sbi life insurance
SBI Life Smart Platina Assure Policy

SBI Life Smart Platina Assure Plan

SBI Life Smart Platina Assure is a non-participating, non-linked, life endowment assurance savings plan that guarantees returns and allows policyholders to pay premiums for a set period of time. At the conclusion of each policy year, the plan offers additions that are guaranteed.

In addition to giving you peace of mind, this smart plan will make sure that your money works harder as you work hard for your family. This item can be purchased online as well.

Eligibility Criteria

Minimum Entry Age3 Years
Maximum Entry Age60 Years
Maximum Age At Maturity75 Years
Policy Term12 & 15 Years
Premium Payment Term

For Policy Term Of 12 Years: 6 Years

For Policy Term Of 15 Years: 7 Years

Basic Sum AssuredMinimum: Rs. 2,40,000, Maximum: No Limit

SBI Life Smart Platina Assure Plan Features

Some of the interesting features of the plan are discussed below:

  • Surrender Value

Only after paying the premiums for the first two complete insurance years does the policy earn surrender value. By surrendering the policy for a Surrender Value, the policyholder may end the contract at any time throughout the policy term. The higher of the guaranteed surrender value (GSV) or the non-guaranteed special surrender value (SSV) will be paid upon surrender.

  • Special Surrender Value (SSV)

SSV factors (Paid-up Sum Assured on Maturity + Accrued Guaranteed Additions) are equivalent to SSV. The SSV is the best approximation of the value of the future benefits available to the policyholder at the date of surrender because the benefits at maturity are fixed.

  • Loan Facility

The plan allows policyholders to borrow against their policies in dire circumstances where they might need money to cover costs, etc. Only when the policy has developed a Surrender Value will the lending opportunity be made available. These policy loans are only permitted up to an amount equal to 80% of the company’s offered surrender value.

  • Grace Period

The plan provides you with 15 days for monthly premium payments and 30 days for yearly premium payments once the premium is due. If no premium is paid at the end of the grace period, the insurance will lapse. Otherwise, it will continue in effect during the grace period.

  • Revival Facility

Within five years following the first missed premium, a lapsed policy may be reinstated with the proper proof of insurability, as deemed necessary by the firm from time to time. The insurance will be qualified for any upcoming Guaranteed Additions upon resurrection.

Benefits Of SBI Life Smart Platina Assure

You should consider buying SBI Life Smart Platina Assure plan due to the following reasons:

  • Maturity Benefit

The life guaranteed will receive a maturity benefit under the SBI Life Smart Platina Assure plan if they live through the entire policy term. At the conclusion of the policy term, the maturity benefit is offered alongside the returns that are guaranteed. The maturity benefit may be able to assist the life assured in meeting current financial objectives.

  • Death Benefit

The beneficiary will get the sum assured on death and accrued guaranteed additions (if any) in the event that the life assured passes away. It is the greater of 10 times the yearly premium or 105% of all premiums paid up until the date of death that will be paid out as the death benefit.

  • Reduced Paid-Up Value

Only after paying premiums for at least two whole policy years can the policy gain decreased paid-up value. The Paid-Up Sum Assured on Death plus Accrued Guaranteed Additions constitutes the Death Benefit for a Reduced Paid-Up Policy. The Paid-up Sum Assured on Maturity Plus Accrued Guaranteed Additions would be the Maturity Benefit for a Reduced Paid-Up Policy.

  • Tax Benefits

According to the existing Indian income tax laws, which are subject to change from time to time, you may be qualified for income tax benefits or exemptions. For further information, please visit the company’s website.

  • Staff Benefits

For the staff cases, an additional benefit, as defined below, will be paid when they mature or pass away. All workers, retired employees, VRS holders, minor children, and spouses of employees of SBI Life Insurance Co. Ltd., State Bank, Associated Banks, RRBs sponsored by State Bank of India, and subsidiaries of State Bank group are considered to be “staff” for the purposes of this definition.

Premium Payment TermAdditional Benefit
6 Years25% Of Annualized Premium
7 Years30% Of Annualized Premium
  • Rebates On Guaranteed Additions

If all due premiums are paid, the plan gives a Rate of Guaranteed Additions based on the two premium slabs listed in the table below.

Annualized Premium SlabsRate Of Guaranteed Additions
Less Than Rs. 1 Lakh5.25% Per Annum
Greater Than OR Equal To Rs. 1 Lakh5.75% Per Annum

How Does SBI Life Smart Platina Assure Plan Work?

Let’s imagine Mr. Kumar, who is 40 years old, has decided to pay an annualized premium of Rs. 1,000,000 per year for a 7-year premium payment term and a 15-year policy term. It is Rs. 8,40,000 for his Basic Sum Assured. The total premium paid by Mr. Kumar during the premium paying term of 7 years is Rs. 7 lakhs.

Below are the benefit details!

Guaranteed Additions: Rs. 4,83,000

Maturity Benefit: Basic Sum Assured + Guaranteed Additions = Rs. 13,23,000

Death Benefit: If Mr. Malik passes away, the nominee will get a death benefit of Rs. 10,00,000 plus any accrued guaranteed additions.

What’s Not Included Under SBI Life Smart Platina Assure?

In the event of a suicide die within a year:

  1. The policyholder’s nominee or beneficiary is entitled to at least 80% of the entire premiums paid up until the date of death starting from the date risk began under the policy.
  1. Or, starting on the policy’s revival date, the policyholder’s nominee or beneficiary is entitled to the greater of 80% of the premiums paid up to the day of death or the surrender value in effect on that date of death.

Frequently Asked Questions

The premium for the plan can be paid either on a monthly or yearly basis. The monthly premium for the monthly payment mode is 8.50% of the annualized premium.

The minimum annualized premium of the plan is Rs. 50,000; whereas, there is no limit for the maximum annualized premium.

No. The plan does not participate in the profits of the company.

Yes. As per Sections 38 and 39 of the Insurance Act 1938, nomination and assignment are allowed under the plan.

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FAQs

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