sbi life insurance
SBI Life Smart Elite Policy

SBI Life Smart Elite Plan

SBI Life Smart Elite is a non-participating Unit Linked plan where life cover is provided along with investment growth through market-linked returns, thereby providing the amount to the policyholder for future needs. The two variants available under this plan are Gold and Platinum, and you should select one based on your needs and stage of life.

The plan gives you the option to pay premiums over a long period or in one lump sum, providing long-term protection. With the option to keep invested and protected over the long term, it provides you with the choice to choose whether to pay premiums for a short term or pay a single payment. Income tax benefits on claims made under Section 10(10D) of the Income Tax Act and on the premium paid by Section 80C.

Read on to know more about the SBI Life Smart Elite’s eligibility, inclusions, exclusions, premium calculation, and more.

Eligibility Criteria

Here is the eligibility criteria for SBI Life Smart Elite.

ParametersLimited Premium Payment Term (LPPT)Single Premium
Age

Minimum: 18 Years 

Maximum- For Limited Premium Payment Term: 55 years

For Single Premium: 60 years

Maximum Age at Maturity65 Years
Plan TypeLimited Premium / Single Premium
Premium FrequencySingle / Yearly / Half-yearly / Quarterly / Monthly
Premium Payment Term (PPT) and Corresponding Policy Term (PT)10 to 307 Years 
12 to 3010 Years
15 to 3012 years
Single Premium5 to 30One-time payment at policy inception
Basic Sum Assured7 X Annualized Premium1.25 X Single Premium

Salient Features & benefits of the SBI Life Smart Elite Plan

Here is the list of the features and benefits of SBI Life Smart Elite Plan.

  1. Maturity Benefits: After the policy’s term has expired, maturity benefits are offered under the plan. On the day of maturity, the fund value must be paid in one lump sum.
  1. Death Benefits: Depending on the selected plan choice, the plan pays death benefits to the beneficiary if the insured passes away.
    • Gold Option: In the event of death, the beneficiary will receive either the sum assured, the higher fund value as of the date of claim notification, or 105% of all premiums paid.
    • Platinum Option: The beneficiary will get the fund’s value as of the notification of the claim, the sum insured, and either 105% of all premiums paid up until the date of death.
  1. Premium Payment Option: There is only one premium payment method offered by the plan. To receive the benefits for the selected insurance period, you can also pay the premium for 7 years, 10 years, or 12 years.
  1. Premium Charges: Since there are no premium allocation fees from the sixth policy year on, the fund value increases.
  1. Life Insurance Coverage: For a short period, the yearly coverage offered is 10 times that amount. The coverage offered in the case of a single premium payment is 1.25 times the single premium paid under the plan.
  1. Tax Benefits: Receive tax advantages on the premium payment by income tax laws. Taxes are not applied to the premiums paid for the Smart Elite plan. The plan’s death benefits, maturity benefits, and survivor benefits are all tax-free. Tax relief is available on policy premiums and after-death payouts under Sections 80C and 10(10D) of the Income Tax Act of 1961, respectively.
  1. Surrender Option: Throughout the whole policy term, policyholders are free to cancel their coverage at any moment. The policy cannot be revived after being abandoned.
  1. Free Look Period: You have 15 days (for policies obtained through any channel mode other than distance marketing and for electronic policies) and 30 days (for policies obtained through distance marketing and for electronic policies) from the date of receipt of the policy document to review the terms and conditions of the policy.

What’s Excluded from SBI Life Smart Elite Plan?

The nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of intimation of death, if the Life Assured passes away by suicide within 12 months of the date of commencement of the policy or the date of revival of the policy, as applicable. Additionally, all benefits under the policy would end and any charges other than FMC recovered after the date of death will be added back to the Fund Value as it was on the date of intimation of death.

Exclusions for in-built Accidental Death and Accidental Total Permanent Disability Benefits

If the death of the life assured giving rise to a claim under this benefit is brought about by, results from, or occurs during the situations listed below, SBI Life shall not be obligated to pay the benefit to the life assured.

  • Infection: Except for infection brought on by an unintentionally suffered externally visible wound, death, or disability brought on by any infection.
  • Drug Abuse: Life assured while abusing alcohol, solvents, or drugs unless directed to do so by a licensed medical professional.
  • Self-inflicted Injury: Intentional self-inflicted injuries, such as those caused by failed suicide attempts
  • Criminal Acts: Life-affirming participation in illegal or criminally motivated behavior.
  • War and Civil Commotion: War, invasion, hostilities, civil war, rebellion, revolution, or taking part in a riot or other civil disturbance (regardless of whether war is declared or not).
  • Nuclear Contamination: The property being contaminated by nuclear fuel materials, they’re being radioactive, explosive, or toxic, or an accident resulting from them.
  • Aviation: Participation with a lifetime guarantee in any flying activity, other than as a passenger in an aircraft with a commercial pilot’s license.
  • Hazardous Sports and Pastimes: Participating in or training for any dangerous sport, activity, or race that has not been previously declared and accepted by the Company.

Functioning of the SBI Life Smart Elite Plan

Let’s take an example to understand!

Manpreet, a businesswoman by profession, can maximize her wealth by investing in instruments of her choice while securing her family’s financial future. After getting many suggestions from friends and searching on the internet, he stumbled upon the SBI Life Smart Elite Plan and found it a great deal of investment to protect against uncertainties in life. She, then, decided to safeguard his family with this plan.

Policy TermType Frequency S.A Yearly Freq. Maturity Benefit
1 5 yearsLLPTYearly35 LakhsRs. 5,00,000

Fund Value at Maturity atassumed rate of

. 4%:Rs. 70,84,547

2. 8 %: Rs. 1,28,87,865

Frequently Asked Questions

The higher of the fund value as of the date of claim notification, the sum promised, or 105 percent of all premiums collected shall be given to the beneficiary in the case of death.

You can put your money into a variety of funds that will enable you to increase your investments. To achieve your financial goals, you can select any one of the available fund options.

The SBI Smart Elite Plan offers premium redirection beginning with the second policy year. The first request for premium redirection is free; any additional requests will incur a charge of INR 100.

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