life Insurance Plan. SBI Life Smart Wealth Assure is a single premium plan, where you have to pay premium once and can continue to enjoy the benefits throughout the policy term. SBI Life Smart Wealth Assure plan helps you to enjoy market related returns along with its insurance cover, just by paying premium once for entire policy term.
SBI Life Smart Wealth Assure Eligibility Criteria
|Premium payment term||
|Single premium amount(*100)||
SBI Life Smart Wealth Assure Insurance Plan Features
- SBI Life Smart Wealth Assure is an unit linked non participating Life Insurance plan.
- In SBI Life Smart Wealth Assurance Insurance you have an option to choose a mix of funds providing Market Linked Returns.
- Market Linked Returns are provided through 2 funds – Bond Fund & Equity Fund to give you the best possible returns.
- You can get the benefits throughout the Policy Term by paying premium only once in an entire policy term.
- You can get Liquidity through partial Withdrawal facility after 5th policy year.
- You have an option to customize the product with Accidental Death Benefit.
SBI Life Smart Wealth Assure Insurance Plan Benefits
- Higher of fund value or Sum Assured with a minimum of 105% of the single premium will be paid to the nominee on the death of Insured person.
- 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.
- 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.
Accidental Death Benefit:
If you have chosen for the accidental death benefit the sum assured benefit will be payable on the death of insured person due to unfortunate accident.
- Tax deduction under section 80C is available in SBI Life Smart Wealth Assure Insurance Plan.
- In case the premium paid during the financial year exceeds 10% of the sum assured,the benefit will be limited to the 10% of the sum assured. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
SBI Life Smart Wealth Assure insurance 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 Accidental benefit:
The benefits will not be applicable if the death arises due to any infection except infection caused by any external visible wound accidentally sustained.
If the death arises due to influence of drugs or alcohol, no accidental death benefits will be applicable to the insured person.
The accidental death benefits are not applicable for International self-inflicted injury including the injury arising out of the suicide attempt.
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.
This will not be applicable for the accidents arising due to nuclear activities.
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 Wealth Assure Policy Buying Procedure
Documents needed to apply SBI Life Smart Pension Policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
SBI Life Smart Wealth Assure Policy Claim Procedure
List of documents to be submitted during claim procedure.
- Death certificate
- Duly filled claim form
- Policy document
Required claim procedure documents are attached below.
SBI Life Smart Wealth Assure Claim Form
SBI life Smart Wealth Assure Additional Benefits
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.
- If surrender is requested during the first 5 policy years,then the following conditions applies:
- Additional surrender facility is available inSBI Life Smart Wealth Assure 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 requested at any time after 5th policy year,the fund value will be paid immediately.
- You can switch your investments between equity fund and bond fund.
- Minimum switch amount is Rs.5000.
There are three funds available in SBI Life Smart Wealth assure Insurance plan, you can invest in any of these funds. The funds are
- Bond Fund.
- Equity Fund
- Discontinued policy fund.
Bond Fund: The main objective of this fund is to provide relatively safe and less volatile safe investment.
|Debt instruments||60%||100%||Low to Medium|
|Money market instruments||0%||40%|
Equity Fund: the objective of this fund is to provide high equity exposure targeting higher returns in the long-term.
|Equity & Equity related instruments||8%||100%||
|Money market instruments||0%||20%|
Discontinued policy fund: The objective of this fund is to achieve relatively less volatile investment. This fund will earn a minimum guaranteed interest rate of 4% p.a.
|Money market instruments||0%||40%|
Premium allocation charge: The premium allocation charge is 3% of SP.The allocation to units is made after the deduction of charge from the premium.
Policy administration charge: A monthly policy administration charge of Rs.45 per month shall be deducted for the first five years.
Fund Management Charges: A certain fixed percentage of funds before calculating NAV will be charged on daily basis.
|Fund Name||Fund Management Charges|
|Bond Fund||1.00% p.a|
|Equity Fund||1.35% p.a|
|Discontinued policy fund||0.50% p.a|
Discontinuance charges: Discontinuance charges are expressed as percentage of annual premium or Fund value
|Year of discontinuance||Discontinuance charges|
|1||Lower of 1%(single premium or fund value) subject to maximum of Rs.6000.|
|2||Lower of 0.5%(single premium or fund value) subject to maximum of Rs.5000.|
|3||Lower of 0.25%(single premium or fund value) subject to maximum of Rs.4000|
|4||Lower of 0.1%(single premium or fund value) subject to maximum of Rs.2000|
Mortality charges: Mortality charges are deducted on the first business day of each policy month from fund value.
Accidental Death Benefit Charges: These charges are recovered on a monthly basis, on the 1st working day of each policy month.
Switching Charge: A Rs.100 will be charged on every switch, in excess of two free switches in the policy year.
Partial withdrawal charge: A Rs.100 will be charged on every partial withdrawal.
Miscellaneous Charges: To issue an additional / duplicate copy of fund statement an amount of Rs.100 per statement will be charged.
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).
SBI Life Smart Wealth Assure premium and Maturity calculator
By using SBI Life Smart Wealth Assure Premium calculator you can find minimum premium has to be paid to buy SBI Life Smart Wealth Assure 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.
- Premium Amount.
- Bond Fund
- Equity Fund.
- Accidental Death Benefit option.
SBI Life Smart Wealth Assure Insurance 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 Wealth Assure
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 happens if the insured dies before the maturity period?
Ans: If the insured dies before the maturity period, death benefit plus fund value will be payable to the nominee. In case of unfortunate death Accidental death benefit will be payable along with fund value.
3.What are the different funds available in SBI Life Smart Wealth Assure insurance Plan?
- Bond Fund
- Equity Fund
- Discontinuance policy Fund.
SBI Life Smart Wealth Assure Documents and Forms
SBI Life Smart Wealth Assure Brochure
SBI Life Smart Wealth Assure policy Document
SBI life Smart Wealth Assure Mortality Charges